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REGISTERED NUMBER: 02425276 (England and Wales)









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: J Lowes
A Ghiassi





REGISTERED OFFICE: 29 St Annes Road West
Lytham St Annes
Lancashire
FY8 1SB





REGISTERED NUMBER: 02425276 (England and Wales)





AUDITORS: Whitehead & Howarth
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 41,194 15,196
Investment property 5 110,000 100,000
151,194 115,196

CURRENT ASSETS
Stocks 100 100
Debtors 6 8,897 9,428
Cash at bank and in hand 233,580 267,701
242,577 277,229
CREDITORS
Amounts falling due within one year 7 27,664 33,024
NET CURRENT ASSETS 214,913 244,205
TOTAL ASSETS LESS CURRENT
LIABILITIES

366,107

359,401

CREDITORS
Amounts falling due after more than one
year

8

(21,351

)

(24,428

)

PROVISIONS FOR LIABILITIES 10 (42,098 ) (29,424 )
NET ASSETS 302,658 305,549

RESERVES
Non-distributable reserve 47,940 47,940
Retained earnings 254,718 257,609
302,658 305,549

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28th November 2024 and were signed on its behalf by:





J Lowes - Director


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 private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents maintenance contributions, card key sales, ground rent and sundry income receivable from residents for the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance and at varying rates on cost

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 118,142 23,250 - 141,392
Additions - 334 28,812 29,146
Disposals - (110 ) - (110 )
At 28th February 2024 118,142 23,474 28,812 170,428
DEPRECIATION
At 1st March 2023 118,142 8,054 - 126,196
Charge for year - 3,107 - 3,107
Eliminated on disposal - (69 ) - (69 )
At 28th February 2024 118,142 11,092 - 129,234
NET BOOK VALUE
At 28th February 2024 - 12,382 28,812 41,194
At 28th February 2023 - 15,196 - 15,196

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 100,000
Fair Value adj 10,000
At 28th February 2024 110,000
NET BOOK VALUE
At 28th February 2024 110,000
At 28th February 2023 100,000

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 6,980 1,682
Prepayments 1,917 7,746
8,897 9,428

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/24 28/2/23
£    £   
Bank loans and overdrafts 3,072 3,072
Trade creditors 13,262 9,651
Taxation and social security 815 887
Accruals 10,515 19,414
27,664 33,024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28/2/24 28/2/23
£    £   
Bank loans 21,351 24,428

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 575 550

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
42,098 29,424

Deferred
tax
£   
Balance at 1st March 2023 11,386
Provided during year 1,900
Balance at 28th February 2024 13,286

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.

Candice Higgins (Senior Statutory Auditor)
for and on behalf of Whitehead & Howarth

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

At the year end date a total of £100 (2023: £145) was owed to Victoria Mansions Management Company Limited by the associated companies, Victoria Mansions (East Wing) RTM Company Limited and Victoria Mansions (West Wing) RTM Company Limited. This amount is included in debtors.

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

There is no one controlling party.