Company Registration No. 00926631 (England and Wales)
109 GLOUCESTER TERRACE (MANAGEMENT) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 DECEMBER 2024
109 GLOUCESTER TERRACE (MANAGEMENT) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
COMPANY INFORMATION
Directors
K Chung
J Morrison
C Vasilieff
N Singhal
R Culshaw
S Wood
G Ampollini
Secretary
Sloan Company Secretarial Services Limited
Company number
00926631
Registered office
Sloan Block Management
68 Queens Gardens
London
W2 3AH
Accountants
Myers Clark
Egale 1
80 St Albans Road
Watford
Hertfordshire
WD17 1DL
109 GLOUCESTER TERRACE (MANAGEMENT) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Directors' report
1
Accountants' report
2
Balance sheet
3
Notes to the financial statements
4 - 5
109 GLOUCESTER TERRACE (MANAGEMENT) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT
FOR THE YEAR ENDED 25 DECEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 25 December 2024.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
K Chung
J Morrison
C Vasilieff
W Vasilieff
(Resigned 21 October 2024)
N Singhal
R Culshaw
S Wood
G Ampollini
Legal Status
The company is limited by guarantee and has no share capital.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
K Chung
Director
26 March 2025
109 GLOUCESTER TERRACE (MANAGEMENT) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF 109 GLOUCESTER TERRACE (MANAGEMENT) LIMITED FOR THE YEAR ENDED 25 DECEMBER 2024
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 109 Gloucester Terrace (Management) Limited for the year ended 25 December 2024 set out on pages 3 to 5 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 109 Gloucester Terrace (Management) Limited, as a body, in accordance with the terms of our engagement letter dated 23 March 2023. Our work has been undertaken solely to prepare for your approval the financial statements of 109 Gloucester Terrace (Management) Limited and state those matters that we have agreed to state to the board of directors of 109 Gloucester Terrace (Management) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 109 Gloucester Terrace (Management) Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that 109 Gloucester Terrace (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 109 Gloucester Terrace (Management) Limited. You consider that 109 Gloucester Terrace (Management) 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 109 Gloucester Terrace (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.
Myers Clark
Chartered Accountants
Egale 1
80 St Albans Road
Watford
Hertfordshire
WD17 1DL
26 March 2025
109 GLOUCESTER TERRACE (MANAGEMENT) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
25 DECEMBER 2024
25 December 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
14,654
14,654
Current assets
-
-
Creditors: amounts falling due within one year
4
(14,654)
(14,654)
Net current liabilities
(14,654)
(14,654)
Net assets
Members' funds
For the financial year ended 25 December 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant 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 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 26 March 2025 and are signed on its behalf by:
K Chung
Director
Company Registration No. 00926631
109 GLOUCESTER TERRACE (MANAGEMENT) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 DECEMBER 2024
- 4 -
1
Accounting policies
Company information
109 Gloucester Terrace (Management) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Sloan Block Management, 68 Queens Gardens, London, W2 3AH.
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
Profit and loss account
The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Nil
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and other loans are classified as debt. Financial liabilities classified as payable within one year are not amortised.
1.5
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
109 GLOUCESTER TERRACE (MANAGEMENT) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.6
During the year the company has acted as agent for the lessees of the property at 109 Gloucester Terrace, London, W2 3HB. The funds in relation to the maintenance of the property are held in trust. As at 25 December 2024 the cash balance held on behalf of the lessees amounted to £13,058.
The company therefore has no income or expenditure in its own right in relation to the maintenance of the common parts of the property held in accordance with the governing leases. Income and expenditure arising from these transactions is shown in separate service charge accounts for the property that do not form part of the annul accounts of the company and are not filed at Companies House. The accounts can be obtained from 109 Gloucester Terrace (Management) Limited.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Tangible fixed assets
Land and buildings
£
Cost
At 26 December 2023 and 25 December 2024
14,654
Depreciation and impairment
At 26 December 2023 and 25 December 2024
Carrying amount
At 25 December 2024
14,654
At 25 December 2023
14,654
4
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
14,654
14,654
5
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.