The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The company manages and administers the service charge position pertaining to the residential properties at Silverdale Court, 142-148 Goswell Road, London EC1V 7DU.
Service charge funds are held in a separate bank account in the name of the company but held on trust for the lessees. To the extent that service charges demanded from lessees exceed service charge expenditure relating to an accounting period, the surplus is carried forwards in the form of a maintenance reserve to finance future expenditure or service charge deficits.
Recommended best practice states that service charge monies are held on trust by the company and should not be included in the company's statutory financial statements and accordingly they have been excluded from these financial statements. A separate non-statutory set of management accounts will be issued detailing the 31 March service charge assets and liabilities and the income and expenditure for the year then ended.
The non-statutory service charge accounts showed a surplus for the year ended 31 March 2025 of £19,369 (2024: deficit £12,372) and reserves carried forward of £74,279 (2024: £93,647).