Warwick House MGMT Limited
Warwick House MGMT Limited
Registered number: 09871184
ABRIDGED Financial Statements
For The Year Ended
31 August 2020
Brooks Carling Accountants Ltd
Reporting accountants
Highview House 1st Floor Tattenham Crescent
Epsom
Surrey
KT18 5QJ
Warwick House MGMT Limited
Financial Statements
For The Year Ended
31 August 2020
Financial Statements
| Contents | |
| Page | |
|---|---|
| Abridged Balance Sheet | 1 |
| Notes to the Abridged Financial Statements | 2—3 |
Warwick House MGMT Limited
Abridged Balance Sheet
As at
31 August 2020
Abridged Balance Sheet
Registered number:
09871184
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Debtors |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year |
( |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
( |
( |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
( |
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| NET LIABILITIES |
( |
( |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 5 |
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| Profit and Loss Account |
( |
( |
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| SHAREHOLDERS' FUNDS | (244,574) | (222,230) | |||
Directors' responsibilities:
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These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
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All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 August 2020 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
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Director
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The notes on pages 2 to 3 form part of these financial statements.
Page 1
Warwick House MGMT Limited
Notes to the Abridged Financial Statements
For The Year Ended
31 August 2020
Notes to the Abridged Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
Warwick House Mgmt Limited is a private company limited by shares, incorporated in England & Wales under the Companies Act. The address of the registered office is given on the company information page and the nature of the company's operations and its principal activities are set out in the Directors' Report.
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The functional currency is sterling and the figures are presented in round pounds.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.
The following principal accounting policies have been applied:
1.2.
Going Concern Disclosure
The directors recognise the economic and trading uncertainties from the Covid-19 pandemic. Whilst the nearby academic institutions closed for part of 2020 due to the Covid-19 pandemic, they reopened in September 2020. The directors also understand that it is important that the Company be able to meet its contractual obligations with its lenders and suppliers.
The Company is expected to generate a positive operating cash flow over the next 12 months. In addition to this, the Company has received an undertaking from its parent that no intra-group amounts owed by the company will be called for repayment for a period of at least 12 months from the date of approval of financial statements unless the company is in a position to make payments without adversely affecting its ability to continue to trade and settle future obligations.
The related party which owns the property operated by the Company, entered into a new loan facility with a lender in April 2019, and the property was used as security for the loan facility. The directors have also prepared cashflow forecasts based on a range of potential scenarios taking into account the rise of vacant units and payment difficulties from the Company’s tenants in order to stress test its liquidity in the current financial year. The directors of its related party have held discussions with their senior debt lender, who have voiced their support in these unprecedented times. The lender has agreed to a partial deferment of the loan amortisation to allow the Company to set aside some of its cash reserves to meet interest payments going forward. The directors have also informed the lender about the potential breach in its loan covenants as a result of the impact of Covid-19 and are keeping an open dialogue with their lender who have been supportive to deal with these covenants and any shortfalls in interest as and when they arise. However as at the date of signing of these accounts, no agreement or official letter has been signed.
These conditions indicate a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. These financial statements do not include any adjustments should the going concern basis preparation be inappropriate.
1.3.
Turnover
Turnover represents income received in the ordinary course of business from rental income generated through assured shorthold tenancies and excludes value added tax.
Turnover is recognised over the period to which the tenancy relates.
Page 2
Warwick House MGMT Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended
31 August 2020
1.4.
Taxation
The tax expense for the period comprises of current and deferred tax. Tax is recognised in the statement of comprehensive loss, except that a change attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the statement of financial position date, except:
• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
4.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: NIL (2019: NIL)
6.
Related Party Transactions
Warwick House Developments Limited is a subsidiary of Urban Study General Partnership LP and has granted a 21 year and 1 day lease to the company for Jesmond Apartments. As at 31 August 2020, the the amount owed to Warwick House Developments Limited was £223,851 (2019: £223,851).
7.
Ultimate Parent Undertaking and Controlling Party
Urban Study General Partnership LP held 100% of the issued share capital for the year ended 31 August 2020. This was held on trust for Urban Study Partners LP. There is no controlling party.
8.
Audit Information
The auditors report on the account of Warwick House MGMT Limited for the year ended 31 August 2020 was unqualified
The auditor's report was signed by
David Earwicker FCA
(Senior Statutory Auditor)
for and on behalf of
Brooks Carling Accountants Ltd
, Statutory Auditor
9.
General Information
Warwick House MGMT Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
09871184
. The registered office is 2 Physic Place, Royal Hospital Road, London, SW3 4HQ.
Page 3