COMPANY REGISTRATION NUMBER:
07436328
Cleaver Properties Limited |
|
Filleted Unaudited Financial Statements |
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Cleaver Properties Limited |
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Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Cleaver Properties Limited |
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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 Cleaver Properties Limited for the year ended 31 March 2023, which comprise the balance sheet and the 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Cleaver Properties Limited, as a body, in accordance with the terms of our engagement letter dated 2 September 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Cleaver Properties Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cleaver Properties Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Cleaver Properties Limited 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 Cleaver Properties Limited. You consider that Cleaver Properties Limited 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 Cleaver Properties Limited. 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.
MILLER DAVIES LLP
Chartered accountants
A3 Broomsleigh Business Park
Worsley Bridge Road
London
SE26 5BN
8 February 2024
Cleaver Properties Limited |
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31 March 2023
Fixed assets
Tangible assets |
4 |
|
678,293 |
678,293 |
|
|
|
|
|
Current assets
Debtors |
5 |
– |
|
7,500 |
Cash at bank and in hand |
20,402 |
|
49,600 |
|
-------- |
|
-------- |
|
20,402 |
|
57,100 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
96,717 |
|
146,716 |
|
-------- |
|
--------- |
Net current liabilities |
|
76,315 |
89,616 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
601,978 |
588,677 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
|
353,745 |
370,473 |
|
|
--------- |
--------- |
Net assets |
|
248,233 |
218,204 |
|
|
--------- |
--------- |
|
|
|
|
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Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
248,133 |
218,104 |
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|
--------- |
--------- |
Shareholders funds |
|
248,233 |
218,204 |
|
|
--------- |
--------- |
|
|
|
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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 profit and loss account has not been delivered.
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.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Cleaver Properties Limited |
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Balance Sheet (continued) |
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31 March 2023
These financial statements were approved by the
board of directors
and authorised for issue on
8 February 2024
, and are signed on behalf of the board by:
Mr A Cleaver |
Mr P Cleaver |
Director |
Director |
|
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Company registration number:
07436328
Cleaver Properties Limited |
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Notes to the Financial Statements |
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Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3 Kangley Business Centre, Kangley Bridge Road, London, SE26 5AQ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances
.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Depreciation
No depreciation is provided on leasehold property because the director considers that the comprehensive repairs and maintenance policy of the tenant ensures that there is no fall in the residual value below its carrying value.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4.
Tangible assets
|
Freehold property |
|
£ |
Cost |
|
At 1 April 2022 and 31 March 2023 |
678,293 |
|
--------- |
Depreciation |
|
At 1 April 2022 and 31 March 2023 |
– |
|
--------- |
Carrying amount |
|
At 31 March 2023 |
678,293 |
|
--------- |
At 31 March 2022 |
678,293 |
|
--------- |
|
|
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
– |
7,500 |
|
---- |
------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
21,276 |
19,769 |
Trade creditors |
– |
1,290 |
Corporation tax |
7,044 |
6,300 |
Social security and other taxes |
4,509 |
5,544 |
Other creditors |
63,888 |
113,813 |
|
-------- |
--------- |
|
96,717 |
146,716 |
|
-------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
353,745 |
370,473 |
|
--------- |
--------- |
|
|
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Barclays Bank Plc have a legal charge over the freehold property of the company. The company has also entered into a cross guarantee and debenture with Barclays Bank Plc against any monies owed to the bank by the company and Xpress Signs Limited.
8.
Financial instruments
The carrying amount for each category of financial instrument is as follows:
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss |
20,401 |
57,100 |
|
-------- |
-------- |
|
|
|
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss |
427,471 |
493,907 |
|
--------- |
--------- |
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9.
Related party transactions
At the year end the father of the directors, was owed £50,000 (2021 - £50,000) by the company. This is an interest free loan with no fixed date of repayment.