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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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DOWN STREET FREEHOLD COMPANY LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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DOWN STREET FREEHOLD COMPANY LIMITED |
DOWN STREET FREEHOLD COMPANY LIMITED (REGISTERED NUMBER: 04680700) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Directors' Responsibilities Statement | 7 |
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Independent Chartered Accountants' Review
Report |
8 |
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DOWN STREET FREEHOLD COMPANY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
5 White Oak Square |
London Road |
Swanley |
Kent |
BR8 7AG |
DOWN STREET FREEHOLD COMPANY LIMITED (REGISTERED NUMBER: 04680700) |
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BALANCE SHEET |
31 DECEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Retained earnings | 7 | ( |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
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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. |
DOWN STREET FREEHOLD COMPANY LIMITED (REGISTERED NUMBER: 04680700) |
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BALANCE SHEET - continued |
31 DECEMBER 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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DOWN STREET FREEHOLD COMPANY LIMITED (REGISTERED NUMBER: 04680700) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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1. | STATUTORY INFORMATION |
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Down Street Freehold Company Limited is a
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England and Wales. The company's registered number and registered office address can be found on |
the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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There were no material departures from that standard. |
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These financial statements for the year ended 31 December 2016 are the first financial statements that |
comply with FRS 102 Section 1A "Small Entities". The date of transition is 1 January 2016. |
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The transition to FRS 102 Section 1A "Small Entities" has resulted in a small number of changes in |
accounting policies to those used previously. |
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Turnover and activities |
The company is the freehold owner of the property known as 22&23 Down Street and 12 &12 A |
Brick Street, W1J, London. Its activities are exclusively dedicated to the ownership of the freehold |
title and carrying out the responsibilities related thereto. |
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Its revenues comprise the ground rents and other receipts relating to the property's 29 long-term |
leasehold units and a management charge to the property's service charge fund in order to recover |
expenses incurred for independent professional services related to the governance of the company. |
This is recognised in the period to which it relates. |
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The company does not pay fees to any of its directors. The company's treasury operations (cash and |
bank movements and balances) are handled by Blenheims Estate and Asset Management Limited, the |
managing agent of the property. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from |
any changes in fair value since the introduction of FRS 102 Section 1A "Small Entities" will be |
recognised in the Income Statement. |
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Taxation |
Taxation for the year comprises current and deferred tax if applicable. A substantial part of the |
company's profits and losses, arising from activities with its members, is exempt from taxation. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been |
enacted or substantively enacted by the balance sheet date. |
DOWN STREET FREEHOLD COMPANY LIMITED (REGISTERED NUMBER: 04680700) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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3. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2018 |
and 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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The company's freehold is subject to residential and commercial leases. |
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The valuation of £50,000 is based on the directors' assessment of the freehold title´s value in use to |
the company at the date it was acquired, which is based on the capitalisation of future receipts of |
ground rent and assumes there is no cost of collection because such process is carried out by the |
property´s managing agent together with the collection of service charges.The directors consider that |
the valuation of the freehold at 31 December 2018 is unchanged. |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Other debtors |
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At 31 December 2018 debtors included £57,799 (2017 £70,291) of funds, held by Blenheims Estate |
and Asset Management Limited on behalf of the company, for which the former operates the treasury |
function. |
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At 31 December 2018 there is also £9,817 owed by Down Street Service Charge Account, as managed |
by Blenheims Estate and Asset Management Limited. |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Other creditors |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 130,397 | 130,397 |
DOWN STREET FREEHOLD COMPANY LIMITED (REGISTERED NUMBER: 04680700) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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7. | RESERVES |
Retained |
earnings |
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At 1 January 2018 | ( |
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Profit for the year |
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At 31 December 2018 | ( |
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8. | SERVICE CHARGE FUNDS |
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Assets and liabilities relating to service charges are held by the company in trust for the leaseholders, |
under s.42 of the Landlord and Tenants Act 1987 and so are excluded from these accounts. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
DOWN STREET FREEHOLD COMPANY LIMITED |
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The following reproduces the text of the report prepared for the directors and members in respect of |
the company's annual unaudited financial statements. In accordance with the Companies Act 2006, |
the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement |
and certain other primary statements and the Report of the Directors are not required to be filed with |
the Registrar of Companies. |
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We confirm that as directors we have met our duty in accordance with the Companies Act 2006 to: |
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prepare financial statements which give a true and fair view of the state of affairs of the company as at
31 December 2018 and of its profit for that period in accordance with United Kingdom Generally Accepted Accounting Practice; and |
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follow the applicable accounting policies, subject to any material departures disclosed and explained in
the notes to the financial statements. |
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ON BEHALF OF THE BOARD: |
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14 June 2019 |
INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS OF |
DOWN STREET FREEHOLD COMPANY LIMITED |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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We have reviewed the financial statements of Down Street Freehold Company Limited for the year ended 31 December 2018, which comprise the Income Statement, Balance Sheet and the related notes 1 to 0. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body for our work, for this report or the conclusions we have formed. |
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Directors' responsibility for the financial statements |
As explained more fully in the Directors' Responsibilities Statement set out on page nil, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and |
fair view. |
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Accountants' responsibility |
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted |
our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), |
'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF |
'Assurance review engagements on historical financial statements'. ISRE 2400 also requires us to comply |
with the ICAEW Code of Ethics. |
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Scope of the assurance review |
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. |
We have performed additional procedures to those required under a compilation engagement. These |
primarily consist of making enquiries of management and others within the entity, as appropriate, applying |
analytical procedures and evaluating the evidence obtained. The procedures performed in a review are |
substantially less than those performed in an audit conducted in accordance with International Standards on |
Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements. |
INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS OF |
DOWN STREET FREEHOLD COMPANY LIMITED |
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Conclusion |
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared: |
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so as to give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its
profit for the year then ended; |
- | in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | in accordance with the requirements of the Companies Act 2006. |
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Chartered Accountants |
5 White Oak Square |
London Road |
Swanley |
Kent |
BR8 7AG |
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Date: ............................................. |