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REGISTERED NUMBER: 10452360 (England and Wales)









Financial Statements

for the Year Ended 31 October 2023

for

CL Investments 2 Ltd

CL Investments 2 Ltd (Registered number: 10452360)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


CL Investments 2 Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Mrs L C Sidoli
M K Rodwell





REGISTERED OFFICE: 28 Church Road
Stanmore
Middlesex
HA7 4XR





REGISTERED NUMBER: 10452360 (England and Wales)





ACCOUNTANTS: Parker Cavendish
Chartered Accountants
28 Church Road
Stanmore
Middlesex
HA7 4XR

CL Investments 2 Ltd (Registered number: 10452360)

Statement of Financial Position
31 October 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 48,261 -
Investment property 5 26,750,000 31,550,000
26,798,261 31,550,000

CURRENT ASSETS
Debtors 6 3,212,813 2,486,828
Cash at bank 7 50,835 25,875
3,263,648 2,512,703
CREDITORS
Amounts falling due within one year 8 (25,699,467 ) (25,875,526 )
NET CURRENT LIABILITIES (22,435,819 ) (23,362,823 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,362,442

8,187,177

PROVISIONS FOR LIABILITIES - (814,971 )
NET ASSETS 4,362,442 7,372,206

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 4,362,441 7,372,205
4,362,442 7,372,206

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2024 and were signed on its behalf by:





M K Rodwell - Director


CL Investments 2 Ltd (Registered number: 10452360)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

CL Investments 2 Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption in Financial Reporting Standard 102 not to disclose related party transactions with wholly owned entities within the group.

Turnover
Income comprises rent receivable from investment properties net of value added tax and is recognised on an accruals basis. Benefits provided to lessees in the form of rent free periods and capital contributions are treated as a reduction in the overall return on the lease and are recognised on a straight line basis over the full term of the lease.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost

Investment property
Initial measurement
Investment properties are initially measured at cost.

Subsequent measurement
Investment properties are measured at fair value at each reporting date with changes in fair values recognised in profit or loss. No depreciation is provided in respect of investment properties.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

CL Investments 2 Ltd (Registered number: 10452360)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Going concern
At 31 October 2023, the company had a net current liability position. The company continues to be operationally profitable and therefore the financial statements have been prepared on going concern basis.

Cast at bank
Included in cash at bank are certain bank accounts with cash balances which are under the control of the lender as stipulated in the bank loan agreement. Rental receipts (excluding VAT) are paid into this account and are released by the lender after the deduction of the bank loan interest.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and
fittings
£   
COST
Additions 21,723
Reclassification/transfer 55,017
At 31 October 2023 76,740
DEPRECIATION
Charge for year 28,479
At 31 October 2023 28,479
NET BOOK VALUE
At 31 October 2023 48,261

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022 31,550,000
Additions 245,605
Revaluations (4,990,588 )
Reclassification/transfer (55,017 )
At 31 October 2023 26,750,000
NET BOOK VALUE
At 31 October 2023 26,750,000
At 31 October 2022 31,550,000

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2023 26,750,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 28,056,138 27,865,550

The investment properties were valued on an open market basis on 31 October 2023 by the directors .

CL Investments 2 Ltd (Registered number: 10452360)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 49,311 83,188
Amounts owed by group undertakings 2,518,499 1,804,238
Other debtors 143,324 256,864
Tax 212,962 -
Value added tax - 18,783
Prepayments & accrued income 288,717 323,755
3,212,813 2,486,828

7. CASH AT BANK

Included in cash at bank are certain bank accounts with cash balances which are under the control of the lender as stipulated in the bank loan agreement. Rental receipts (excluding VAT) are paid into this account and are released by the lender after the deduction of the bank loan interest. At the year end, the amount included in the cash at bank total under the control of the lender amounted to £518 (2022: £25,875).

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 6,885 88,443
Amounts owed to group undertakings 3,632 3,632
Tax - 37,369
Value added tax 50,755 -
Other creditors 106,303 158,539
Loan from group undertaking 25,323,000 25,323,000
Accruals & deferred income 208,892 264,543
25,699,467 25,875,526

The loan from group undertaking is interest free and repayable on demand.

9. CONTINGENT LIABILITIES

As part of a group bank loan in its immediate parent undertaking, C L Investments Holdings Ltd, the lender has a mortgage over the company's investment properties and a floating charge over all assets.

10. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 173,336

11. PARENT UNDERTAKING

The smallest group in which the results of the company are consolidated is headed by C L Investments Holdings Ltd, a company registered in United Kingdom. The registered office of C L Investments Holdings Ltd is 28 Church Road, Stanmore, Middlesex, HA7 4XR.

12. RETAINED EARNINGS

The retained earnings of £4,362,441 (2022: £7,372,205) comprise of distributable reserves of £4,362,441 (2022: £4,502,726) and non-distributable reserves of £Nil (2022: £2,869,479) which relate to property revaluations less related deferred tax provision.