Company registration number 10433522 (England and Wales)
CLEVELAND PROPERTIES HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
CLEVELAND PROPERTIES HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CLEVELAND PROPERTIES HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
747
996
Investment property
4
1,912,479
1,912,479
1,913,226
1,913,475
Current assets
Debtors
5
992
3,312
Cash at bank and in hand
9,964
7,757
10,956
11,069
Creditors: amounts falling due within one year
6
(1,411,596)
(1,422,097)
Net current liabilities
(1,400,640)
(1,411,028)
Total assets less current liabilities
512,586
502,447
Creditors: amounts falling due after more than one year
7
(514,933)
(514,933)
Net liabilities
(2,347)
(12,486)
Capital and reserves
Called up share capital
8
20
20
Profit and loss reserves
(2,367)
(12,506)
Total equity
(2,347)
(12,486)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 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 year 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.
CLEVELAND PROPERTIES HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 July 2024 and are signed on its behalf by:
H Malden
Director
Company registration number 10433522 (England and Wales)
CLEVELAND PROPERTIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Cleveland Properties Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 London House, 172 Aldersgate Street, London, EC1A 4HU.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The Directors will continue to support the company by not requesting repayment of loans and by providing ad-hoc funding as needed. Therefore they have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover represents amounts receivable for rent.
Rental income
Income from investment properties is recognised in profit and loss on a straight-line basis over the lease term.
1.4
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:
Fixtures and fittings
25% reducing balance
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.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
CLEVELAND PROPERTIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
CLEVELAND PROPERTIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 and 31 October 2023
5,599
Depreciation and impairment
At 1 November 2022
4,603
Depreciation charged in the year
249
At 31 October 2023
4,852
Carrying amount
At 31 October 2023
747
At 31 October 2022
996
4
Investment property
2023
£
Fair value
At 1 November 2022 and 31 October 2023
1,912,479
Investment properties comprises of Flat 2 Doctrine Apartments, 9 Edicule Square, London, E3 5SD and Flat 3, 26 Canonbury Street, London, N1 2TD.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
402
402
Deferred tax asset
590
2,910
992
3,312
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
121,000
131,000
Other creditors
1,290,596
1,291,097
1,411,596
1,422,097
The bank loans are secured by fixed and floating charges over the property to which they relate.
CLEVELAND PROPERTIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
514,933
514,933
The bank loans are secured by fixed and floating charges over the property to which they relate.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20
20
20
20