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REGISTERED NUMBER: 11871460 (England and Wales)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

SAN REMO TOWERS (SRT) FREEHOLD LTD

SAN REMO TOWERS (SRT) FREEHOLD LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: M Bryan
C E Hughson
J J Navey
D J Tawn





REGISTERED OFFICE: The Managers Office, C Block
San Remo Towers
Sea Road
Bournemouth
Dorset
BH5 1JT





REGISTERED NUMBER: 11871460 (England and Wales)





ACCOUNTANTS: Carter & Coley
Chartered Accountants
3 Durrant Road
Bournemouth
Dorset
BH2 6NE

SAN REMO TOWERS (SRT) FREEHOLD LTD (REGISTERED NUMBER:

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 463,300 493,390

CURRENT ASSETS
Stocks 490 505
Debtors 5 25,865 22,473
Cash at bank 78,968 26,969
105,323 49,947
CREDITORS
Amounts falling due within one year 6 32,022 26,539
NET CURRENT ASSETS 73,301 23,408
TOTAL ASSETS LESS CURRENT
LIABILITIES

536,601

516,798

CREDITORS
Amounts falling due after more than one
year

7

193,860

197,860
NET ASSETS 342,741 318,938

CAPITAL AND RESERVES
Called up share capital 8 136 134
Share premium 9 221,230 212,600
Retained earnings 9 121,375 106,204
SHAREHOLDERS' FUNDS 342,741 318,938

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

SAN REMO TOWERS (SRT) FREEHOLD LTD (REGISTERED NUMBER:

BALANCE SHEET - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by:





J J Navey - Director


SAN REMO TOWERS (SRT) FREEHOLD LTD (REGISTERED NUMBER:

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

San Remo Towers (SRT) Freehold Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover shown in the profit and loss accounts represents ground rent income and ancillary income derived from parking spaces, cycle racks, baggage stores, coin operated washer and dryer and window handle replacements.

Tangible fixed assets
All fixed assets are initially recorded at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

SAN REMO TOWERS (SRT) FREEHOLD LTD (REGISTERED NUMBER:

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST
At 1 April 2023 493,390
Write down (30,090 )
At 31 March 2024 463,300
NET BOOK VALUE
At 31 March 2024 463,300
At 31 March 2023 493,390

The freehold has been written down in respect of the 98 lessees (out of 183) who have either participated in the original freehold purchase or subsequently purchased a lease extension. The value in respect of those flats is in the leasehold interest rather than the original cost to the company of acquiring the freehold.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 25,713 22,321
Prepayments and accrued income 152 152
25,865 22,473

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Deferred income 18,284 17,416
Corporation tax 7,761 4,202
Other creditors 1,440 1,440
Accruals 4,537 3,481
32,022 26,539

SAN REMO TOWERS (SRT) FREEHOLD LTD (REGISTERED NUMBER:

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Loan notes, 2-5 years 77,544 59,358
Loan notes, over 5 years 116,316 138,502
193,860 197,860

Amounts falling due in more than five years:

Repayable by instalments
Loan notes, over 5 years 116,316 138,502

Loan notes
Thirty one lessees made loans to the company in order to acquire the freehold. Interest is payable on the loan notes annually in arrears each 31 December, at a rate of 3% (31 December 2020), 4% (31 December 2021) and 5% thereafter.

Four lessees have since redeemed their £1,000 loan note against a lease extension. There are now twenty seven loan note holders (owners of class B shares)

Five years following 31 December 2019, the Noteholder is entitled to request the Company to repay up to 20% of the notes (or 100% if the principal amount outstanding is £4,000 or less) at the following year end.

The Company has sole discretion in determining the amount that can be repaid, relative to lease extension income received and repayment requests from other Noteholders.

The maturity date of the loan notes is 31 December 2034.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
98 Ordinary A £1 98 94
27 Ordinary B £1 27 27
9 Ordinary C £1 11 13
136 134

SAN REMO TOWERS (SRT) FREEHOLD LTD (REGISTERED NUMBER:

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. CALLED UP SHARE CAPITAL - continued

4 Ordinary A shares of £1 each were allotted and fully paid for cash at par during the year.

The following shares were cancelled during the year

2 Ordinary C share of £1 each.

9. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2023 106,204 212,600 318,804
Profit for the year 15,171 - 15,171
Cash share issue - 8,630 8,630
At 31 March 2024 121,375 221,230 342,605

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SAN REMO TOWERS (SRT) FREEHOLD LTD


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of San Remo Towers (SRT) Freehold Ltd 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 San Remo Towers (SRT) Freehold Ltd, 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 San Remo Towers (SRT) Freehold Ltd and state those matters that we have agreed to state to the Board of Directors of San Remo Towers (SRT) Freehold Ltd, 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 San Remo Towers (SRT) Freehold Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that San Remo Towers (SRT) Freehold Ltd 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 San Remo Towers (SRT) Freehold Ltd. You consider that San Remo Towers (SRT) Freehold Ltd 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 San Remo Towers (SRT) Freehold Ltd. 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.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of San Remo Towers (SRT) Freehold Ltd for the year ended 31 March 2024 which comprise the Income Statementt, 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 San Remo Towers (SRT) Freehold Ltd, 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 San Remo Towers (SRT) Freehold Ltd and state those matters that we have agreed to state to the Board of Directors of San Remo Towers (SRT) Freehold Ltd, 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 San Remo Towers (SRT) Freehold Ltd and its Board of Directors, as a body, for our work or for this report.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SAN REMO TOWERS (SRT) FREEHOLD LTD



It is your duty to ensure that San Remo Towers (SRT) Freehold Ltd 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 San Remo Towers (SRT) Freehold Ltd. You consider that San Remo Towers (SRT) Freehold Ltd is exempt from the statutory audit requirement for the period.






Carter & Coley
Chartered Accountants
3 Durrant Road
Bournemouth
Dorset
BH2 6NE


27 March 2025