King & Queen Wharf Freehold Co Ltd - Accounts to registrar (filleted) - small 23.2.5
King & Queen Wharf Freehold Co Ltd - Accounts to registrar (filleted) - small 23.2.5
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 24TH MARCH 2023 |
FOR |
KING & QUEEN WHARF FREEHOLD COMPANY |
LIMITED |
KING & QUEEN WHARF FREEHOLD COMPANY |
LIMITED (REGISTERED NUMBER: 06475392) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 24TH MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
KING & QUEEN WHARF FREEHOLD COMPANY |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 24TH MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
First Floor, Jebsen House |
53-61 High Street |
Ruislip |
Middlesex |
HA4 7BD |
MANAGING AGENTS: |
13b St.George Wharf |
London |
SW8 2LE |
KING & QUEEN WHARF FREEHOLD COMPANY |
LIMITED (REGISTERED NUMBER: 06475392) |
BALANCE SHEET |
24TH MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
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. |
KING & QUEEN WHARF FREEHOLD COMPANY |
LIMITED (REGISTERED NUMBER: 06475392) |
BALANCE SHEET - continued |
24TH MARCH 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
KING & QUEEN WHARF FREEHOLD COMPANY |
LIMITED (REGISTERED NUMBER: 06475392) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 24TH MARCH 2023 |
1. | STATUTORY INFORMATION |
King & Queen Wharf Freehold Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents ground rents and insurance commission refunds receivable. |
Tangible fixed assets |
Land and buildings are shown at cost less any accumulated depreciation and any accumulated impairment losses. |
Land and buildings are depreciated over their estimated useful economic life after taking the residual value of the assets into consideration. The directors consider the residual value of the company's land and buildings to be in excess of the original cost and consequently no depreciation is provided. |
The residual value of the company's assets and whether the value has been impaired are considered by the directors on an annual basis. |
Taxation |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
£ |
COST |
At 25th March 2022 |
and 24th March 2023 |
NET BOOK VALUE |
At 24th March 2023 |
At 24th March 2022 |
KING & QUEEN WHARF FREEHOLD COMPANY |
LIMITED (REGISTERED NUMBER: 06475392) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 24TH MARCH 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
The company was set up to acquire the freehold property and other assets at King & Queen Wharf, the purchase of which took place in February 2010. |
The total cost of acquisition included the cost of the King & Queen Wharf freehold, the cost of the 999 year leasehold interest in the Globe Wharf car park, and the net legal and professional costs. |
Following the acquisition of the freehold title, extended leases have been granted to 129 (2022 - 129) member participants. |
Following the acquisition, the company would initially receive annual ground rents of £26,500 per annum. The ground rent of non-participants doubled from 2014 in accordance with their leases. The ground rent of participants is reviewed annually and was reduced from March 2014 onwards. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Due from lessees |
Other debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other taxation and social security |
Lessee payments in advance | 2,569 | 588 |
Other creditors | 10,000 | 10,000 |
Loan from King & Queen Wharf |
Residents Company Limited | 62,600 | 62,600 |
Due to King & Queen Wharf |
Residents Company Limited | 10,596 | 4,938 |
Accruals and deferred income |
The loan from King & Queen Wharf Residents Company Limited is repayable on six months notice, and interest is payable thereon at 4% over bank base rate. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Loans received from participants for acquisition of the freehold |
638,720 |
638,720 |
KING & QUEEN WHARF FREEHOLD COMPANY |
LIMITED (REGISTERED NUMBER: 06475392) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 24TH MARCH 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
The loans received from participants are the net monies contributed towards the acquisition of the freehold and other assets, and are interest free, and are unlikely to be repaid in the foreseeable future. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £10 | 1,290 | 1,290 |
9. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 25th March 2022 | 126,072 |
Deficit for the year | ( |
) | - | ( |
) |
At 24th March 2023 | 124,814 |