Registered number
01472312
Clerkenwell Green Property Management Limited
Unaudited Filleted Accounts
30 June 2023
Clerkenwell Green Property Management Limited
Registered number: 01472312
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 7,002,639 7,002,699
Current assets
Debtors 4 66,197 33,516
Cash at bank and in hand 519,217 413,615
585,414 447,131
Creditors: amounts falling due within one year 5 (119,125) (95,565)
Net current assets 466,289 351,566
Total assets less current liabilities 7,468,928 7,354,265
Provisions for liabilities 6 (345,000) (345,000)
Net assets 7,123,928 7,009,265
Capital and reserves
Called up share capital 99,990 99,990
Revaluation reserve 7 2,463,166 2,463,166
Profit and loss account 4,560,772 4,446,109
Shareholders' funds 7,123,928 7,009,265
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
E D Shane
Director
Approved by the board on 5 March 2024
Clerkenwell Green Property Management Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention, as modified for the revaluation of investment property, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Tangible fixed assets
Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Depreciation
No depreciation is provided on investment properties.
Other tangible fixed assets are measured at cost less accumulative depreciation. Depreciation is provided on all other tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment 33¹/3% straight line basis
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Computer Equipment Total
£ £ £
Cost or valuation
At 1 July 2022 7,000,000 4,049 7,004,049
Additions - 2,200 2,200
At 30 June 2023 7,000,000 6,249 7,006,249
Depreciation
At 1 July 2022 - 1,350 1,350
Charge for the year - 2,260 2,260
At 30 June 2023 - 3,610 3,610
Net book value
At 30 June 2023 7,000,000 2,639 7,002,639
At 30 June 2022 7,000,000 2,699 7,002,699
Freehold land and buildings: 2023 2022
£ £
Historical cost 4,181,834 4,181,834
Cumulative depreciation based on historical cost - -
4,181,834 4,181,834
The freehold properties were last revalued as at 30 June 2021 by a director of the company, A D Chapman FRICS.
4 Debtors 2023 2022
£ £
Other debtors 66,197 33,516
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 57,982 27,215
Other creditors 61,143 68,350
119,125 95,565
6 Provision for liabilities 2023 2022
Deferred taxation £ £
At 1 July 2022 345,000 355,000
Credit for the year to the profit and loss account - (10,000)
At 30 June 2023 345,000 345,000
The provision for deferred taxation represents the corporation tax which would be payable should the Company sell its freehold property for the value shown in these accounts. The rate of tax used when calculating the provision is 25% (2022:25%).
As legislated by the 2021 Finance Act, the rate of corporation tax increased in 2023 to a maximum of 25%.
7 Revaluation reserve 2023 2022
£ £
At 1 July 2022 2,463,166 2,505,614
Loss on revaluation of land and buildings - (42,448)
At 30 June 2023 2,463,166 2,463,166
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 5,055 5,055
9 Related party transactions
During the year the company paid fees totalling £65,600 (2022: £115,012) to businesses in which A D Chapman, a director, has an interest.
Dividends paid to directors in their capacity as shareholders during the year amounted to £39,196 (2021: £39,196).
10 Other information
Clerkenwell Green Property Management Limited is a private company limited by shares and incorporated in England. Its registered office is:
34 Chelwood Gardens
Kew
Richmond
Surrey
TW9 4JQ
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