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Registration number: SC558773

Clerwood Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2022

 

Clerwood Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

Clerwood Ltd

Company Information

Director

Mr D Codona

Registered office

 

6 Branklyn Close
Glasgow
G13 1GG

Accountants

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Clerwood Ltd
for the Year Ended 28 February 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Clerwood Ltd for the year ended 28 February 2022 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Clerwood Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Clerwood Ltd and state those matters that we have agreed to state to the Board of Directors of Clerwood Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clerwood Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Clerwood Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Clerwood Ltd. You consider that Clerwood Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Clerwood Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

15 August 2022

 

Clerwood Ltd

(Registration number: SC558773)
Balance Sheet as at 28 February 2022

Note

2022
£

2021
£

Fixed assets

 

Investment property

4

444,698

444,698

Current assets

 

Debtors

5

-

32,519

Cash at bank and in hand

 

68,925

14,117

 

68,925

46,636

Creditors: Amounts falling due within one year

6

(274,569)

(273,354)

Net current liabilities

 

(205,644)

(226,718)

Total assets less current liabilities

 

239,054

217,980

Provisions for liabilities

(28,611)

(28,611)

Net assets

 

210,443

189,369

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

210,441

189,367

Shareholders' funds

 

210,443

189,369

For the financial year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Clerwood Ltd

(Registration number: SC558773)
Balance Sheet as at 28 February 2022

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 15 August 2022
 

.........................................
Mr D Codona
Director

 

Clerwood Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
6 Branklyn Close
Glasgow
G13 1GG
Scotland

These financial statements were authorised for issue by the director on 15 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Revenue recognition

Turnover comprises the fair value of the consideration derived from property rental and investment. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

Clerwood Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2021 - 1).

 

Clerwood Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

4

Investment properties

2022
£

At 1 March

444,698

At 28 February

444,698

5

Debtors

2022
£

2021
£

Other debtors

-

32,519

-

32,519

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Taxation and social security

4,944

3,151

Accruals and deferred income

1,020

2,040

Other creditors

268,605

268,163

274,569

273,354

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         
 

Clerwood Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

8

Related party transactions

The company operates a loan account with the shareholder, Mr R Mulheron.

At the year end, the balance due to Mr R Mulheron was £250 (2021 - £250). This loan is unsecured, interest free
and has no fixed repayment terms.

The company operates a loan account with the director, Mr D Codona.

During the year, the director advanced loans totalling £444 to the company. At the year end, the balance due to
the director was £138,355 (2021 - £137,911). This loan is unsecured, interest free and has no fixed repayment
terms.