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Registration number: 00320592

Clinton Properties Limited

Unaudited Financial Statements

for the Year Ended 30 June 2021

 

Clinton Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Clinton Properties Limited

Company Information

Directors

M D Bennett

T B Lemon

P E Bennett

Registered office

15 The Avenue
Sunbury On Thames
Middlesex
TW16 5HT

Accountants

Landmark Accountants Limited
Chartered Accountants
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

Clinton Properties Limited

(Registration number: 00320592)
Balance Sheet as at 30 June 2021

Note

2021

2020

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

6,727

 

8,191

Current assets

   

 

Stocks

5

2,222,795

 

3,586,203

 

Debtors

6

299,049

 

131,892

 

Cash at bank and in hand

 

2,417,636

 

297,927

 

 

4,939,480

 

4,016,022

 

Creditors: Amounts falling due within one year

7

(2,521,932)

 

(2,472,218)

 

Net current assets

   

2,417,548

 

1,543,804

Total assets less current liabilities

   

2,424,275

 

1,551,995

Creditors: Amounts falling due after more than one year

7

 

(22,785)

 

(22,785)

Provisions for liabilities

 

(1,278)

 

(1,556)

Net assets

   

2,400,212

 

1,527,654

Capital and reserves

   

 

Called up share capital

1,519

 

1,519

 

Profit and loss account

2,398,693

 

1,526,135

 

Total equity

   

2,400,212

 

1,527,654

For the financial year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

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.

 

Clinton Properties Limited

(Registration number: 00320592)
Balance Sheet as at 30 June 2021

Approved and authorised by the Board on 7 September 2022 and signed on its behalf by:
 

.........................................
M D Bennett
Director

 

Clinton Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
15 The Avenue
Sunbury On Thames
Middlesex
TW16 5HT

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 Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sales of properties during the year. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Clinton Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2021

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

10% reducing balance

Computer equipment

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from tenants or managing agents arising from services performed.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Properties held for refurbisment and resale are stated at the lower of cost and net realisable value and comprise residential properties acquired, either for resale, or refurbishment with the intention of ultimate disposal.

The cost of stock comprises direct property cost and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Clinton Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2021

Borrowings

Interest-bearing borrowings are initially recorded at fair value. Costs associated with obtaining borrowings are written off immediately. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2020 - 3).

 

Clinton Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2021

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2020

66,738

66,738

At 30 June 2021

66,738

66,738

Depreciation

At 1 July 2020

58,547

58,547

Charge for the year

1,464

1,464

At 30 June 2021

60,011

60,011

Carrying amount

At 30 June 2021

6,727

6,727

At 30 June 2020

8,191

8,191

5

Stocks

2021
£

2020
£

Trading property held as stock

2,222,795

3,586,203

6

Debtors

2021
£

2020
£

Trade debtors

4,272

4,899

Amounts owed by group undertakings

253,270

91,950

Other debtors

41,507

35,043

299,049

131,892

 

Clinton Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2021

7

Creditors

Note

2021
£

2020
£

Due within one year

 

Bank loans and overdrafts

8

2,197,995

2,297,995

Trade creditors

 

-

282

Taxation and social security

 

262,686

116,186

Other creditors

 

61,251

57,755

 

2,521,932

2,472,218

Due after one year

 

Loans and borrowings

8

22,785

22,785


Creditors include bank loans and overdrafts which are secured by fixed charges over a number of the company's properties.

8

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Redeemable preference shares

22,785

22,785

2021
£

2020
£

Current loans and borrowings

Bank borrowings

2,197,995

2,297,995