Lyall Mews West Management Company Limited - Period Ending 2021-03-31

Lyall Mews West Management Company Limited

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Unaudited Financial Statements	3 to 6

Lyall Mews West Management Company Limited

Company Information

Director

Willmott Property Services Limited

Company secretary

Willmott Property Services Limited

Registered office

Willmott House 12 Blacks Road Hammersmith London W6 9EU

Accountants

Service Charge Assurance Limited Chartered Accountants Salatin House 19 Cedar Road Sutton Surrey SM2 5DA

Lyall Mews West Management Company Limited

(Registration number: 2455356)
Statement of Financial Position as at 31 March 2021

	Note	2021 £	2020 £
Non-current assets
Property, plant and equipment	4	35,000	35,000
Current assets
Debtors	5	2,782	2,413
Cash at bank and in hand		6,007	8,652
		8,789	11,065
Creditors: Amounts falling due within one year	6	(7,623)	(7,012)
Net current assets		1,166	4,053
Net assets		36,166	39,053
Equity
Called up share capital	7	35,000	35,000
Profit and loss account		1,166	4,053
Shareholders' funds		36,166	39,053

For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 12 January 2022
 

.........................................

Willmott Property Services Limited
Director

Lyall Mews West Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Willmott House
12 Blacks Road
Hammersmith
London
W6 9EU

These financial statements were authorised for issue by the director on 12 January 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

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 (£).

Departures from Companies Act requirements

The financial statements depart from the standard format of the Companies Act 2006 in that turnover has been replaced by income, cost of sales has been replaced by 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 director considers 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.

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis in preparing the annual financial statements.

Lyall Mews West Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)

2	Accounting policies (continued)

Judgements

There are no critical judgements made by the director 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 lessees for the year.
Service charges collected are held on trust for the purpose of meeting the relevant costs in relation to the property in accordance with the provisions of section 42 of the Landlord and Tenant Act 1987.

Tax

The company acts as a trustee in respect of funds held to manage Lyall Mews West. In consequence, service charge income and service charge expenditure items are neither taxable nor allowable for corporation tax purposes.

Net rental income is subject to corporation tax at the prevailing rate for small companies.

Property, plant and equipment

Property, plant and equipment represents Freehold land at Lyall Mews West. No depreciation is provided on this.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold land	Not depreciated

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and are subject to an insignificant risk of change in value.

Receivables

Service charge arrears are amounts due at the financial year end from the leaseholders.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Lyall Mews West Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)

2	Accounting policies (continued)

Financial instruments

Classification
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 the director) during the year, was 0 (2020 - 0).

4	Property, plant and equipment

	Land and buildings £	Total £
Cost or valuation
At 1 April 2020	35,000	35,000
At 31 March 2021	35,000	35,000
Depreciation
Carrying amount
At 31 March 2021	35,000	35,000
At 31 March 2020	35,000	35,000

Included within the net book value of land and buildings above is £35,000 (2020 - £35,000) in respect of freehold land and buildings.
 

5	Receivables

	2021 £	2020 £
Receivables	767	-
Prepayments	2,015	1,576
Other receivables	-	837
	2,782	2,413

Lyall Mews West Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)

6

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Payables	612	-
Taxation and social security	4,915	5,434
Accruals and deferred income	2,096	1,578
	7,623	7,012

7	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary 'A' shares of £1 each	7,000	7,000	7,000	7,000
Ordinary 'B' shares of £1 each	7,000	7,000	7,000	7,000
Ordinary 'C' shares of £1 each	7,000	7,000	7,000	7,000
Ordinary 'D' shares of £1 each	7,000	7,000	7,000	7,000
Ordinary 'E' shares of £1 each	7,000	7,000	7,000	7,000
	35,000	35,000	35,000	35,000