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COMPANY REGISTRATION NUMBER: 01289242
TERMHOUSE (CHESSINGTON COURT) MANAGEMENT LIMITED
Company Limited by Guarantee
Financial Statements
30 September 2024
TERMHOUSE (CHESSINGTON COURT) MANAGEMENT LIMITED
Company Limited by Guarantee
Financial Statements
Year ended 30 September 2024
Contents
Pages
Officers and professional advisers
1
Directors' report
2 to 3
Independent auditor's report to the members
4 to 7
Statement of income and retained earnings
8
Statement of financial position
9
Notes to the financial statements
10 to 12
TERMHOUSE (CHESSINGTON COURT) MANAGEMENT LIMITED
Company Limited by Guarantee
Officers and Professional Advisers
The board of directors
Mrs A. H. Phillips
Mr S Leas
Mrs A. V. Zadmehr
Mr B. J. Phillips
Mr K. Zadmehr
Mr L. I. Phillips
Registered office
103 High Street
Waltham Cross
Herts.
EN8 7AN
Auditor
Brindley Goldstein Limited
Chartered accountants & statutory auditor
103 High Street
Waltham Cross
Herts
EN8 7AN
Bankers
Bank of Scotland Plc
Uberior House
11 Earlgrey Street
Edinburgh
EH3 9BN
TERMHOUSE (CHESSINGTON COURT) MANAGEMENT LIMITED
Company Limited by Guarantee
Directors' Report
Year ended 30 September 2024
The directors present their report and the financial statements of the company for the year ended 30 September 2024 .
Directors
The directors who served the company during the year were as follows:
Mrs A. H. Phillips
Mrs A. V. Zadmehr
Mr B. J. Phillips
Mr K. Zadmehr
Mr L. I. Phillips
Mr S Leas
(Appointed 19 June 2024)
Directors' responsibilities statement
The directors are responsible for preparing the directors' report 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 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 judgments 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 15 May 2025 and signed on behalf of the board by:
Mrs A. V. Zadmehr
Director
Registered office:
103 High Street
Waltham Cross
Herts.
EN8 7AN
TERMHOUSE (CHESSINGTON COURT) MANAGEMENT LIMITED
Company Limited by Guarantee
Independent Auditor's Report to the Members of TERMHOUSE (CHESSINGTON COURT) MANAGEMENT LIMITED
Year ended 30 September 2024
Opinion
We have audited the financial statements of TERMHOUSE (CHESSINGTON COURT) MANAGEMENT LIMITED (the 'company') for the year ended 30 September 2024 which comprise the statement of income and retained earnings, statement of financial position and the related notes, 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 FRS 102 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 September 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
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 directors' report. We have nothing to report in respect of the following matters in relation to which 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' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 is 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.
Auditor's 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 auditor’s 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Identifying and testing journal entries and the overall accounting records, particularly those that were significant and unusual. Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied. Assessing the extent of compliance, or lack of, with relevant laws and regulations. Testing key revenue lines, for evidence of management bias. Verification of key assets. Obtaining third-party confirmation of material balances. Documenting and verifying all significant related party balances and transactions. Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, 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 members those matters we are required to state to them in an auditor's 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr Charles. H. Goldstein
(Senior Statutory Auditor)
For and on behalf of
Brindley Goldstein Limited
Chartered accountants & statutory auditor
103 High Street
Waltham Cross
Herts
EN8 7AN
15 May 2025
TERMHOUSE (CHESSINGTON COURT) MANAGEMENT LIMITED
Company Limited by Guarantee
Statement of Income and Retained Earnings
Year ended 30 September 2024
2024
2023
Note
£
£
Turnover
193,964
172,136
---------
---------
Gross profit
193,964
172,136
Administrative expenses
189,057
179,626
Other operating income
11,050
20,550
---------
---------
Operating profit
15,957
13,060
Other interest receivable and similar income
7
3,920
3,140
---------
---------
Profit before taxation
19,877
16,200
Tax on profit
--------
--------
Profit for the financial year and total comprehensive income
19,877
16,200
--------
--------
Retained earnings at the start of the year
205,827
189,627
---------
---------
Retained earnings at the end of the year
225,704
205,827
---------
---------
All the activities of the company are from continuing operations.
TERMHOUSE (CHESSINGTON COURT) MANAGEMENT LIMITED
Company Limited by Guarantee
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Current assets
Debtors
8
10,275
11,443
Cash at bank and in hand
232,472
220,393
---------
---------
242,747
231,836
Creditors: amounts falling due within one year
9
17,043
26,009
---------
---------
Net current assets
225,704
205,827
---------
---------
Total assets less current liabilities
225,704
205,827
---------
---------
Net assets
225,704
205,827
---------
---------
Capital and reserves
Profit and loss account
10
225,704
205,827
---------
---------
Members funds
225,704
205,827
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 15 May 2025 , and are signed on behalf of the board by:
Mrs A. V. Zadmehr
Director
Company registration number: 01289242
TERMHOUSE (CHESSINGTON COURT) MANAGEMENT LIMITED
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 103 High Street, Waltham Cross, Herts., EN8 7AN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The company has taken advantage of the exemption from the cashflow statement. Therefore, no cash flow statement has been presented for the company.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
4. Company limited by guarantee
The company is limited by guarantee and has no share capital. Every member of the company undertakes to contribute to the assets of the company, in the event of winding up, such an amount as may be required not exceeding £1.
5. Other operating income
Other operating income consists of the following;
2024
2023
£
£
Sinking Fund - Income Demanded
60,004
55,004
Voluntary Contribution re Flat 35
2,565
4,750
Major expenditure
(51,519)
(39,204)
--------
--------
11,050
20,550
--------
--------
Other operating income consists of the following;
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
4,980
4,980
-------
-------
7. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
3,920
3,140
-------
-------
8. Debtors
2024
2023
£
£
Trade debtors
4,471
3,914
Prepayments and accrued income
1,408
1,765
Other debtors
4,396
5,764
--------
--------
10,275
11,443
--------
--------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,761
1,690
Accruals and deferred income
4,980
4,463
Other creditors
10,302
19,856
--------
--------
17,043
26,009
--------
--------
10. Reserves
General reserve - This records retained earnings less deficits and sinking fund contributions.
2024 2023
£ £
GENERAL RESERVE
General reserves brought forward 205,827 189,627
Deficit/Surplus for the year 8,827 (4,350)
Current Year balance on sinking fund 11,050 20,550
--------- ---------
General reserves carried forward 225,704 205,827
--------- ---------
Building reserve - This reserve records funds less expenditure for major works to the exterior and interior of the site. The balance of the reserve on 30th September 2023 represents the surplus of funds at the end of the period.
2024 2023
£ £
BUILDING WORKS RESERVE
11. Related party transactions