Company registration number 01679040 (England and Wales)
LEITH TOWERS MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LEITH TOWERS MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LEITH TOWERS MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1
1
Current assets
Debtors
4
15,318
64,711
Cash at bank and in hand
-
0
93,870
15,318
158,581
Creditors: amounts falling due within one year
5
(4,089)
(53,767)
Net current assets
11,229
104,814
Net assets
11,230
104,815
Capital and reserves
Called up share capital
65
65
Other reserves
-
0
104,750
Profit and loss reserves
6
11,165
-
0
Total equity
11,230
104,815

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 4 February 2025 and are signed on its behalf by:
Ms H Gee
Director
Company registration number 01679040 (England and Wales)
LEITH TOWERS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Leith Towers Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is KFH House, 5 Compton Road, Wimbledon, London, SW19 7QA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Following the transition to TECH03/11 in the year ended 31 March 2024, the service charge is no longer recognised in these accounts. The turnover is based on the income from other activities.

1.3
Tangible fixed assets

The freehold land and buildings at Leith Towers, Grange Vale, Sutton, Surrey were acquired at a nominal value of £1. The property is subject to sixty five leases of nine hundred and ninety nine years each.

Freehold land and buildings
no depreciation provided
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

LEITH TOWERS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.8
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.11

Transition to Leith Towers Management

Leith Towers Management Limited opted to transition to TECH 03/11 in the year ended 31 March 2024.

 

The service charge is no longer recognised in these accounts and is instead provided directly to the leaseholders.

 

The company has chosen not to restate the comparatives and going forward will provide accounts based on income and expenditure from other activities.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
LEITH TOWERS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2023 and 31 March 2024
1
Depreciation and impairment
At 1 April 2023 and 31 March 2024
-
0
Carrying amount
At 31 March 2024
1
At 31 March 2023
1
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
57,019
Other debtors
15,318
7,692
15,318
64,711
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
2,080
Corporation tax
2,619
4,021
Other taxation and social security
-
0
154
Other creditors
1,470
47,512
4,089
53,767
6
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
-
0
-
0
Profit for the year
11,165
33,852
Transfer to reserves
-
0
(33,852)
At the end of the year
11,165
-
0
7
Related party transactions
Transactions with related parties
LEITH TOWERS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Related party transactions
(Continued)
- 5 -

At the year end, the company was owed a balance from the service charge of £15,318. This is an interest fee loan, repayable on demand.

 

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