Burges Grove Management Company Limited

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

1	General information

Burges Grove Management Company 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 directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual 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 (£).

Burges Grove Management Company Limited

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

2	Accounting policies (continued)

Departure from requirements of FRS 102

The financial statements depart from the standard format of the Companies Act 2006 in that turnover has been replaced by service charge receivable, cost of sales has been replaced by service charge expenditure and profit/(loss) has been replaced by surplus/(deficit).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

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 charge income represents variable service charges receivable from the members for the management of the private road and adjoining walkways.
Income is recognised in the financial statements concurrently with the service charge expenditure incurred in the year in addition to any contribution to the reserve fund, which has been provided for the management of Burges Grove.

Taxation

The company acts as a trustee in respect of funds held to manage Burges Grove, Barnes, London, SW13. In consequence, service charge and reserve fund contributions and service charge and reserve fund expenditure items are neither taxable nor allowable for corporation tax purposes.

Property, plant and equipment

Tangible fixed assets comprises the freehold interest in respect of the roadways and adjoining walkways at Burges Grove, Barnes, London, SW13. No depreciation is provided on this.

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).

Burges Grove Management Company Limited

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

4	Property, plant and equipment

	Freehold land £
Cost
At 1 January 2024	1
At 31 December 2024	1
Carrying amount
At 31 December 2024	1
At 31 December 2023	1

The company owns the freehold interest in respect of the roadway and adjoining walkways within the site which was purchased for £1 consideration. In the directors' opinion this interest does not qualify as an Investment Property as defined by the provisions of Section 16 of FRS102 as the related property is held for administrative purposes and as no rentals are being earned. Therefore this freehold interest is held on the balance sheet at £1, being the cost to the company.

5	Receivables

	2024 £	2023 £
Other debtors	26,718	23,041
	26,718	23,041

6

Payables

Payables: amounts falling due within one year

	2024 £	2023 £
Due within one year
Other creditors	7,781	5,389

7	Related party transactions

There were no other related party transactions to disclose.

Burges Grove Management Company Limited

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

8

Reserves

Other reserves

The reserve fund represents accumulated funds to cover major works in respect of Burges Grove.