REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
LYDIARD FIELDS MANAGEMENT COMPANY |
LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
LYDIARD FIELDS MANAGEMENT COMPANY |
LIMITED |
LYDIARD FIELDS MANAGEMENT COMPANY |
LIMITED (REGISTERED NUMBER: 04805633) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Independent Auditors' Report | 3 |
Income Statement | 6 |
Balance Sheet | 7 |
Notes to the Financial Statements | 8 |
LYDIARD FIELDS MANAGEMENT COMPANY |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
12 Melcombe Place |
London |
NW1 6JJ |
LYDIARD FIELDS MANAGEMENT COMPANY |
LIMITED (REGISTERED NUMBER: 04805633) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
The directors present their report with the financial statements of the company for the year ended 30 June 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
QUALIFYING THIRD PARTY INDEMNITY PROVISIONS |
The company's Articles of Association provide, subject to the provisions of UK legislation, an indemnity for directors and officers of the company in respect of liabilities they may incur in defending certain proceedings against them. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Websters, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF |
LYDIARD FIELDS MANAGEMENT COMPANY |
LIMITED |
Opinion |
We have audited the financial statements of Lydiard Fields Management Company Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its result for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Auditors' Report thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF |
LYDIARD FIELDS MANAGEMENT COMPANY |
LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. |
There are inherent limitations in our audit procedures. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. |
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF |
LYDIARD FIELDS MANAGEMENT COMPANY |
LIMITED |
Use of our report |
This report is made solely to the company's shareholders, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's shareholders those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's shareholders as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
12 Melcombe Place |
London |
NW1 6JJ |
LYDIARD FIELDS MANAGEMENT COMPANY |
LIMITED (REGISTERED NUMBER: 04805633) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
SERVICE CHARGES RECEIVABLE |
Service charge expenditure | ( |
) | ( |
) |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
LYDIARD FIELDS MANAGEMENT COMPANY |
LIMITED (REGISTERED NUMBER: 04805633) |
BALANCE SHEET |
30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 6 |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
LYDIARD FIELDS MANAGEMENT COMPANY |
LIMITED (REGISTERED NUMBER: 04805633) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Lydiard Fields Management Company Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Service charges receivable |
Service charges receivable represent costs incurred in respect of the year which are recoverable from the owners or occupiers of the site. Amounts are charged quarterly on account and any surplus of deficit is credited or charged to the same parties, resulting in no profit or loss to the company. |
Recognition of income |
Service charges receivable are recognised in the financial statements concurrently with the recognition of the service charge expenditure that is being funded. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
30.6.24 | 30.6.23 |
£ | £ |
Auditors' remuneration |
5. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 30 June 2024 nor for the year ended 30 June 2023. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors |
Other debtors |
LYDIARD FIELDS MANAGEMENT COMPANY |
LIMITED (REGISTERED NUMBER: 04805633) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary 'A' share | £1 | 1 | 1 |
Ordinary 'B' shares | £1 | 63 | 63 |
64 | 64 |
The 'A' Ordinary and the 'B' Ordinary shares are separate classes of shares in the capital of the company but carry the same rights and privileges and rank pari passu in all respects except the following instances : |
a) The holder of a 'B' Ordinary share is entitled to one vote for each share. The holder of the 'A' Ordinary share is entitled to votes equal to the number of 'A' Ordinary shares held together with the number of 'B' Ordinary shares in issue. |
b) The 'A' Ordinary share is held by The Equitable Life Assurance Society. |
c) The 'B' Ordinary shares are issued to persons acquiring a major interest in the development at Lydiard Fields, and may only be transferred to persons thereafter acquiring said major interest. |
d) Upon the holder of the 'A' Ordinary share disposing of a major interest where immediately thereafter such holder shall have no further freehold interest in he development at Lydiard Fields, the 'A' Ordinary share will be redesignated a 'B' Ordinary share and included in the issue of the final tranche of shares. Following the redesignation of the 'A' Ordinary share, the control of the company will rest with the 'B' Ordinary shareholders. |
9. | CONTROLLING PARTY AND RELATED PARTY TRANSACTIONS |
None of the shares entitle holders to dividends as the company operates on a non-profit basis and the holding of the 'A' share is considered to be in a fiduciary capacity on behalf of the other parties with an interest in the site, which is occupied by unrelated third parties. |
Until The Equitable Life Assurance Society disposes of a major interest where immediately thereafter they have no further freehold interest in he development at Lydiard Fields, the company is controlled by The Equitable Life Assurance Society, whose registered office is Walton Street, Aylesbury, Buckinghamshire HP21 7QW. The Equitable Life Assurance Society is the parent undertaking of the smallest group to which the company belongs and which draws up consolidated accounts. The Equitable Life Assurance Society is consolidated into Utmost Group plc financial statements, copies of which are available at Saddlers House, 44 Gutter Lane, London, EC2V 6BR. |
The ultimate parent company which maintains a majority controlling interest in the Society is recognised by the Directors as OCM Utmost Holdings Limited: a Cayman Islands incorporated entity. OCM Utmost Holdings Limited is an investment vehicle owned by funds which are managed and advised by Oaktree Capital Management L.P., a subsidiary of the ultimate controlling party, Oaktree Capital Group LLC. |
At 30 June 2023 the company owed The Equitable Life Assurance Society £16,423. During the year demands for service charge amounting to £16,167 (2023 : £15,397) were made in respect of The Equitable Life Assurance Society's liability as a tenant within the development. Net cash receipts of £12,831 (2023 : £16,693) from The Equitable Life Assurance Society have resulted in a balance of £13,088 being owed to The Equitable Life Assurance Society as at 30 June 2024 (2022 : £15,127). |
LYDIARD FIELDS MANAGEMENT COMPANY |
LIMITED (REGISTERED NUMBER: 04805633) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
10. | APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements. |