40 Chester Square Freehold Company Limited

The principal activit ies of the company are the ownership and management of the property known as 40/41 Chester Square, London SW1. The whole of the service and management expenses are recoverable from the lessees in accordance with the terms of their respective leases. The company acts as a trustee in respect of service charge monies collected in connection with the above property. Details of service charge monies have been excluded from the accounts as the company acts only in a trustee capacity in this connection. Separate service charge accounts are prepared and certified. On 7 August 2020, the company purchased the freehold of 40/41 Chester Square for £8,368,610. The purchase was funded by contributions from 9 shareholders/ participants and a 'White Knight' investor. The company subsequently extended the length of the leases which have been granted to the shareholders. Taking account of the loss in value following these lease extensions and the value attributable to the 'White Knight', the freehold interest is now valued at £174,233 in these financial statements. This comprises the value of the porters flat and parking spaces on short leases.