King & Queen Wharf Freehold Co Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06475392 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24TH MARCH 2020

FOR

KING & QUEEN WHARF FREEHOLD COMPANY

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R G Towle

P L Folmer

S P Hill

R M Taylor

M A Ashton

J Aquilina

J S Hutchinson

T A M Maula

SECRETARY:

S P Hill

REGISTERED OFFICE:

Concierge Office

King & Queen Wharf

Rotherhithe Street

London

SE16 5QY

REGISTERED NUMBER:

06475392 (England and Wales)

ACCOUNTANTS:

Sproull & Co.

Chartered Accountants

31-33 College Road

Harrow

Middlesex

HA1 1EJ

MANAGING AGENTS:

Rendall and Rittner Limited

Portsoken House

155-157 Minories

London

EC3N 1LJ

FIXED ASSETS

Tangible assets

4

836,714

836,714

CURRENT ASSETS

Debtors

5

7,080

1,345

Cash at bank

2,190

2,654

9,270

3,999

CREDITORS

Amounts falling due within one year

6

66,736

63,528

NET CURRENT LIABILITIES

(57,466

)

(59,529

)

TOTAL ASSETS LESS CURRENT LIABILITIES

779,248

777,185

CREDITORS

Amounts falling due after more than one year

7

638,720

638,720

NET ASSETS

140,528

138,465

CAPITAL AND RESERVES

Called up share capital

8

1,290

1,290

Share premium

9

115,352

115,352

Retained earnings

9

23,886

21,823

SHAREHOLDERS' FUNDS

140,528

138,465

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 24th March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 24th March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3rd November 2020 and were signed on its behalf by:

R G Towle - Director

S P Hill - Director

1.	STATUTORY INFORMATION

King & Queen Wharf Freehold Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents ground rents and insurance commission refunds receivable.

Tangible fixed assets

No depreciation is charged on the freehold property as the directors consider that, on reviewing the residual value expected of the property and its estimated useful life, such an amount would be immaterial to the financial statements.

Taxation

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2019 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 25th March 2019

and 24th March 2020

836,714

NET BOOK VALUE

At 24th March 2020

836,714

At 24th March 2019

836,714

The company was set up to acquire the freehold property and other assets at King & Queen Wharf, the purchase of which took place in February 2010.

The total cost of acquisition included the cost of the King & Queen Wharf freehold, the cost of the 999 year leasehold interest in the Globe Wharf car park, and the net legal and professional costs.

Following the acquisition of the freehold title, extended leases have been granted to 129 (2019 - 129) member participants.

Following the acquisition, the company would initially receive annual ground rents of £26,500 per annum. The ground rent of non-participants doubled from 2014 in accordance with their leases. The ground rent of participants is reviewed annually and was reduced from March 2014 onwards.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Due from lessees

2,118

552

Prepayments and accrued income

4,962

793

7,080

1,345

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other taxation and social security

957

801

Lessee payments in advance

278

995

Other creditors

6,758

6,758

Loan from King & Queen Wharf

Residents Company Limited

50,000

50,000

Due to King & Queen Wharf

Residents Company Limited

5,765

580

Accruals and deferred income

2,978

4,394

66,736

63,528

The loan from King & Queen Wharf Residents Company Limited is repayable on six months notice, and interest is payable thereon at 4% over bank base rate.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Loans received from participants for acquisition of the freehold

638,720

638,720

The loans received from participants are the net monies contributed towards the acquisition of the freehold and other assets, and are interest free, and are unlikely to be repaid in the foreseeable future.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

129

Ordinary

£10

1,290

1,290

9.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 25th March 2019

21,823

115,352

137,175

Profit for the year

2,063

-

2,063

At 24th March 2020

23,886

115,352

139,238