The directors present their annual report and financial statements for the year ended 30 June 2024.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Downside and Lancaster Management Limited for the year ended 30 June 2024 set out on pages 3 to 5 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
It is your duty to ensure that Downside and Lancaster Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of Downside and Lancaster Management Limited. You consider that Downside and Lancaster Management Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Downside and Lancaster Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Downside and Lancaster Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Egale 1, 80 St Albans Road, Watford, Hertfordshire, WD17 1DL.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure in its own right, and therefore no Profit and loss account is presented in these financial statements.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Equity instruments issued by the company are recorded at the proceeds received.
Status
The company holds the freehold properties known as Downside Lodge, 29 Upper Park Road, London NW3 2UY and Lancaster Lodge, 27 Upper Park Road, London NW3 2UW, as trustee for the owners from time to time of leasehold flats 1 to 10 inclusive in Downside Lodge and 1 and 2 and 5 to 10 inclusive in Lancaster Lodge.
During the year the company has acted as agent for the lessees of the property at Downside and Lancaster Lodge, Upper Park Road, London NW3 2UY. The funds in relation to the maintenance of the property are held in trust. As at 30 June 2024 the cash balance held on behalf of the lessees amounted to £119,449.
The company therefore has no income or expenditure in its own right in relation to the maintenance of the common parts of the property held in accordance with the governing leases. Income and expenditure arising from these transactions is shown in separate service charge accounts for the property that do not form part of the annual accounts of the company and are not filed at Companies House. The accounts can be obtained from Downside and Lancaster Management Limited.
The average monthly number of persons (including directors) employed by the company during the year was:
As mentioned in Note 1.5, the company holds the freehold properties known as Downside Lodge, 29 Upper Park Road, London NW3 2UY and Lancaster Lodge, 27 Upper Park Road, London NW3 2UW, as Trustee for the owners from time to time of leasehold flats 1 to 10 inclusive in Downside Lodge and 1 and 2 and 5 to 10 inclusive in Lancaster Lodge.
The Trust owed certain current and former owners of the said flats a total of £31,300 as at 30 June 2024 pursuant to loans that they had made to the Trust between 2020 and 2022 to be repaid if and when the Trust had funds to do so.
As at 30 June 2024, the Trust held a cash balance of £5,076.