Hatton Street Studios Management Limited - Period Ending 2022-03-31

Hatton Street Studios Management Limited

Contents

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

Hatton Street Studios Management Limited

Company Information

Directors

N Challis J C Cole S D Karunyanesan A R Ravanshad T Suleyman

Registered office

3rd Floor 9 Hatton Street London NW8 8PL

Independent auditor

Harmer Slater Limited Statutory Auditor Salatin House 19 Cedar Road Sutton Surrey SM2 5DA

Hatton Street Studios Management Limited

(Registration number: 01998867)
Statement of Financial Position as at 31 March 2022

	Note	2022 £	2021 £
Non-current assets
Property, plant and equipment	4	1	1
Current assets
Receivables	5	22,901	31,510
Cash at bank	6	73,113	87,878
		96,014	119,388
Payables: Amounts falling due within one year	7	(55,921)	(79,295)
Net current assets		40,093	40,093
Net assets		40,094	40,094
Equity
Called up share capital	9	100	100
Revenue reserve	9	39,994	39,994
Total equity		40,094	40,094

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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

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.

The financial statements of Hatton Street Studios Management Limited were approved and authorised for issue by the Board on 12 January 2023 and signed on its behalf by:
 

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

S D Karunyanesan
Director

Hatton Street Studios Management Limited

Notes to the Financial Statements
for the Year Ended 31 March 2022

1	General information

Hatton Street Studios Management Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2	Accounting policies

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.

Going concern

No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.

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 service charge income, cost of sales has been replaced by service charge 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 directors consider 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.

Revenue recognition

Income represents variable service charge contributions receivable from leaseholders for the financial year.

Hatton Street Studios Management Limited

Notes to the Financial Statements
for the Year Ended 31 March 2022 (continued)

2	Accounting policies (continued)

Tax

The company acts as a trustee in respect of funds held to manage the property at 9 Hatton Street, London, NW8 8PL. In consequence, service charge income and service charge expenditure items are neither taxable nor allowable for corporation tax purposes and therefore there is no liability to UK corporation tax. Income tax payable is provided on investment income at the current rate of tax.

Property, plant and equipment

Property, plant and equipment represents Freehold land which is stated as a nominal value of £1. No depreciation is provided on freehold land.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and at the 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 in respect of demands raised.

Accrued service charge contributions represents service charge deficits to be recharged to 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 foes not have an unconditional right, at the end of the reporting period, to defer the 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.

Financial instruments

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 directors) during the year, was 0 (2021 - 0).

Hatton Street Studios Management Limited

Notes to the Financial Statements
for the Year Ended 31 March 2022 (continued)

4	Property, plant and equipment

	Freehold land £
Cost
At 1 April 2021 and 31 March 2022	1
At 31 March 2022	1
Carrying amount
At 31 March 2022	1
At 31 March 2021	1

5	Receivables

	2022 £	2021 £
Service charge arrears	19,783	27,727
Other debtors	1,020	955
Prepayments and accrued income	2,098	2,828
	22,901	31,510

6	Cash and cash equivalents

	2022  £	2021  £
Cash at bank	73,113	87,878

7

Payables

	2022 £	2021 £
Due within one year
Service charge payables - unpaid invoices	15,807	12,212
Service charge surplus to be credited to lessees	11,263	27,923
Service charge receipts in advance	-	1,623
Accrued expenses	5,662	14,348
Deferred income - advance service charges	23,189	23,189
	55,921	79,295

Hatton Street Studios Management Limited

Notes to the Financial Statements
for the Year Ended 31 March 2022 (continued)

8	Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 12 January 2023 was Timothy Slater, who signed for and on behalf of Harmer Slater Limited.

9	Share capital and reserves

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

Reserves				Revenue reserve
				£
At 1 April 2021				39,994
Reserve expenditure				-
At 31 March 2022				39,994

Revenue reserve
The revenue reserve represents cumulative surpluses or deficits.