Victoria Mansions Management Company Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02425276 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2021

FOR

VICTORIA MANSIONS MANAGEMENT COMPANY

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J Lowes

G T B Gardner

S Bhayat

M Melling

REGISTERED OFFICE:

2 Ferry Road Office Park

Ferry Road

Preston

Lancashire

PR2 2YH

REGISTERED NUMBER:

02425276 (England and Wales)

AUDITORS:

Whitehead & Howarth

Statutory Auditors

327 Clifton Drive South

Lytham St Annes

Lancashire

FY8 1HN

FIXED ASSETS

Tangible assets

4

7,156

28,729

Investment property

5

100,000

100,000

107,156

128,729

CURRENT ASSETS

Stocks

100

100

Debtors

6

4,928

2,084

Cash at bank and in hand

212,296

218,771

217,324

220,955

CREDITORS

Amounts falling due within one year

7

12,103

24,689

NET CURRENT ASSETS

205,221

196,266

TOTAL ASSETS LESS CURRENT LIABILITIES

312,377

324,995

PROVISIONS FOR LIABILITIES

11,386

18,259

NET ASSETS

300,991

306,736

RESERVES

Non-distributable reserve

47,940

47,940

Retained earnings

253,051

258,796

300,991

306,736

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28th February 2022 and were signed on its behalf by:

J Lowes - Director

1.	STATUTORY INFORMATION

Victoria Mansions Management Company Limited is a private company, limited by guarantee , 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents maintenance contributions, card key sales, ground rent and sundry income receivable from residents for the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

15% on reducing balance and at varying rates on cost

Government grants

Revenue grants are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the company with no future related costs, is recognised in income in the period in which it becomes receivable.

Investment property

Investment properties are valued by the directors at fair value which is considered to be their open market value. Any changes in fair value during the year are transferred to the profit & loss account in accordance with FRS 102.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - 5 ).

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

property

machinery

Totals

£

£

£

COST OR VALUATION

At 29th February 2020

152,241

12,618

164,859

Additions

-

509

509

Disposals

(34,099

)

(2,979

)

(37,078

)

At 28th February 2021

118,142

10,148

128,290

DEPRECIATION

At 29th February 2020

132,415

3,715

136,130

Charge for year

670

1,196

1,866

Eliminated on disposal

(15,024

)

(1,838

)

(16,862

)

At 28th February 2021

118,061

3,073

121,134

NET BOOK VALUE

At 28th February 2021

81

7,075

7,156

At 28th February 2020

19,826

8,903

28,729

Cost or valuation at 28th February 2021 is represented by:

Improvements

to

Plant and

property

machinery

Totals

£

£

£

Cost

118,142

10,148

128,290

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 29th February 2020

and 28th February 2021

100,000

NET BOOK VALUE

At 28th February 2021

100,000

At 28th February 2020

100,000

Fair value at 28th February 2021 is represented by:

£

Valuation in 2002

42,925

Valuation in 2017

17,000

Cost

40,075

100,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/2/21

28/2/20

£

£

Maintenance Contributions

4,489

249

Prepayments

439

1,835

4,928

2,084

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/2/21

28/2/20

£

£

Maintenance Contributions

1,201

-

Taxation and social security

704

(3,655

)

Accruals

10,198

28,344

12,103

24,689

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Candice Higgins (Senior Statutory Auditor)

for and on behalf of Whitehead & Howarth

9.	CONTINGENT LIABILITIES

The steel structure on the main building is over 100 years old and the location of the building is in an exposed maritime environment which requires maintenance to prevent corrosion and ensure the structure remains in good condition.

The steelwork has been hard to maintain due to its placement close to the brickwork. Over the years the steel has become further corroded, and therefore now requires significant work to be undertaken at a significant cost to ensure the structural integrity of the building. Reserves have been held back to cover the cost of the work to be carried out.

Further significant costs are expected to be incurred within the next 5 years relating replacement or refurbishment of the internal lifts and repairs to the window and roof of the building.

10.	RELATED PARTY DISCLOSURES

11.	ULTIMATE CONTROLLING PARTY