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Registration number: 10807000

Clearview Residential Ltd

Unaudited Abridged Financial Statements

for the Year Ended 31 December 2023

 

Clearview Residential Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Clearview Residential Ltd

Company Information

Director

Stephen John Murphy

Registered office

Lodge Farm
Lodge Lane
Chalfont St. Giles
Buckinghamshire
HP8 4AH

Accountants

Carbon Accountancy Limited
Chartered Accountants
80-83 Long Lane
London
EC1A 9ET

 

Clearview Residential Ltd

(Registration number: 10807000)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

358,250

399,638

Current assets

 

Debtors

555,757

471,759

Cash at bank and in hand

 

1,314

18,236

 

557,071

489,995

Creditors: Amounts falling due within one year

(714,514)

(379,235)

Net current (liabilities)/assets

 

(157,443)

110,760

Total assets less current liabilities

 

200,807

510,398

Provisions for liabilities

(8,202)

(9,095)

Net assets

 

192,605

501,303

Capital and reserves

 

Called up share capital

5

100

100

Retained earnings

192,505

501,203

Shareholders' funds

 

192,605

501,303

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.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Clearview Residential Ltd

(Registration number: 10807000)
Abridged Balance Sheet as at 31 December 2023 (continued)

Approved and authorised by the director on 10 September 2024
 

.........................................
Stephen John Murphy
Director

 

Clearview Residential Ltd

Notes to the Unaudited Abridged 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:
Lodge Farm
Lodge Lane
Chalfont St. Giles
Buckinghamshire
HP8 4AH

These financial statements were authorised for issue by the director on 10 September 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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense represents the sum of the tax currently payable and deferred 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.

 

Clearview Residential Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold improvements

10% on cost

Plant and equipment

20% on cost

Motor vehicles

25% on cost

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.

 

Clearview Residential Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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.

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 the director) during the year, was 4 (2022 - 4).

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

400,029

4,640

55,690

460,359

Additions

-

5,764

8,239

14,003

At 31 December 2023

400,029

10,404

63,929

474,362

Depreciation

At 1 January 2023

40,003

1,312

19,405

60,720

Charge for the year

40,003

2,601

12,788

55,392

At 31 December 2023

80,006

3,913

32,193

116,112

Carrying amount

At 31 December 2023

320,023

6,491

31,736

358,250

At 31 December 2022

360,025

3,328

36,285

399,638

Included within the net book value of land and buildings above is £320,023 (2022 - £360,025) in respect of short leasehold improvements.
 

 

Clearview Residential Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023 (continued)

5

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

6

Related party transactions

Included in turnover and company expenses was respectively £111,896 (2022 - £Nil) and £30,938 (2022 - £24,343) from companies in which the director had an interest. Interest bearing loan finance at 5% per annum was also provided and interest payable included £12,465 (2022 - £Nil) under this arrangement. At the year end current assets included £43,829 (2022 - £56,317) due from, and current liabilities included £276,625 (2022 - £Nil) due to these companies.

Short leasehold improvements represent costs incurred at premises licenced from S J Murphy.

 
Included in other debtors is a loan of £125,000 (2022 - £Nil) to a company in which the director has an interest. The loan is interest free and repayable on demand.

Under FRS 102, details are not given in respect of transactions entered into between two or more members of the group to which the company belongs as all subsidiaries are wholly owned by the parent undertaking Clearview Property Group Limited.

 

7

Parent and ultimate parent undertaking

The company's immediate parent is Clearview Property Group Limited, incorporated in England.