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Registration number: 03604496

Clifton Development Properties Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Clifton Development Properties Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Clifton Development Properties Limited

(Registration number: 03604496)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Other financial assets

4

60

60

Current assets

 

Debtors

5

392,472

644,797

Cash at bank and in hand

 

11,359

14,532

 

403,831

659,329

Creditors: Amounts falling due within one year

6

(32,206)

(11,189)

Net current assets

 

371,625

648,140

Total assets less current liabilities

 

371,685

648,200

Creditors: Amounts falling due after more than one year

6

-

(334,033)

Net assets

 

371,685

314,167

Capital and reserves

 

Called up share capital

100

100

Retained earnings

371,585

314,067

Shareholders' funds

 

371,685

314,167

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 August 2024 and signed on its behalf by:
 


R C Cotter
Director

 

Clifton Development Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
505 Worle Park Way
Worle
Weston-Super-Mare
BS22 6WA
United Kingdom

These financial statements were authorised for issue by the Board on 9 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Clifton Development Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 1).

 

Clifton Development Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

60

60

At 31 December 2023

60

60

Impairment

Carrying amount

At 31 December 2023

60

60

5

Debtors

2023
£

2022
£

Other debtors

392,472

644,797

392,472

644,797

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

-

10,000

Taxation and social security

 

-

3

Accruals and deferred income

 

1,098

1,036

Other creditors

 

31,108

150

 

32,206

11,189

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

-

334,033

 

Clifton Development Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

-

334,033

2023
£

2022
£

Current loans and borrowings

Other borrowings

-

10,000