15 Lanhill Road RTM Company Limited

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

1	General information

15 Lanhill Road RTM Company Limited (the 'company') is a company limited by guarantee, without share capital, incorporated in England and Wales under the Companies Act. 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. The nature of the company’s operations and its principal activities are set out in the Directors' report on page 2.

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

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The financial statements depart from the standard format of the Companies Act 2006 in that turnover has been replaced by service charge income, cost of sales has been replaced by service charge expenditure and profit/(loss) has been replaced by surplus/(deficit).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.

15 Lanhill Road RTM Company Limited

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

2	Accounting policies (continued)

Judgements

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Service charge income represents variable service charges receivable from the leaseholders for the year. 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.

Taxation

The company acts as a trustee in respect of funds held to manage the property at 15 Lanhill Road, London W9 2BS. Income tax 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.

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 leaseholders.

Payables

Service charge creditors are obligations to pay for services that have been provided 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 directors) during the year, was 0 (2023 - 0).

15 Lanhill Road RTM Company Limited

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

4	Receivables

	2024 £	2023 £
Service charge arrears	7,452	9,450
Prepayments	4,692	4,168
	12,144	13,618

5	Cash and cash equivalents

	2024 £	2023 £
Cash at bank	6,879	3,442

Service charge monies are held in trust at Barclays Bank plc under the title Lanhill RTM Company.

6

Payables

	2024 £	2023 £
Due within one year
Accrued expenses	567	973
Deferred income - advance service charge demands	7,150	9,500
	7,717	10,473

7

Reserves

The general reserve represents cumulative surpluses or deficits

8	Related party transactions

There were no related party transactions to disclose.