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Registered number: 02771482










42 Chestnut Road Management Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 March 2024

 
42 Chestnut Road Management Limited
 

Company Information


Directors
K Grainger 
S Freed 
W Leo 
A Kundu 
M Peacock 




Company secretary
W Leo



Registered number
02771482



Registered office
Flat 3  42 Chestnut Road
West Norwood

London

SE27 9LF




Accountants
Kreston Reeves LLP
Chartered Accountants

2nd Floor

168 Shoreditch High Street

London

E1 6RA





 
42 Chestnut Road Management Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of 42 Chestnut Road Management Limited for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 42 Chestnut Road Management Limited for the year ended 31 March 2024 which comprise  the Balance sheet and the related notes 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.

This report is made solely to the Board of directors of 42 Chestnut Road Management Limited, as a body, in accordance with the terms of our engagement letter dated 9 May 2022Our work has been undertaken solely to prepare for your approval the financial statements of 42 Chestnut Road Management Limited and state those matters that we have agreed to state to the Board of directors of 42 Chestnut Road Management Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 42 Chestnut Road Management Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that 42 Chestnut Road 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 42 Chestnut Road Management Limited. You consider that 42 Chestnut Road Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of 42 Chestnut Road 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.

  



Kreston Reeves LLP
 
Chartered Accountants
  
2nd Floor
168 Shoreditch High Street
London
E1 6RA
31 October 2024
Page 1

 
42 Chestnut Road Management Limited
Registered number: 02771482

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
644
644

  
644
644

Current assets
  

Cash at bank and in hand
 5 
18,720
19,718

  
18,720
19,718

Creditors: amounts falling due within one year
 6 
(19,052)
(20,050)

Net current liabilities
  
 
 
(332)
 
 
(332)

Total assets less current liabilities
  
312
312

  

Net assets
  
312
312


Capital and reserves
  

Called up share capital 
 7 
250
250

Profit and loss account
  
62
62

  
312
312


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 October 2024.



W Leo
Director

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
42 Chestnut Road Management Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2024

1.


General information

The company is registered as a private company limited by shares, incorporated and domiciled in England & Wales. The company's registered office is at Flat 3, 42 Chestnut Road, West Norwood, London, SE27 9LF.
The company's principal activity is the maintenance of the flats at 42 Chestnut Road, London on a non-profit making basis.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of the service charges received
during the year.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
0% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3

 
42 Chestnut Road Management Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

  
2.5

Creditors

Short term creditors are measured at the transaction price. 


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Tangible fixed assets





Land and buildings

£



Cost or valuation


At 1 April 2023
644



At 31 March 2024

644






Net book value



At 31 March 2024
644



At 31 March 2023
644


5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
18,720
19,718

18,720
19,718



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other creditors
18,559
19,608

Accruals and deferred income
493
442

19,052
20,050


Page 4

 
42 Chestnut Road Management Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2024

7.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



5 (2023 - 5) Ordinary shares of £50 each
250
250



8.


Related party transactions

The directors are the tenants of the flats and have paid £6,000 on account of service charges (2023 -
£6,000). At the year end included in other creditors was a sum of £18,559 in respect of monies due to
the tenants (2023 - £19,608).


9.


Controlling party

The company is controlled by the directors who meet regularly. 

Page 5