King & Queen Wharf Freehold Co Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06475392 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24TH MARCH 2017

FOR

KING & QUEEN WHARF FREEHOLD COMPANY

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J R Odell

M A Ashton

P L Folmer

D T L Harries

S P Hill

R M Taylor

R G Towle

SECRETARY:

D T L Harries

REGISTERED OFFICE:

Concierge Office

King & Queen Wharf

Rotherhithe Street

London

SE16 5QY

REGISTERED NUMBER:

06475392 (England and Wales)

ACCOUNTANTS:

Sproull & Co.

Chartered Accountants

31-33 College Road

Harrow

Middlesex

HA1 1EJ

MANAGING AGENTS:

Rendall and Rittner Limited

Portsoken House

155-157 Minories

London

EC3N 1LJ

FIXED ASSETS

Tangible assets

4

836,714

836,714

CURRENT ASSETS

Debtors

5

3,515

13,274

Cash at bank

6,530

11,457

10,045

24,731

CREDITORS

Amounts falling due within one year

6

134,156

165,071

NET CURRENT LIABILITIES

(124,111

)

(140,340

)

TOTAL ASSETS LESS CURRENT LIABILITIES

712,603

696,374

CREDITORS

Amounts falling due after more than one year

7

613,770

608,780

NET ASSETS

98,833

87,594

CAPITAL AND RESERVES

Called up share capital

8

1,240

1,230

Share premium

9

79,603

73,435

Retained earnings

9

17,990

12,929

SHAREHOLDERS' FUNDS

98,833

87,594

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 24th March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 24th March 2017 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 10th October 2017 and were signed on its behalf by:

J R Odell - Director

S P Hill - Director

1.	STATUTORY INFORMATION

King & Queen Wharf Freehold 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents ground rents and other rents receivable.

Tangible fixed assets

No depreciation is charged on the freehold property as the directors consider that, on reviewing the residual

value expected of the property and its estimated useful life, such an amount would be immaterial to the financial

statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 .

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 25th March 2016

and 24th March 2017

836,714

NET BOOK VALUE

At 24th March 2017

836,714

At 24th March 2016

836,714

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 124 (2016: 123) 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

2017

2016

£

£

Due from lessees

1,234

180

Other debtors

29

10,918

Due from King & Queen Wharf

Residents Company Limited

1,466

1,181

Prepayments and accrued income

786

995

3,515

13,274

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

288

2,512

Other taxation and social security

530

1,581

Lessee payments in advance

2,535

1,435

Other creditors

7,707

6,758

Loan from King & Queen Wharf

Residents Company Limited

120,000

150,000

Accrued expenses

3,096

2,785

134,156

165,071

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

2017

2016

£

£

Loans received from participants for acquisition of the freehold

613,770

608,780

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

2017

2016

value:

£

£

124

Ordinary

£10

1,240

1,230

During the year a further one £10 ordinary share was issued for a consideration for each of £11,168, comprising

£10 for share capital, £6,168 share premium, and £4,990 long term shareholder loan.

9.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 25th March 2016

12,929

73,435

86,364

Profit for the year

5,061

-

5,061

Addition in year

-

6,168

6,168

At 24th March 2017

17,990

79,603

97,593

10.	FIRST YEAR ADOPTION

The directors consider that no transition adjustments were necessary upon adoption of Financial Reporting

Standard 102.