6-8 Eaton Place Freehold Limited

The principal activity of the company continued to be that of service manager of the flats known as 6-8 Eaton Place on a non profit basis. The whole of the service and management expenses are recoverable from the lessees in accordance with the terms of their respective leases. Review of activity On 28 February 2020, the company purchased the freehold of 6/8 Eaton Place for £234,746. The purchase was funded by contributions from 3 leaseholders/participants. The company subsequently extended the length of the leases which have been granted to these leaseholders. Taking into account the loss in value following these lease extensions, the freehold property had a value of £52,097 being the value attributable to the nonparticipants share of the freehold cost. On 31 October 2022 a further leaseholder paid a premium to the company and extended their lease. The value of the freehold has been reduced accordingly. The residual value of the freehold is now £9,671. The company acts a trustee in respect of service charge monies collected in connection with the above property. Details of services 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.