47-58 Westminster Mansions Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024

1	General information

47-58 Westminster Mansions Limited (the 'company') is a company limited by guarantee, registered in England and Wales under the Companies Act, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation. The address of the registered office is given on page 1.

2	Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The director has considered the company’s financial position, liquidity and future performance together with financial projections for the company and over the foreseeable future and have also reviewed the availability of banking facilities. After making enquiries, the director is satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, he continues to adopt the going concern basis in preparing the company’s financial statements.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Departures from Companies Act requirements

The financial statements depart from the standard format of the Companies Act 2006 in that turnover has been replaced by service charge income, cost of sales has been replaced by service charge expenditure and profit/(loss) has been replaced by surplus/(deficit). This departure, as permitted by s396 of the Companies Act 2006, has arisen because the directors consider that this presentation is more appropriate given the nature of the company's activity. The result for the year is unaffected by the accounting treatment adopted.

47-58 Westminster Mansions Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Judgements

There are no critical judgements made by the directors in the process of applying the company’s accounting policies which have the most significant effect on the amounts recognised in the financial statements.

Revenue recognition

Service charges collected are held on trust for the purpose of meeting the relevant costs in relation to the property in accordance with the provisions of section 42 of the Landlord and Tenant Act 1987.
Service charge income represents variable service charges receivable from the members for the year.

Taxation

The company acts as a trustee in respect of funds held to manage 47-58 Westminster Mansions. Income tax payable is provided on investment income at the current rate of tax. Service charge contributions and service charge expenditure items are neither taxable nor allowable for corporation tax purposes and therefore there is no liability to UK corporation tax. Income tax is provided on investment income at the current rate of tax when the income tax liability is greater than £100.00.

Property, plant and equipment

Property, plant and equipment comprises the freehold land at 47-58 Westminster Mansions, 1 Little Smith Street London SW1P 3DQ. No depreciation is provided on this.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and at bank and are subject to an insignificant risk of change in value.

Receivables

Service charge arrears are amounts due at the financial year end from the members.

Payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

47-58 Westminster Mansions Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

4	Property, plant and equipment

	Freehold land £
Cost or valuation
At 1 January 2024 and at 31 December 2024	1
Carrying amount
At 31 December 2024	1
At 31 December 2023	1

5	Receivables

	2024 £	2023 £
Service charge arrears	6,485	15,185
Deficit to be recharged	5,053	-
Other receivables	194	194
Prepayments and accrued income	21,889	17,776
	33,621	33,155

6	Cash and cash equivalents

	2024 £	2023 £
Cash at bank - client account	102,537	97,062

Funds are held in trust at National Westminster Bank Plc in a designated client account maintained by Willmotts (Ealing) Limited, the managing agent.

47-58 Westminster Mansions Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

7

Payables

	2024 £	2023 £
Due within one year
Service charge creditors	23,676	19,295
Accruals and deferred income	10,434	10,374
	34,110	29,669

8

Reserves

Repairs reserve
The repairs reserve represents cumulative surpluses or deficits and has been established to meet the cost of large, non-regular, repair and maintenance work.

9	Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 22 August 2025 was Ransford Agyei-Boamah, who signed for and on behalf of Shaw Gibbs Limited.