REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
59 HOLLAND PARK MANAGERS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
59 HOLLAND PARK MANAGERS LIMITED |
59 HOLLAND PARK MANAGERS LIMITED (REGISTERED NUMBER: 00790234) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
59 HOLLAND PARK MANAGERS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
First Floor, Jebsen House |
53-61 High Street |
Ruislip |
Middlesex |
HA4 7BD |
59 HOLLAND PARK MANAGERS LIMITED (REGISTERED NUMBER: 00790234) |
BALANCE SHEET |
31ST DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Other reserve - Flat A | 7 |
Projects reserve | 7 | ( |
) |
Retained earnings | 7 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income and Expenditure Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
59 HOLLAND PARK MANAGERS LIMITED (REGISTERED NUMBER: 00790234) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
1. | STATUTORY INFORMATION |
59 Holland Park Managers Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Departures from Companies Act requirements |
The financial statements depart from the standard format of the Companies Act 2006 in that turnover has been replaced by service charge income and cost of sales has been replaced by service charge expenditure. This departure, as permitted by s396 of the Companies Act 2006, has arisen because the directors consider that this presentation is more appropriate given the nature of the company's activities. The result for the year is unaffected by the accounting treatment adopted. |
Income |
Service charges collected are held on trust for the purpose of meeting the relevant costs in relation to the property in accordance with the provisions of section 42 of the Landlord and Tenant Act 1987. |
Service charge income represents variable service charges receivable from the members for the year. |
Flat A income represents rental income receivable in respect of Flat A, a property at 59 Holland Park owned by the company. |
Taxation |
The company acts as a trustee in respect of funds held to manage 59 Holland Park. In consequence service charge contributions and service charge expenditure items are neither taxable nor allowable for corporation tax purposes. |
Service charge monies are held on trust in accordance with Section 42 of the Landlord and Tenant Act 1987. Interest earned on service charge monies held on deposit is now received gross. As the interest falls below HMRC's informal relaxation threshold for trusts that only receive interest, no trust tax return will need to be filed, or tax paid on interest, until such time interest exceeds such threshold, or HMRC notifies otherwise. |
Corporation tax is provided in respect of net rental income from Flat A and 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
59 HOLLAND PARK MANAGERS LIMITED (REGISTERED NUMBER: 00790234) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Service charge arrears |
Other receivables |
Prepayments |
Debtors can be further analysed between company and service charge assets as follows: |
2023 | 2022 |
£ | £ |
Service charge debtors |
Service charge arrears | 14,855 | 2,698 |
Other receivables | 1,038 | 1,038 |
Prepayments | 4,743 | 3,603 |
20,636 | 7,339 |
Company debtors |
Other receivables | 50 | 50 |
Prepayments | 1,234 | 1,215 |
1,284 | 1,265 |
5. | CASH AT BANK |
The bank balances held represent both company and service charge trust monies, as follows: |
2023 | 2022 |
£ | £ |
Service charge trust money | 24,466 | 155,587 |
Company money | 38,296 | 56,154 |
62,762 | 211,741 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation |
Social security and other taxes |
Other creditors |
Accruals |
Deferred income - Flat A |
59 HOLLAND PARK MANAGERS LIMITED (REGISTERED NUMBER: 00790234) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Creditors can be further analysed between company and service charge liabilities as follows: |
2023 | 2022 |
£ | £ |
Service charge creditors |
Trade creditors | 185 | 1,836 |
Social security and other taxes | 159 | - |
Other creditors | 9,460 | 14,460 |
Accruals | 3,030 | 2,715 |
12,834 | 19,011 |
Company creditors |
Taxation | - | 2,577 |
Accruals | 870 | 762 |
Deferred income | 1,625 | 1,625 |
2,495 | 4,964 |
7. | RESERVES |
Other |
Retained | reserve - | Projects |
earnings | Flat A | reserve | Totals |
£ | £ | £ | £ |
At 1st January 2023 | 196,245 |
Profit for the year | - | - |
Reserve expenditure | - | - | (139,029 | ) | (139,029 | ) |
Transfer to Projects reserve | (10,000 | ) | - | 10,000 | - |
Transfer Flat A deficit | 3,789 | (3,789 | ) | - | - |
At 31st December 2023 | ( |
) | 69,228 |
Details of Projects Reserve expenditure: |
£ |
External repair and redecoration | 135,274 |
Professional fees | 19,003 |
Contribution towards costs from Flat A | (15,248 | ) |
139,029 |
59 HOLLAND PARK MANAGERS LIMITED (REGISTERED NUMBER: 00790234) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |