12 Rutland Gate Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 01701826 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2022

for

12 RUTLAND GATE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

Mrs I J East

Mr F J Huc

Secretary:

Mrs I J East

Registered office:

Juniper House

Warley Hill Business Park

The Drive

Brentwood

Essex

CM13 3BE

Registered number:

01701826 (England and Wales)

Accountants:

Haines Watts Essex LLP

Chartered Accountants

Juniper House

Warley Hill Business Park

The Drive

Brentwood

Essex

CM13 3BE

Fixed assets

Tangible assets

4

1

Current assets

Debtors

5

9,955

12,338

Cash at bank

35,775

35,859

45,730

48,197

Creditors

Amounts falling due within one year

6

41,940

41,941

Net current assets

3,790

6,256

Total assets less current liabilities

3,791

6,257

Capital and reserves

Called up share capital

7

12

Retained earnings

3,779

6,245

Shareholders' funds

3,791

6,257

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2023 and were signed on its behalf by:

Mrs I J East - Director

1.	Statutory information

12 Rutland Gate 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Maintenance contributions receivable

Maintenance contributions received represents amounts receivable for services provided in the UK.

Following extension works to flat 1, the service charge contributions were updated to reflect the new floor areas as follows:

From 03.10.2018

Up to 02.10.2018

Flat 1

44.24%

38.96%

Flat 2

23.57%

25.81%

Flat 3

32.19%

35.23%

Total

100.00%

Annual maintenance contributions receivable remain at £10,000 overall.

3.	Employees and directors

The average number of employees during the year was 2 (2021 - 2 ) .

4.	Tangible fixed assets

Freehold

property

£

Cost

At 1 April 2021

and 31 March 2022

1

Net book value

At 31 March 2022

1

At 31 March 2021

1

The company holds the freehold of 12 Rutland Gate, London, SW7 at a nominal cost of £1.

5.

Debtors: amounts falling due within one year

2022

2021

£

Monies held by managing agent

2,641

5,587

Prepayment and accrued income

7,314

6,751

9,955

12,338

The following maintenance contributions for the year ended 31 March 2022 remained outstanding at year-end:

Flat 1 - £3,896

Flat 2 - £nil

Flat 3 - £302

The amounts stated above were paid in full by the date of this report.

6.

Creditors: amounts falling due within one year

2022

2021

£

Contributions in advance

41,040

Other creditors

900

901

41,940

41,941

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

3

'A' Ordinary

£1

3

9

'B' Ordinary

£1

9

12

8.	Related party disclosures

The sum of £50,000 is currently held by the company's solicitors, Osbornes Law, as security in respect of various conditions attached to a license for alterations to flat 1 and for relevant legal and professional fees in this regard. This sum is not recognised in the company accounts as any surplus belongs to the tenant of flat 1.

The sum of £5,000 is currently held by the company's solicitors, Osbornes Law, in consideration for the grant of a license for alterations.

9.	Controlling party

During the year, the company was controlled by the directors.

12 Rutland Gate Limited - Accounts to registrar (filleted) - small 22.3

12 Rutland Gate Limited - Accounts to registrar (filleted) - small 22.3