Argyll Mansions Limited - Limited company accounts 23.2

REGISTERED NUMBER: 03207529 (England and Wales)

Report of the Directors and

Unaudited Financial Statements

For The Year Ended 31 March 2023

for

ARGYLL MANSIONS LIMITED

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

G Marsh

R N Zsigmond

D S I Sandelson

F Grasso

SECRETARY:

LBCO Secretaries Limited

REGISTERED OFFICE:

c/o Lees-Buckley & Co

16 Northfields Prospect

Putney Bridge Road

London

SW18 1PE

REGISTERED NUMBER:

03207529 (England and Wales)

ACCOUNTANTS:

LBCo Ltd

T/A Lees-Buckley & Co

16 Northfields Prospect

Putney Bridge Road

London

SW18 1PE

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY

The company's principal activity during the year was the management of Argyll Mansions London SW3.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

G Marsh

R N Zsigmond

D S I Sandelson

F Grasso

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

F Grasso - Director

22 March 2024

TURNOVER

3,591

3,610

Rental expenditure

(1,788

)

(1,810

)

GROSS PROFIT

1,803

1,800

Administrative expenses

(1,993

)

(1,949

)

(190

)

(149

)

Other operating income

3

190

149

OPERATING PROFIT and

PROFIT BEFORE TAXATION

-

Tax on profit

-

PROFIT FOR THE FINANCIAL YEAR

-

FIXED ASSETS

Investment property

5

15,079

CURRENT ASSETS

Debtors

6

587,520

535,799

CREDITORS

Amounts falling due within one year

7

587,520

535,799

NET CURRENT LIABILITIES

-

TOTAL ASSETS LESS CURRENT
LIABILITIES

15,079

CREDITORS

Amounts falling due after more than one
year

8

15,034

NET ASSETS

45

CAPITAL AND RESERVES

Called up share capital

45

SHAREHOLDERS' FUNDS

45

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

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

The directors acknowledge their 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 22 March 2024 and were signed on its behalf by:

F Grasso - Director

G Marsh - Director

1.	STATUTORY INFORMATION

Argyll Mansions 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.

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.

Service Charge Balances

The company is trustee for the service charge of its leasehold property and related expenditure is commissioned in its own (company) name. Accordingly, and whilst service charge income and expenditure have been excluded from the Profit and Loss Account, related assets and liabilities are recorded in the Balance Sheet with movement therein shown in notes to the financial statements.

3.	OTHER OPERATING INCOME

During the year the company received contributions from the lessees of Argyll Mansions, London SW3 in respect of its administrative expenses, and the management of the property. The movement of those funds during the year was as follows;

31.3.23

31.3.22

Contributions receivable from lessees

£

Advance service charge demands

123,157

Prior years deficit charged

2,415

25,183

Reserve contributions demanded

48,871

174,443

197,211

Service charge expenditure

146,711

125,423

Contribution to administrative

expenses of Argyll Mansions Limited

190

149

146,901

125,572

27,542

71,639

Transfer to reserve fund

(48,871

)

(48,871

)

(21,329

)

22,768

Funds due from lessees at 31 March 2022

(2,415

)

(25,183

)

Funds due from lessees at 31 March 2023

(23,744

)

(2,415

)

4.	EMPLOYEES AND DIRECTORS

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

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

15,079

NET BOOK VALUE

At 31 March 2023

15,079

At 31 March 2022

15,079

The company owns the headlease of Argyll Mansions London SW3 which is stated at cost. In the opinion of the directors at 31st March 2023 there was no material difference between the book and fair value of the property.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

Funds held by managing agent

480,544

419,305

Lessee arrears

36,430

46,688

Other debtors

162

25,400

Excess service charge due

(Note 3)

23,744

2,415

Prepayments

46,640

41,991

587,520

535,799

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

Lessee account balances

3,676

4,606

Trade creditors

2,480

1,578

Service charge reserve fund

568,439

516,556

Other creditors

5,267

7,151

Income tax

753

-

Accruals

6,905

5,908

587,520

535,799

Service charge reserve fund

31.3.23

31.3.22

£

Balance at 1.4.22

516,556

467,603

Interest received

3,012

82

Reserve demanded in the year

48,871

Balance at 31.3.23

568,439

516,556

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.3.23

31.3.22

£

Leaseholders' loans to fund

headlease purchase

15,034