ACCOUNTS - Final Accounts

35/49 QUEEN'S GATE TERRACE MANAGEMENT LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-31false552022-08-01truefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03805524 2022-08-01 2023-07-31 03805524 2021-08-01 2022-07-31 03805524 2023-07-31 03805524 2022-07-31 03805524 c:Director6 2022-08-01 2023-07-31 03805524 d:CurrentFinancialInstruments 2023-07-31 03805524 d:CurrentFinancialInstruments 2022-07-31 03805524 d:ShareCapital 2023-07-31 03805524 d:ShareCapital 2022-07-31 03805524 d:RetainedEarningsAccumulatedLosses 2023-07-31 03805524 d:RetainedEarningsAccumulatedLosses 2022-07-31 03805524 c:OrdinaryShareClass1 2022-08-01 2023-07-31 03805524 c:OrdinaryShareClass1 2023-07-31 03805524 c:OrdinaryShareClass1 2022-07-31 03805524 c:FRS102 2022-08-01 2023-07-31 03805524 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 03805524 c:FullAccounts 2022-08-01 2023-07-31 03805524 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03805524 d:TaxLossesCarry-forwardsDeferredTax 2023-07-31 03805524 d:TaxLossesCarry-forwardsDeferredTax 2022-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03805524

35/49 QUEEN'S GATE TERRACE MANAGEMENT LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

35/49 QUEEN'S GATE TERRACE MANAGEMENT LIMITED

REGISTERED NUMBER: 03805524

BALANCE SHEET

AS AT 31 JULY 2023

		2023		2022
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	118,840		121,206
		118,840		121,206
Total assets less current liabilities			118,840		121,206

Net assets			118,840		121,206

Capital and reserves
Called up share capital	8	32	32
Profit and loss account		118,808	121,174
		118,840	121,206

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr C Burbeck

Director

Date: 5 February 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

35/49 QUEEN'S GATE TERRACE MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

1.	General information

35-49 Queens Gate Terrace Management Limited is a private company limited by shares incorporated in England within the United Kingdom. The address of the registered office is 87 York Street, London, W1H 4QB. The Company is not part of a group.

2.Accounting Policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Income and Expenditure

Under the terms of their leases the costs of the company's activities in managing and maintaining 35-49 Queens Gate Terrace, London SW7 are met in full by the lessees and accordingly the company makes neither a profit or loss on these activities.
The service charge contributions paid by lessees towards the Company's costs are held in trust by the Company for the lessees benefit in accordance with Section 42 of the Landlord and Tenant Act 1987. The company has no beneficial interest in these funds and consequently they have been excluded from these accounts.

2.3

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

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35/49 QUEEN'S GATE TERRACE MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

2.Accounting Policies (continued)

2.3

Financial instruments (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

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35/49 QUEEN'S GATE TERRACE MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

2.Accounting Policies (continued)

2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Debtors

					2023	2022
					£	£


Other debtors	117,623	120,544
Deferred taxation	1,217	662
	118,840	121,206

5.	Service charge accounts
		2023	2022
		£	£

Total service charges demanded on account	512,305	482,775
Total service charge expenditure	513,229	473,606
Gross assets	436,415	428,584
Gross liabilities	145,627	222,656
Reserve fund	290,788	205,928

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35/49 QUEEN'S GATE TERRACE MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

6.	Fixed Assets

The freehold interest in the properties was transferred to the management company by the developers, Gander Properties Limited, during the year 31 July 2002.
The freehold interest is subject to existing 999 year leases which were granted by the developers on sales between 1999 and 2001. The company's interest has not been valued in the year.

7.	Deferred taxation

		2023
		£

	Charged to profit or loss	1,217
	At end of year	1,217

The deferred tax asset is made up as follows:
	2023	2022
	£	£

	Tax losses carried forward	1,217	662
		1,217	662

8.	Share capital
		2023	2022
		£	£

Allotted, called up and fully paid

32 (2022 - 32) Ordinary shares of £1.00 each	32	32

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