Studio Way (Borehamwood) Management Comp - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03150620 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2023

for

STUDIO WAY (BOREHAMWOOD) MANAGEMENT

COMPANY LIMITED

Page

Company Information

1

Company Report: Company Secretary

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTOR:

J Brooke

SECRETARY:

J Brooke

REGISTERED OFFICE:

9 Worton Park

Cassington

Witney

Oxfordshire

OX29 4SX

REGISTERED NUMBER:

03150620 (England and Wales)

ACCOUNTANTS:

Camerons Accountancy Consultants Limited

Chartered Accountants

9 Worton Park

Cassington

Witney

Oxfordshire

OX29 4SX

General maintenance works have been undertaken during the year including but not limited to:

Gutters and down pipes have been cleaned. As required in both properties, outside lighting has been replaced as necessary.

Tree Felling Banks Road:

Ash - Overall reduction plus lower branches; Prunus - Overall reduction plus lower branches; Goat willow - Overall reduction plus lower branches

The Highways department have undertaken 'minimal' tree felling. However, additional felling is required, we continue to make the necessary requests to the Highways department.

Parking:

Parking continues to present problems. Landlords are requested to inform tenants that there is ONE SPECIFIC allocated parking space for each property.

Buildings Insurance:

As a result of numerous claims in recent years our Insurance has significantly increased 2021-2022 it doubled to £6031.00.

At the time of writing this report I can confirm that even though we had no claims in the current year, our Buildings Insurance which was paid 2nd November 2023 is £6500.00. You should be aware that owing to our significant claims record, Insurance for the buildings has become increasingly difficult to obtain. We have been advised that we need to have at least five claim free years before more competitive rates will be considered.

Energy costs continue to increase which include internal and external lighting. We are currently on the best tariff.

Company Accountants: Lyall Youngman

The delay in submitting our accounts and calling an Annual General Meeting has arisen as Lyall Youngman who have been doing the Annual Returns and Accounts for StudioWay (Borehamwood) Management Company Ltd appear to have discontinued operating as Accountants.

In March 2023 Lyall Youngman acknowledged receipt of our accounts and advised that they would send the accounts for StudioWay (Borehamwood) Management Company Ltd within four to six weeks. At that time, Lyall Youngman confirmed that they had all the necessary information to complete the accounts in a timely manner.

Not having heard from Lyall Youngman at the end of May 2023, I made numerous attempts to contact them. Eventually, in June I was contacted by the principal Mr Hughesman, who apologised profusely, and informed me that an immediate family member in Ireland had passed away. This bereavement necessitated him being away from the business for an extended period of time. However, I was assured that the accounts for StudioWay (Borehamwood) Management Company Ltd would be finalised early September in time for filing in October 2023.

I now report that this did not materialise. I lost count of the number of calls and voicemail messages I left. I also made several trips to their offices in Wheathampstead, on each occasion the office was closed.

Engaging Camerons Accountancy Consultants Ltd

Camerons are Chartered Accountants who I have worked with for more than 20 years and they have agreed to do the accounts for StudioWay (Borehamwood) Management Company Ltd as well as facilitate the

Registered Office Address:

StudioWay (Borehamwood) Management Company Ltd

Camerons Accountancy Consultants Ltd, 9 Worton Park, Cassington, Witney, Oxfordshire OX29 4SX

StudioWay (Borehamwood) Management Company Ltd Registered Office Address has now been updated at Companies House. Due to all of the above, Companies House have granted StudioWay (Borehamwood) Management Company Ltd Registered Number 03150620 (England and Wales) an extension to file our accounts.

The company's accountants, firmly recommend that the cash reserves of the company should be restored and maintained at a minimum level of £12,000, as soon as possible. This level of reserves is to ensure the efficient running of the management company and enable the company to deal quickly with any unforeseen circumstances whilst applying for further funding should it be necessary.

Monthly Maintenance Fee

To ensure that we continue to build up our 'Sinking Fund' effective 1st February 2024 the monthly maintenance will increase by £5.00 per month from £140.00 pcm to £145.00 pcm.

Kindly increase your Standing Orders to £145.00 effective 1st February 2024,

CURRENT ASSETS

Debtors

4

6,450

3,361

Cash at bank

3,045

4,059

9,495

7,420

CREDITORS

Amounts falling due within one year

5

4,839

3,120

NET CURRENT ASSETS

4,656

4,300

TOTAL ASSETS LESS CURRENT LIABILITIES

4,656

4,300

CAPITAL AND RESERVES

Called up share capital

12

12

Retained earnings

6

4,644

4,288

4,656

4,300

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 November 2023 and were signed by:

J Brooke - Director

1.	STATUTORY INFORMATION

Studio Way (Borehamwood) Management Company Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 management charges receivable and is recognised when due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

2,238

390

Other debtors

4,212

2,971

6,450

3,361

Prepayments of £4,212 (2022 £2,971) represents buildings, directors and officers insurance paid in advance at 31st January 2023.

The buildings insurance premium paid for the year 1 November 2022 to 31 October 2023 was £6,112 with £4,121 (2022 £2,885) paid in advance for the nine months to 31st October 2023.

The directors and officers insurance paid for the year 24 April 2022 to 23 April 2023 was £368 with £92 (2022 £86) paid in advance for the three months to 23 April 2023.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other creditors

4,839

3,120

6.

RESERVES

Retained

earnings

£

At 1 February 2022

4,288

Profit for the year

356

At 31 January 2023

4,644

7.	ADMINISTRATION EXPENSES

The Company wishes to remind Members that the Company Secretary will be reimbursed for Administration Costs including, but not limited to, administrations costs involved in the sale and purchase transactions each time a flat changes hands or mortgage facility; as well as associated costs relating to any insurance claims.

8.	PROPERTY MAINTENANCE

It must be made clear to all shareholders that the Directors, of Studio Way (Borehamwood) Management Company Limited, have given advice, in the best interests of all shareholders, pointing out it is essential both properties are continually well maintained, and as the buildings age additional works will be required to ensure the properties continue to be kept in good order.

The Directors cannot be held responsible, for the lack of maintenance on the properties, when shareholder/owner refuses to pay the necessary costs, in order to facilitate essential maintenance, and any additional costs incurred as a result of Owners refusing to financially support maintenance programmes.

All owners have a responsibility to maintain their own properties, namely areas which are not part of the "common property", which includes, but is not limited to windows and window frames. For ground floor properties this includes doors, door frames and windows which give access to the outside of the property.

The directors have a responsibility, to the Company, to pursue and where necessary, and will register any arrears in Service Charges with the appropriate bodies through the Courts. It is a requirement that all service charges are paid on the first of the month by Standing Order.