2023-04-012024-03-312024-03-31false01869692Cloverton Properties (Cilgerran) 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Cloverton Properties (Cilgerran) Limited

Registered Number
01869692
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Cloverton Properties (Cilgerran) Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

Mr G G Perfect
Mrs C A Perfect

Company Secretary

Mrs C A Perfect

Registered Address

74 High Street
Fishguard
SA65 9AU

Registered Number

01869692 (England and Wales)
Cloverton Properties (Cilgerran) Limited
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets453,59958,653
53,59958,653
Current assets
Stocks535,00035,000
Debtors62,759,8892,610,629
Cash at bank and on hand5,478246
2,800,3672,645,875
Creditors amounts falling due within one year7(1,928,239)(1,801,150)
Net current assets (liabilities)872,128844,725
Total assets less current liabilities925,727903,378
Creditors amounts falling due after one year8(34,974)(39,504)
Provisions for liabilities9(8,480)(9,689)
Net assets882,273854,185
Capital and reserves
Called up share capital45,10045,100
Profit and loss account837,173809,085
Shareholders' funds882,273854,185
The financial statements were approved and authorised for issue by the Board of Directors on 16 August 2024, and are signed on its behalf by:
Mr G G Perfect
Director
Registered Company No. 01869692
Cloverton Properties (Cilgerran) Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery20-
Fixtures and fittings25-
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees
There were no employees during the years ended 31 March 2024 and 31 March 2023 .

20242023
Average number of employees during the year00
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 April 23190,867
Additions4,388
At 31 March 24195,255
Depreciation and impairment
At 01 April 23132,215
Charge for year9,441
At 31 March 24141,656
Net book value
At 31 March 2453,599
At 31 March 2358,653
5.Stocks

2024

2023

££
Work in progress35,00035,000
Total35,00035,000
6.Debtors: amounts due within one year

2024

2023

££
Amounts owed by group undertakings2,727,5122,592,512
Other debtors32,37718,117
Total2,759,8892,610,629
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables12,15021,417
Bank borrowings and overdrafts4,5374,344
Amounts owed to related parties72,12372,123
Taxation and social security10,3424,332
Other creditors1,829,0871,698,934
Total1,928,2391,801,150
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts34,97439,504
Total34,97439,504
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)8,4809,689
Total8,4809,689
10.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
Mr G G Perfect(9,846)110,80686,73814,222
(9,846)110,80686,73814,222
Funds have been introduced since the year end to clear the overdrawn balance.
11.Related party transactions
Tynewydd Developments Limited and Derwydd Garage Limited are related parties of the company due to the common control of the ultimate parent company Good Stewards Limited. During the year the company carried out construction work for Good Stewards Limited to the value of £nil (2023 - £nil). At the balance sheet date the company was owed £270,521 by Good Stewards Limited (2023 - £270,521). During the year the company carried out construction work for Tynewydd Developments Limited to the value of £135,000 (2023 - £180,000). At the balance sheet date the company was owed £2,456,990 by Tynewydd Developments Limited (2023 - £2,321,990). At the balance sheet date the company owed Derwydd Garage Limited £72,123 (2023 - £72,123).