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Company registration number: 12519810
CLC North Ltd
Unaudited filleted financial statements
31 March 2023
CLC North Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
CLC North Ltd
Directors and other information
Director H C Sham
Company number 12519810
Registered office 44 Lambert Meadow
Tyldesley
Manchester
M29 8SJ
Accountants Howard Matthews Partnership
Lidgett House
56 Lidgett Lane
Garforth
Leeds
LS25 1LL
CLC North Ltd
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of CLC North Ltd
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CLC North Ltd for the year ended 31 March 2023 which comprise the statement of financial position, statement of changes in equity and related notes 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of CLC North 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 financial statements of CLC North Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CLC North Ltd and its director as a body for our work or for this report.
It is your duty to ensure that CLC North Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of CLC North Ltd. You consider that CLC North 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 financial statements of CLC North 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 financial statements.
Howard Matthews Partnership
Chartered Accountants
Lidgett House
56 Lidgett Lane
Garforth
Leeds
LS25 1LL
CLC North Ltd
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 558,097 351,715
_______ _______
558,097 351,715
Current assets
Debtors 6 4,484 2,201
Cash at bank and in hand 27,364 8,873
_______ _______
31,848 11,074
Creditors: amounts falling due
within one year 7 ( 268,219) ( 199,190)
_______ _______
Net current liabilities ( 236,371) ( 188,116)
_______ _______
Total assets less current liabilities 321,726 163,599
Creditors: amounts falling due
after more than one year 8 ( 299,419) ( 159,031)
Provisions for liabilities ( 2,606) ( 991)
_______ _______
Net assets 19,701 3,577
_______ _______
Capital and reserves
Called up share capital 1 1
Fair value reserve 11,108 4,223
Profit and loss account 8,592 ( 647)
_______ _______
Shareholder funds 19,701 3,577
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 November 2023 , and are signed on behalf of the board by:
H C Sham
Director
Company registration number: 12519810
CLC North Ltd
Statement of changes in equity
Year ended 31 March 2023
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 April 2021 1 - ( 3,461) ( 3,460)
Profit for the year 7,037 7,037
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account 4,223 ( 4,223) -
_______ _______ _______ _______
Total comprehensive income for the year - 4,223 2,814 7,037
_______ _______ _______ _______
At 31 March 2022 and 1 April 2022 1 4,223 ( 647) 3,577
Profit for the year 18,124 18,124
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account 6,885 ( 6,885) -
_______ _______ _______ _______
Total comprehensive income for the year - 6,885 11,239 18,124
Dividends paid and payable ( 2,000) ( 2,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 2,000) ( 2,000)
_______ _______ _______ _______
At 31 March 2023 1 11,108 8,592 19,701
_______ _______ _______ _______
CLC North Ltd
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 44 Lambert Meadow, Tyldesley, Manchester, M29 8SJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is rental income receivable in the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost or valuation
At 1 April 2022 351,499 380 351,879
Additions 197,936 - 197,936
Revaluation 8,500 - 8,500
_______ _______ _______
At 31 March 2023 557,935 380 558,315
_______ _______ _______
Depreciation
At 1 April 2022 - 165 165
Charge for the year - 53 53
_______ _______ _______
At 31 March 2023 - 218 218
_______ _______ _______
Carrying amount
At 31 March 2023 557,935 162 558,097
_______ _______ _______
At 31 March 2022 351,499 215 351,714
_______ _______ _______
6. Debtors
2023 2022
£ £
Other debtors 4,484 2,201
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 2,536 -
Other creditors 265,683 199,190
_______ _______
268,219 199,190
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 299,419 159,031
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
H C Sham ( 196,389) ( 64,210) ( 260,599)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
H C Sham ( 101,260) ( 95,129) ( 196,389)
_______ _______ _______