ACCOUNTS - Final Accounts

35/49 QUEEN'S GATE TERRACE MANAGEMENT LIMITED - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2021-07-312021-07-31false5The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2020-08-015true 03805524 2020-08-01 2021-07-31 03805524 2019-08-01 2020-07-31 03805524 2021-07-31 03805524 2020-07-31 03805524 c:Director8 2020-08-01 2021-07-31 03805524 d:CurrentFinancialInstruments 2021-07-31 03805524 d:CurrentFinancialInstruments 2020-07-31 03805524 d:CurrentFinancialInstruments d:WithinOneYear 2021-07-31 03805524 d:CurrentFinancialInstruments d:WithinOneYear 2020-07-31 03805524 d:ShareCapital 2021-07-31 03805524 d:ShareCapital 2020-07-31 03805524 d:RetainedEarningsAccumulatedLosses 2021-07-31 03805524 d:RetainedEarningsAccumulatedLosses 2020-07-31 03805524 c:OrdinaryShareClass1 2020-08-01 2021-07-31 03805524 c:OrdinaryShareClass1 2021-07-31 03805524 c:OrdinaryShareClass1 2020-07-31 03805524 c:FRS102 2020-08-01 2021-07-31 03805524 c:AuditExempt-NoAccountantsReport 2020-08-01 2021-07-31 03805524 c:FullAccounts 2020-08-01 2021-07-31 03805524 c:PrivateLimitedCompanyLtd 2020-08-01 2021-07-31 03805524 d:TaxLossesCarry-forwardsDeferredTax 2021-07-31 03805524 d:TaxLossesCarry-forwardsDeferredTax 2020-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03805524

35/49 QUEEN'S GATE TERRACE MANAGEMENT LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2021

35/49 QUEEN'S GATE TERRACE MANAGEMENT LIMITED

REGISTERED NUMBER: 03805524

BALANCE SHEET

AS AT 31 JULY 2021

		2021		2020
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	147,554		14,851
		147,554		14,851
Creditors: amounts falling due within one year	7	(23,526)		(4,941)
Net current assets			124,028		9,910
Total assets less current liabilities			124,028		9,910

Net assets			124,028		9,910

Capital and reserves
Called up share capital	9	32	32
Profit and loss account		123,996	9,878
		124,028	9,910

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 April 2022.

Mrs G M Hemus-Cools

Director

The notes on pages 2 to 6 form part of these financial statements.

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35/49 QUEEN'S GATE TERRACE MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

1.	General information

35-49 Queens Gate Terrace Management Limited is a private company limited by shares incorporated in England within the United Kingdom. The address of the registered office is 87 York Street, London, W1H 4QB. The Company is not part of a group.

2.Accounting Policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Income and Expenditure

Under the terms of their leases the costs of the company's activities in managing and maintaining 35-49 Queens Gate Terrace, London SW7 are met in full by the lessees and accordingly the company makes neither a profit or loss on these activities.
The service charge contributions paid by lessees towards the Company's costs are held in trust by the Company for the lessees benefit in accordance with Section 42 of the Landlord and Tenant Act 1987. The company has no beneficial interest in these funds and consequently they have been excluded from these accounts.

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35/49 QUEEN'S GATE TERRACE MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

2.Accounting Policies (continued)

2.3

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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35/49 QUEEN'S GATE TERRACE MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

2.Accounting Policies (continued)

2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙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 tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 5 (2020 - 5).

Debtors

					2021	2020
					£	£


Other debtors	147,554	12,075
Deferred taxation	-	2,776
	147,554	14,851

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35/49 QUEEN'S GATE TERRACE MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

5.	Service charge accounts
		2021	2020
		£	£

Total service charges demanded on account	470,760	462,122
Total service charge expenditure	478,637	448,048
Gross assets	387,832	559,385
Gross liabilities	293,912	207,347
Reserve fund	93,920	352,038

6.	Fixed Assets

The freehold interest in the properties was transferred to the management company by the developers, Gander Properties Limited, during the year 31 July 2002.
The freehold interest is subject to existing 999 year leases which were granted by the developers on sales between 1999 and 2001. The company's interest has not been valued in the year.

7.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Corporation tax	23,526	4,942
Other creditors	-	(1)
	23,526	4,941

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35/49 QUEEN'S GATE TERRACE MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

8.	Deferred taxation

		2021
		£

	At beginning of year	2,777
	Charged to profit or loss	(2,777)
	At end of year	-

The deferred tax asset is made up as follows:
	2021	2020
	£	£

	Tax losses carried forward	-	2,777
		-	2,777

9.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

32 (2020 - 32) Ordinary shares of £1.00 each	32	32

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