Lyall Mews West Management Company Limited - Period Ending 2023-03-31

Lyall Mews West Management Company Limited

Contents

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

Lyall Mews West Management Company Limited

Company Information

Directors

B N F Mills Willmott Property Services Limited

Company secretary

Willmott Property Services Limited

Registered office

Willmott House 12 Blacks Road Hammersmith London W6 9EU

Accountants

Service Charge Assurance Limited Chartered Accountants Salatin House 19 Cedar Road Sutton Surrey SM2 5DA

Lyall Mews West Management Company Limited

(Registration number: 2455356)
Statement of Financial Position as at 31 March 2023

	Note	2023 £	2022 £
Non-current assets
Property, plant and equipment	5	35,000	35,000
Current assets
Receivables	6	2,351	2,289
Cash at bank		15,311	7,322
		17,662	9,611
Payables: Amounts falling due within one year	8	(14,505)	(7,851)
Net current assets		3,157	1,760
Net assets		38,157	36,760
Equity
Called up share capital	9	35,000	35,000
Revenue account	9	3,157	1,760
Total equity		38,157	36,760

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

The financial statements of Lyall Mews West Management Company Limited were approved and authorised for issue by the Board on 5 March 2024 and signed on its behalf by:

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

B N F Mills
Director

Lyall Mews West Management Company Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023

1	General information

Lyall Mews West Management Company 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.

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

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

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 income, cost of sales has been replaced by 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 director considers 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.

Judgements

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Service charge income represents variable service charges receivable from the lessees for the year.
Service charges collected are held on trust for the purpose of meeting the relevant costs in relation to the property in accordance with the provisions of section 42 of the Landlord and Tenant Act 1987.

Lyall Mews West Management Company Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)

2	Accounting policies (continued)

Taxation

The company acts as a trustee in respect of funds held to manage Lyall Mews West. In consequence, service charge income and service charge expenditure items are neither taxable nor allowable for corporation tax purposes.

Net rental income is subject to corporation tax at the prevailing rate for small companies.

Property, plant and equipment

Property, plant and equipment represents Freehold land at Lyall Mews West. No depreciation is provided on this.

Cash and cash equivalents

Cash and cash equivalents comprise cash at 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.

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 does not have an unconditional right, at the end of the reporting period, to defer 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 (2022 - 0).

Lyall Mews West Management Company Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)

4

Taxation

Tax charged/(credited) in the income statement

	2023 £	2022 £
Current taxation
UK corporation tax	317	323

5	Property, plant and equipment

	Freehold land £
Cost or valuation
At 1 April 2022	35,000
At 31 March 2023	35,000
Depreciation
Carrying amount
At 31 March 2023	35,000
At 31 March 2022	35,000

6	Receivables

	2023 £	2022 £
Service charge arrears	-	250
Prepayments	2,351	2,039
	2,351	2,289

7	Cash and cash equivalents

	2023 £	2022 £
Cash at bank	15,311	7,322

Funds are held in trust at National Westminster Bank Plc in a designated client account maintained by Willmott Property Services Limited, the managing agents.

Lyall Mews West Management Company Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)

8

Payables

Payables: amounts falling due within one year

	2023 £	2022 £
Due within one year
Service charge creditors - unpaid invoices	697	-
Service charges received in advance	4,508	3,252
Corporation tax liability	317	323
Accrued expenses	8,983	3,026
Deferred income	-	1,250
	14,505	7,851

9	Share capital

Allotted, called up and fully paid shares

	2023		2022
	No.	£	No.	£
Ordinary 'A' shares of £1 each	7,000	7,000	7,000	7,000
Ordinary 'B' shares of £1 each	7,000	7,000	7,000	7,000
Ordinary 'C' shares of £1 each	7,000	7,000	7,000	7,000
Ordinary 'D' shares of £1 each	7,000	7,000	7,000	7,000
Ordinary 'E' shares of £1 each	7,000	7,000	7,000	7,000
	35,000	35,000	35,000	35,000

10

Reserves

	Reserve Account £
At 1 April 2022	1,760
Surplus for the year	1,397
At 31 March 2023	3,157