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Company registration number: 09953913
Clere House Developments Limited
Unaudited filleted financial statements
31 January 2023
Clere House Developments Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Clere House Developments Limited
Directors and other information
Directors Mr Tarachand Dass
Mr Justin Conrad Millar
Company number 09953913
Registered office Technology Centre
40 Vulcan Road South
Norwich
Norfolk
NR6 6AF
Clere House Developments Limited
Statement of financial position
31 January 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 865,906 5,594
_______ _______
865,906 5,594
Current assets
Stocks 455,002 1,104,624
Debtors 6 5,866 33,246
Cash at bank and in hand 55,327 2,639
_______ _______
516,195 1,140,509
Creditors: amounts falling due
within one year 7 ( 1,125,745) ( 564,231)
_______ _______
Net current (liabilities)/assets ( 609,550) 576,278
_______ _______
Total assets less current liabilities 256,356 581,872
Creditors: amounts falling due
after more than one year 8 - ( 426,468)
Provisions for liabilities ( 1,251) ( 2,464)
_______ _______
Net assets 255,105 152,940
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 255,103 152,938
_______ _______
Shareholders funds 255,105 152,940
_______ _______
For the year ending 31 January 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.
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 27 November 2023 , and are signed on behalf of the board by:
Mr Tarachand Dass Mr Justin Conrad Millar
Director Director
Company registration number: 09953913
Clere House Developments Limited
Statement of changes in equity
Year ended 31 January 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 February 2021 2 200,578 200,580
Profit/(loss) for the year ( 47,640) ( 47,640)
_______ _______ _______
Total comprehensive income for the year - ( 47,640) ( 47,640)
_______ _______ _______
At 31 January 2022 and 1 February 2022 2 152,938 152,940
Profit/(loss) for the year 102,165 102,165
_______ _______ _______
Total comprehensive income for the year - 102,165 102,165
_______ _______ _______
At 31 January 2023 2 255,103 255,105
_______ _______ _______
Clere House Developments Limited
Notes to the financial statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Technology Centre, 40 Vulcan Road South, Norwich, Norfolk, NR6 6AF.
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 measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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
Motor vehicles - 20 % 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Long leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 February 2022 - 8,938 8,938
Additions 859,319 3,189 862,508
_______ _______ _______
At 31 January 2023 859,319 12,127 871,446
_______ _______ _______
Depreciation
At 1 February 2022 - 3,344 3,344
Charge for the year - 2,196 2,196
_______ _______ _______
At 31 January 2023 - 5,540 5,540
_______ _______ _______
Carrying amount
At 31 January 2023 859,319 6,587 865,906
_______ _______ _______
At 31 January 2022 - 5,594 5,594
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors - 13,423
Other debtors 5,866 19,823
_______ _______
5,866 33,246
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts - 23,940
Trade creditors 9,991 105,348
Corporation tax 12,809 ( 10,413)
Social security and other taxes - 5,273
Other creditors 1,102,945 440,083
_______ _______
1,125,745 564,231
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts - 426,468
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Tarachand Dass ( 7,409) ( 10,401) ( 17,810)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Tarachand Dass ( 2,870) ( 4,539) ( 7,409)
_______ _______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Edge Property Limited ( 587,490) ( 119,500) ( 866,000) ( 278,511)
Conrad Building Services Limited 80,126 12,500 ( 66,385) ( 146,511)
_______ _______ _______ _______
During the year the company received further amounts of £587,490 from Edge Property Limited, a shareholder of the company. At the end of the year £866,000 was outstanding (2022 - £278,511). The company also repaid amounts, toward a loan, of £80,126 from Conrad Building Services Limited, a shareholder of the company. At the end of the year £66,385 was outstanding (2022 - £146,511).