REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28TH FEBRUARY 2024 |
FOR |
VICTORIA MANSIONS MANAGEMENT COMPANY |
LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28TH FEBRUARY 2024 |
FOR |
VICTORIA MANSIONS MANAGEMENT COMPANY |
LIMITED |
VICTORIA MANSIONS MANAGEMENT COMPANY |
LIMITED (REGISTERED NUMBER: 02425276) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 28TH FEBRUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
VICTORIA MANSIONS MANAGEMENT COMPANY |
LIMITED |
COMPANY INFORMATION |
for the Year Ended 28TH FEBRUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
327 Clifton Drive South |
Lytham St Annes |
Lancashire |
FY8 1HN |
VICTORIA MANSIONS MANAGEMENT COMPANY |
LIMITED (REGISTERED NUMBER: 02425276) |
BALANCE SHEET |
28TH FEBRUARY 2024 |
28/2/24 | 28/2/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
RESERVES |
Non-distributable reserve |
Retained earnings |
The financial statements were approved by the Board of Directors and authorised for issue on |
VICTORIA MANSIONS MANAGEMENT COMPANY |
LIMITED (REGISTERED NUMBER: 02425276) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 28TH FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Victoria Mansions Management Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents maintenance contributions, card key sales, ground rent and sundry income receivable from residents for the year. |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
Investment properties are valued by the directors at fair value which is considered to be their open market value. Any changes in fair value during the year are transferred to the profit & loss account in accordance with FRS 102. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
VICTORIA MANSIONS MANAGEMENT COMPANY |
LIMITED (REGISTERED NUMBER: 02425276) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 28TH FEBRUARY 2024 |
4. | TANGIBLE FIXED ASSETS |
Assets |
Improvements | under the |
to | Plant and | course of |
property | machinery | Construction | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1st March 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 28th February 2024 |
DEPRECIATION |
At 1st March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 28th February 2024 |
NET BOOK VALUE |
At 28th February 2024 |
At 28th February 2023 |
Cost or valuation at 28th February 2024 is represented by: |
Assets |
Improvements | under the |
to | Plant and | course of |
property | machinery | Construction | Totals |
£ | £ | £ | £ |
Cost | 118,142 | 23,474 | 28,812 | 170,428 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st March 2023 |
Fair Value adj | 10,000 |
At 28th February 2024 |
NET BOOK VALUE |
At 28th February 2024 |
At 28th February 2023 |
VICTORIA MANSIONS MANAGEMENT COMPANY |
LIMITED (REGISTERED NUMBER: 02425276) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 28TH FEBRUARY 2024 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 28th February 2024 is represented by: |
£ |
Valuation in 2002 | 42,925 |
Valuation in 2017 | 17,000 |
Valuation in 2024 | 10,000 |
Cost | 40,075 |
110,000 |
The investment property is valued by the directors at fair value which is considered to be the open market value. |
The valuation in 2024 was provided by the directors based on a third party estate agent online valuation and considering the local area and surrounding properties. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28/2/24 | 28/2/23 |
£ | £ |
Maintenance Contributions |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28/2/24 | 28/2/23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Accruals |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28/2/24 | 28/2/23 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 9,063 | 12,140 |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
28/2/24 | 28/2/23 |
£ | £ |
Within one year |
VICTORIA MANSIONS MANAGEMENT COMPANY |
LIMITED (REGISTERED NUMBER: 02425276) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 28TH FEBRUARY 2024 |
9. | LEASING AGREEMENTS - continued |
Lease payments receivable above are in respect of the rent for Apartment 22. A shorthold tenancy agreement is in place, the tenancy continues as a contractual periodic tenancy of one months notice due from either party. |
10. | PROVISIONS FOR LIABILITIES |
28/2/24 | 28/2/23 |
£ | £ |
Deferred tax | 13,286 | 11,386 |
Other provisions | 28,812 | 18,038 |
Deferred |
tax |
£ |
Balance at 1st March 2023 |
Provided during year |
Balance at 28th February 2024 |
Other provisions of £28,812 is in respect of the cost of the fire safety improvement works carried out after the year end as required by the fire safety assessment that took place in September 2023. |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | CONTINGENT LIABILITIES |
The steel structure on the main building is over 100 years old and the location of the building is in an exposed maritime environment which requires maintenance to prevent corrosion and ensure the structure remains in good condition. |
The steelwork has been hard to maintain due to its placement close to the brickwork. Over the years the steel has become further corroded, and therefore now requires significant work to be undertaken at a significant cost to ensure the structural integrity of the building. Reserves have been held back to cover the cost of the work to be carried out. |
Further significant costs are expected to be incurred within the next 5 years relating to replacement or refurbishment of the ageing internal lifts and repairs to the windows and roof of the building to address ongoing water ingress issues. Priority in the short term is being given to the continual improvements to fire safety and prevention which also requires attention. |
As no final quotes have been received or contracts signed, covering the full extent of the work it is not practical to make a reasonable estimate of the financial effects of the work detailed above. |
13. | RELATED PARTY DISCLOSURES |
VICTORIA MANSIONS MANAGEMENT COMPANY |
LIMITED (REGISTERED NUMBER: 02425276) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 28TH FEBRUARY 2024 |
14. | ULTIMATE CONTROLLING PARTY |