Company registration number 12856114 (England and Wales)
CLERKENWELL ESTATES (HOLYWELL BAY) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
CLERKENWELL ESTATES (HOLYWELL BAY) LIMITED
COMPANY INFORMATION
Directors
J P Ledwidge
O R A Hutchinson
Company number
12856114
Registered office
23-25 Great Sutton Street
London
England
EC1V 0DN
Accountants
Begbies
9 Bonhill Street
London
EC2A 4DJ
Business address
23-25 Great Sutton Street
London
England
EC1V 0DN
CLERKENWELL ESTATES (HOLYWELL BAY) LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 9
CLERKENWELL ESTATES (HOLYWELL BAY) LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2024
- 1 -

The directors present their annual report and financial statements for the period ended 30 June 2024.

Principal activities

The principal activity of the company continued to be that of property developments.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

J P Ledwidge
O R A Hutchinson
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
J P Ledwidge
O R A Hutchinson
Director
Director
16 September 2024
CLERKENWELL ESTATES (HOLYWELL BAY) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CLERKENWELL ESTATES (HOLYWELL BAY) LIMITED FOR THE PERIOD ENDED 30 JUNE 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Clerkenwell Estates (Holywell Bay) Limited for the period ended 30 June 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Clerkenwell Estates (Holywell Bay) Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Clerkenwell Estates (Holywell Bay) Limited and state those matters that we have agreed to state to the Board of Directors of Clerkenwell Estates (Holywell Bay) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clerkenwell Estates (Holywell Bay) Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Clerkenwell Estates (Holywell Bay) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Clerkenwell Estates (Holywell Bay) Limited. You consider that Clerkenwell Estates (Holywell Bay) Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Clerkenwell Estates (Holywell Bay) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Begbies
16 September 2024
Chartered Accountants
9 Bonhill Street
London
EC2A 4DJ
CLERKENWELL ESTATES (HOLYWELL BAY) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 JUNE 2024
- 3 -
Period
Year
ended
ended
30 June
30 September
2024
2023
£
£
Cost of sales
(1,169)
(1,064)
Gross loss
(1,169)
(1,064)
Administrative expenses
(54,779)
(63,223)
Operating loss
(55,948)
(64,287)
Interest receivable and similar income
22
-
0
Loss before taxation
(55,926)
(64,287)
Tax on loss
-
0
-
0
Loss for the financial period
(55,926)
(64,287)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CLERKENWELL ESTATES (HOLYWELL BAY) LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 4 -
30 June 2024
30 September 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,383
5,394
Current assets
Stocks
3,193,699
2,941,196
Debtors
5
48,353
16,698
Cash at bank and in hand
12,605
2,272
3,254,657
2,960,166
Creditors: amounts falling due within one year
6
(3,499,365)
(3,149,959)
Net current liabilities
(244,708)
(189,793)
Net liabilities
(240,325)
(184,399)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(240,425)
(184,499)
Total equity
(240,325)
(184,399)

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

For the financial period ended 30 June 2024 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 period 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.

The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
J P Ledwidge
O R A Hutchinson
Director
Director
Company registration number 12856114 (England and Wales)
CLERKENWELL ESTATES (HOLYWELL BAY) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024
- 5 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2022
100
(120,212)
(120,112)
Year ended 30 September 2023:
Loss and total comprehensive income
-
(64,287)
(64,287)
Balance at 30 September 2023
100
(184,499)
(184,399)
Period ended 30 June 2024:
Loss and total comprehensive income
-
(55,926)
(55,926)
Balance at 30 June 2024
100
(240,425)
(240,325)
CLERKENWELL ESTATES (HOLYWELL BAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 6 -
1
Accounting policies
Company information

Clerkenwell Estates (Holywell Bay) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 23-25 Great Sutton Street, London, England, EC1V 0DN.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
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:

Plant and equipment
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.

1.3
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

CLERKENWELL ESTATES (HOLYWELL BAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 7 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

 

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method less any impairment.

 

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.

 

Basic financial Liabilities

Basic financial liabilities, including trade and other payables are initially recognised at transaction price.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

CLERKENWELL ESTATES (HOLYWELL BAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 8 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
2
2
4
Tangible fixed assets
Total
£
Cost
At 1 October 2023 and 30 June 2024
12,330
Depreciation and impairment
At 1 October 2023
6,936
Depreciation charged in the period
1,011
At 30 June 2024
7,947
Carrying amount
At 30 June 2024
4,383
At 30 September 2023
5,394
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
100
100
Other debtors
48,253
16,598
48,353
16,698
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,214
27,047
Amounts owed to group undertakings
3,440,671
3,068,695
Taxation and social security
851
218
Other creditors
56,629
53,999
3,499,365
3,149,959
CLERKENWELL ESTATES (HOLYWELL BAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 9 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
8
Going concern

The liabilities of the company are in excess of its assets. The parent company which is the main creditor of the company has agreed to continue its support for the foreseeable future. Consequently, these financial statements have been prepared on a going concern basis.

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