Limes Gardens Freehold Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10631179 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2021

FOR

LIMES GARDENS FREEHOLD LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G S Bridge

D M McNally

L Williams

C Steyn

B Black

SECRETARY:

G S Bridge

REGISTERED OFFICE:

First Floor, Jebsen House

53-61 High Street

Ruislip

Middlesex

HA4 7BD

REGISTERED NUMBER:

10631179 (England and Wales)

ACCOUNTANTS:

Sproull & Co.

Chartered Accountants

First Floor, Jebsen House

53-61 High Street

Ruislip

Middlesex

HA4 7BD

FIXED ASSETS

Tangible assets

4

205,474

204,885

CURRENT ASSETS

Debtors

5

2,455

6,521

Cash at bank

11,991

9,189

14,446

15,710

CREDITORS

Amounts falling due within one year

6

15,061

14,868

NET CURRENT (LIABILITIES)/ASSETS

(615

)

842

TOTAL ASSETS LESS CURRENT LIABILITIES

204,859

205,727

CREDITORS

Amounts falling due after more than one year

7

199,242

199,242

NET ASSETS

5,617

6,485

CAPITAL AND RESERVES

Called up share capital

30

30

Retained earnings

5,587

6,455

5,617

6,485

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 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 20th December 2022 and were signed on its behalf by:

G S Bridge - Director

1.	STATUTORY INFORMATION

Limes Gardens Freehold Ltd 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 receivable.

Tangible fixed assets

No depreciation is provided on the freehold property as the directors are of the opinion that the property is maintained to such a standard that, when taking into account the expected residual value of the property and its estimated useful economic life, any charge to depreciation 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 5 (2020 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1st January 2021

204,885

Additions

589

At 31st December 2021

205,474

NET BOOK VALUE

At 31st December 2021

205,474

At 31st December 2020

204,885

In 2018, the company purchased the freehold interest of Limes Gardens, including various estate assets. The total consideration, including associated professional fees, was £900,788, which was funded by contributions from participating members.

Within the total consideration were eight amounts totalling £495,875, which were funded by the eight participants, to whom extended leases were granted at the same time.

In addition, other assets within the original acquisition have subsequently been sold.

£

Total consideration

900,788

Cost of extended leases to participants

(495,875

)

404,913

Cost of disposals to date

(202,971

)

Further professional fees incurred in connection with the acquisition and lease extensions

3,532

Residual cost at 31st December 2021

205,474

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

2,455

6,521

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other creditors

500

738

Contributions from participants for funding

12,390

12,390

Accrued expenses

2,171

1,740

15,061

14,868

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Contributions from participants for purchase

199,242

199,242

The contributions from participants for purchase relates to the monies contributed by the participants to fund the purchase of the freehold interest. The amounts contributed will not be repaid in the foreseeable future.