REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 August 2022 to 30 June 2023 |
for |
Clarence Gate Gardens (Freehold) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 August 2022 to 30 June 2023 |
for |
Clarence Gate Gardens (Freehold) Limited |
Clarence Gate Gardens (Freehold) Limited (Registered number: 13517364) |
Contents of the Financial Statements |
for the Period 1 August 2022 to 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Clarence Gate Gardens (Freehold) Limited |
Company Information |
for the Period 1 August 2022 to 30 June 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4th Floor |
167 Fleet Street |
London |
EC4A 2EA |
Clarence Gate Gardens (Freehold) Limited (Registered number: 13517364) |
Balance Sheet |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Other reserves | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing 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. |
Clarence Gate Gardens (Freehold) Limited (Registered number: 13517364) |
Balance Sheet - continued |
30 June 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Clarence Gate Gardens (Freehold) Limited (Registered number: 13517364) |
Notes to the Financial Statements |
for the Period 1 August 2022 to 30 June 2023 |
1. | STATUTORY INFORMATION |
Clarence Gate Gardens (Freehold) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The financial statements have been prepared on the going concern basis, the validity of which depends on the ability of the company to meet its obligations as they fall due. The Directors believe that with the cash on deposit and its forecast profits and operating cash flows, the company will be able to meet its financial obligations as they fall due for at least 12 months. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents rental income receivable and ground rents receivable in the period. |
Tangible fixed assets |
Freehold Property | - |
Freehold property is recognised at the transaction cost including directly attributable costs of acquisition. Freehold property is subsequently measured at cost less depreciation and impairment. |
Financial instruments |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measure at the present value of the future receipts discounted ta a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities |
Basic financial liabilities, including creditors and loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as amounts due in more that 1 year. |
Clarence Gate Gardens (Freehold) Limited (Registered number: 13517364) |
Notes to the Financial Statements - continued |
for the Period 1 August 2022 to 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Freehold |
Property |
£ |
COST |
At 1 August 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 31 July 2022 |
The freehold property is not depreciated as the directors have reviewed the carrying value of the freehold property at 30 June 2023 and determined that there is no impairment to its value. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Prepayments |
Clarence Gate Gardens (Freehold) Limited (Registered number: 13517364) |
Notes to the Financial Statements - continued |
for the Period 1 August 2022 to 30 June 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Tax |
Other creditors |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Shareholders' Loan |
The shareholders loans are interest free and repayable at the Directors discretion. The loans were originally raised in line with the terms of the Participating Agreement and have been adjusted for the £171 subscribed shares. |
In the period, £171,000 in total was repaid to shareholders by way of a credit of £1,000 to each participating shareholder's service charges demanded in the first quarter of 2023. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 171 | 171 |
In the period, 171 ordinary shares of £1 each were issued to the leaseholders of the freehold property. The shares of the same class were issued at par and rank pari passu in all respects. |
9. | RESERVES |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 August 2022 | 438,169 |
Profit for the period |
At 30 June 2023 | 456,912 |
10. | ULTIMATE CONTROLLING PARTY |
There is no individual who holds a majority of the shares in the company. |