REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
5 MARYLEBONE STREET LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
5 MARYLEBONE STREET LIMITED |
5 MARYLEBONE STREET LIMITED (REGISTERED NUMBER: 02160526) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Chartered Accountants' Report | 3 |
Income Statement | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 6 |
5 MARYLEBONE STREET LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
12 Melcombe Place |
London |
NW1 6JJ |
5 MARYLEBONE STREET LIMITED (REGISTERED NUMBER: 02160526) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The company owns the head lease of 5 Marylebone Street, London W1 8JD. Its sole activity is the management of the property on behalf of the tenants, who are shareholders of the company. Howard De Walden Estates Limited own the reversionary freehold interest. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
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: |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
5 MARYLEBONE STREET LIMITED |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 5 Marylebone Street Limited for the year ended 31 March 2024 which comprise the Income Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of 5 Marylebone Street Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 5 Marylebone Street Limited and state those matters that we have agreed to state to the Board of Directors of 5 Marylebone Street Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 5 Marylebone Street Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that 5 Marylebone Street 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 profit of 5 Marylebone Street Limited. You consider that 5 Marylebone Street 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 5 Marylebone Street 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. |
12 Melcombe Place |
London |
NW1 6JJ |
5 MARYLEBONE STREET LIMITED (REGISTERED NUMBER: 02160526) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER |
Service charge expenditure | ( |
) | ( |
) |
Administrative expenses | ( |
) | ( |
) |
(13 | ) | (13 | ) |
Other operating income |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit |
PROFIT FOR THE FINANCIAL YEAR |
5 MARYLEBONE STREET LIMITED (REGISTERED NUMBER: 02160526) |
BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 6 |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
5 MARYLEBONE STREET LIMITED (REGISTERED NUMBER: 02160526) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
5 Marylebone Street Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover comprises contributions from shareholders to fund the ground rent and service charges receivable from the tenants. |
Recognition of income |
Service charges receivable are recognised as income 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 directors received no remuneration in respect of their services to the company for the period. |
5. | CASH AT BANK |
Service charge monies contributed by owners and occupiers are held in trust in designated bank accounts in the name of the company. Because such balances are held in trust, rather than belonging to the company, they are not recognised on the company's balance sheet, following the principles set out in draft FRC Abstract 1 (Residential Management Companies' Financial Statements). At the balance sheet date the company held funds of £23,571 (2023: £13,808) in trust. |
5 MARYLEBONE STREET LIMITED (REGISTERED NUMBER: 02160526) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Other debtors comprise : |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors | 2,833 | - |
Prepayments | 11,278 | 16,392 |
Amount due from service charge trust | - | 7,301 |
------------ | ------------ |
14,111 | 23,693 |
====== | ====== |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Other creditors comprise : |
31.3.24 | 31.3.23 |
£ | £ |
Accruals | 10,193 | 23,693 |
Amount due to service charge trust | 3,918 | - |
------------ | ------------ |
14,111 | 23,693 |
====== | ====== |
The 'Amount due to service charge trust' comes about as a result of following the principles set out in draft FRC Abstract 1 (Residential Management Companies' Financial Statements). The effect of this is that service charge assets and liabilities which are held in trust are not separately recognized in the balance sheet of the management company, but aggregated as a balance due from/(to) the service charge trust. The figure included in 'Other creditors' is, therefore, the aggregate of : |
31.3.24 |
£ |
Service charge current bank account | 6,600 |
Service charge deposit bank account | 16,971 |
Tenants' arrears re service charge | 6,727 |
Refund due for over reimbursed expenses | 92 |
Stock of keys | 88 |
Trust tax creditor | (17 | ) |
Reserve fund | (34,379 | ) |
------------ |
(3,918 | ) |
====== |
8. | RELATED PARTIES |
Cleaning services, for a total cost of £1,590 (2023 - £1,560) were provided by the daughters of J.A.Barrett and Mrs.M.Barrett, the directors of 5 Marylebone Street Limited. |