Company registration number 14165055 (England and Wales)
CLERKENWELL ESTATES (ST MARY'S BAY) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
CLERKENWELL ESTATES (ST MARY'S BAY) LIMITED
COMPANY INFORMATION
Directors
O R A Hutchinson
(Appointed 10 June 2022)
J P Ledwidge
(Appointed 10 June 2022)
Company number
14165055
Registered office
23-25 Great Sutton Street
London
England
EC1V 0DN
Accountants
Begbies
9 Bonhill Street
London
EC2A 4DJ
Business address
23-25 Great Sutton Street
London
England
EC1V 0DN
CLERKENWELL ESTATES (ST MARY'S BAY) LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 9
CLERKENWELL ESTATES (ST MARY'S BAY) LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2023
- 1 -

The directors present their annual report and financial statements for the period ended 30 June 2023.

Principal activities

The principal activity of the company is holding the freehold used in a trading group.

 

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

O R A Hutchinson
(Appointed 10 June 2022)
J P Ledwidge
(Appointed 10 June 2022)
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
J P Ledwidge
Director
6 March 2024
CLERKENWELL ESTATES (ST MARY'S BAY) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CLERKENWELL ESTATES (ST MARY'S BAY) LIMITED FOR THE PERIOD ENDED 30 JUNE 2023
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Clerkenwell Estates (St Mary's Bay) Limited for the period ended 30 June 2023 which comprise the profit and loss account, the balance sheet, the statement of changes in equity 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 https://www.icaew.com/regulation.

This report is made solely to the board of directors of Clerkenwell Estates (St Mary's Bay) Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Clerkenwell Estates (St Mary's Bay) Limited and state those matters that we have agreed to state to the board of directors of Clerkenwell Estates (St Mary's Bay) Limited, 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 Clerkenwell Estates (St Mary's Bay) Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Clerkenwell Estates (St Mary's Bay) 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 loss of Clerkenwell Estates (St Mary's Bay) Limited. You consider that Clerkenwell Estates (St Mary's Bay) Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Clerkenwell Estates (St Mary's Bay) 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.

Begbies
6 March 2024
Chartered Accountants
9 Bonhill Street
London
EC2A 4DJ
CLERKENWELL ESTATES (ST MARY'S BAY) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 JUNE 2023
- 3 -
Period
ended
30 June
2023
£
Turnover
-
Administrative expenses
(11,639)
Loss before taxation
(11,639)
Tax on loss
-
0
Loss for the financial period
(11,639)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CLERKENWELL ESTATES (ST MARY'S BAY) LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 4 -
2023
Notes
£
£
Fixed assets
Tangible assets
4
4,334,175
Current assets
Debtors
5
2,193
Creditors: amounts falling due within one year
6
(4,347,907)
Net current liabilities
(4,345,714)
Net liabilities
(11,539)
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
(11,639)
Total equity
(11,539)

For the financial period ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 6 March 2024 and are signed on its behalf by:
O R A Hutchinson
J P Ledwidge
Director
Director
Company registration number 14165055 (England and Wales)
CLERKENWELL ESTATES (ST MARY'S BAY) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2023
- 5 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 6 June 2022
-
0
-
0
-
Period ended 30 June 2023:
Loss and total comprehensive income
-
(11,639)
(11,639)
Issue of share capital
7
100
-
100
Balance at 30 June 2023
100
(11,639)
(11,539)
CLERKENWELL ESTATES (ST MARY'S BAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
- 6 -
1
Accounting policies
Company information

Clerkenwell Estates (St Mary's Bay) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 23-25 Great Sutton Street, London, England, EC1V 0DN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
No depreciation

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.3
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

CLERKENWELL ESTATES (ST MARY'S BAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 7 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

 

Basic financial assets

Basic financial assets, which include trade and other receivables 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 less any impairment.

 

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.

 

Basic financial Liabilities

Basic financial liabilities, including trade and other payables are initially recognised at transaction price.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

CLERKENWELL ESTATES (ST MARY'S BAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 8 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
Number
Total
-
0
4
Tangible fixed assets
Land and buildings
£
Cost
At 6 June 2022
-
0
Additions
4,334,175
At 30 June 2023
4,334,175
Depreciation and impairment
At 6 June 2022 and 30 June 2023
-
0
Carrying amount
At 30 June 2023
4,334,175
5
Debtors
2023
Amounts falling due within one year:
£
Amounts owed by group undertakings
100
Other debtors
2,093
2,193
CLERKENWELL ESTATES (ST MARY'S BAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 9 -
6
Creditors: amounts falling due within one year
2023
£
Trade creditors
11,672
Amounts owed to group undertakings
4,326,136
Other creditors
10,099
4,347,907
7
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary of £1 each
100
100
8
Going concern

The liabilities of the company are in excess of its assets. The parent company which is the main creditor of the company has agreed to continue its support for the foreseeable future. Consequently, these financial statements have been prepared on a going concern basis.

2023-06-302022-06-06false06 March 2024CCH SoftwareCCH Accounts Production 2023.200The principal activity of the company is holding the freehold used in a trading group.
O R A HutchinsonJ P Ledwidge
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