Company registration number 00941952 (England and Wales)
WESTWOOD LODGE (FRIERN BARNET) MANAGEMENT COMPANY LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
WESTWOOD LODGE (FRIERN BARNET) MANAGEMENT COMPANY LIMITED
COMPANY INFORMATION
Directors
K Hayes
(Appointed 11 September 2024)
Y Henton
(Appointed 11 September 2024)
J Koppel
A Leblond
K Noohi
(Appointed 11 September 2024)
Company number
00941952
Registered office
Egale 1
80 St Albans Road
Watford
Hertfordshire
WD17 1DL
Accountants
Myers Clark
Suite 7A, Building 6
Croxley Park, Hatters Lane
Watford
Hertfordshire
WD18 8YH
WESTWOOD LODGE (FRIERN BARNET) MANAGEMENT COMPANY LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Balance sheet
3
Notes to the financial statements
4 - 6
WESTWOOD LODGE (FRIERN BARNET) MANAGEMENT COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 30 September 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 Hayes
(Appointed 11 September 2024)
Y Henton
(Appointed 11 September 2024)
J Koppel
A Leblond
K Noohi
(Appointed 11 September 2024)
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
Y Henton
Director
5 June 2025
WESTWOOD LODGE (FRIERN BARNET) MANAGEMENT COMPANY LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WESTWOOD LODGE (FRIERN BARNET) MANAGEMENT COMPANY LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 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 Westwood Lodge (Friern Barnet) Management Company Limited for the year ended 30 September 2024 which comprise, the 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 at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Westwood Lodge (Friern Barnet) Management Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Westwood Lodge (Friern Barnet) Management Company Limited and state those matters that we have agreed to state to the board of directors of Westwood Lodge (Friern Barnet) Management Company 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 Westwood Lodge (Friern Barnet) Management Company Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Westwood Lodge (Friern Barnet) Management Company 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 Westwood Lodge (Friern Barnet) Management Company Limited. You consider that Westwood Lodge (Friern Barnet) Management Company 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 Westwood Lodge (Friern Barnet) Management Company 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
Suite 7A, Building 6
Croxley Park, Hatters Lane
Watford
Hertfordshire
WD18 8YH
9 June 2025
WESTWOOD LODGE (FRIERN BARNET) MANAGEMENT COMPANY LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 3 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1
1
Net assets
1
1
Capital and reserves
Called up share capital
4
6
6
Freehold contribution reserve
11,365
11,365
Profit and loss reserves
(11,370)
(11,370)
Total equity
1
1
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
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.
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.
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 5 June 2025 and are signed on its behalf by:
Y Henton
Director
Company registration number 00941952 (England and Wales)
WESTWOOD LODGE (FRIERN BARNET) MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
1
Accounting policies
Company information
Westwood Lodge (Friern Barnet) Management Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Egale 1, 80 St Albans Road, Watford, Hertfordshire, WD17 1DL.
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:
Freehold land and buildings
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 profit or loss.
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, and other loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
WESTWOOD LODGE (FRIERN BARNET) MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.6
During the year the company has acted as agent for the lessees of the property at Westwood Lodge, Torrington Grove, Friern Barnet, N12 9NP, The funds in relation to the maintenance of the property are held in trust.
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 annual accounts of the company and not filed at Companies House. The accounts can be obtained from Westwood Lodge (Friern Barnet) Management Company 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 1 October 2023 and 30 September 2024
1
Depreciation and impairment
At 1 October 2023 and 30 September 2024
Carrying amount
At 30 September 2024
1
At 30 September 2023
1
4
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
6
6
6
6
WESTWOOD LODGE (FRIERN BARNET) MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
5
Prior period adjustment
It was resolved that the service charge assets and associated liabilities in relation to the maintenance of the property governed by the lease should be held in trust and therefore reported separately from the statutory accounts.
On this basis, a prior year adjustment has been made to remove the amounts which relate to the service charge fund as shown below.
It was noted that since purchase of the freehold interest all the leases had been extended to 999 years resulting in the disposal of the value left in the freehold interest. This has also been reflected below.
Changes to the balance sheet
As previously reported
Adjustment at 1 Oct 2022
Adjustment at 30 Sep 2023
As restated at 30 Sep 2023
£
£
£
£
Fixed assets
Tangible assets
11,371
(11,370)
-
1
Current assets
Bank and cash
6,489
(8,084)
1,595
-
Net assets
17,860
(19,454)
1,595
1
Capital and reserves
Freehold contribution reserve
-
11,365
-
11,365
Profit and loss reserves
17,854
(30,819)
1,595
(11,370)
Total equity
17,860
(19,454)
1,595
1