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2023-01-05
Sage Accounts Production Advanced 2023 - FRS102_2023
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02769356
2023-01-05
2024-01-04
02769356
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02769356
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02769356
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02769356
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2023-01-04
02769356
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02769356
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COMPANY REGISTRATION NUMBER:
02769356
CLARENCE TERRACE PROPERTIES LIMITED |
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
CLARENCE TERRACE PROPERTIES LIMITED |
|
YEAR ENDED 4 JANUARY 2024
Officers and professional advisers |
1 |
|
|
Statement of financial position |
2 to 3 |
|
|
Notes to the financial statements |
4 to 7 |
|
|
CLARENCE TERRACE PROPERTIES LIMITED |
|
OFFICERS AND PROFESSIONAL ADVISERS |
|
The board of directors |
L Corbett (Resigned 17 July 2023) |
|
R Mahboubian |
|
V M Segal |
|
H Chae (Resigned 8 December 2023) |
|
G Jacobs (Resigned 24 July 2023) |
|
J Ueno-Park |
|
Lady J Stringer (Appointed 10 November 2023) |
|
|
Registered office |
Lynton House |
|
7-12 Tavistock Square |
|
London |
|
WC1H 9BQ |
|
|
Date of incorporation
25 November 1992
Accountants |
TC BSG Valentine Limited |
|
Accountants |
|
Lynton House |
|
7-12 Tavistock Square |
|
London |
|
WC1H 9BQ |
|
|
CLARENCE TERRACE PROPERTIES LIMITED |
|
STATEMENT OF FINANCIAL POSITION |
|
4 January 2024
FIXED ASSETS
Tangible assets |
5 |
|
918,588 |
|
954,784 |
|
|
|
|
|
|
CURRENT ASSETS
Debtors |
6 |
99,152 |
|
260,175 |
|
Cash at bank and in hand |
390,823 |
|
337,586 |
|
|
--------- |
|
--------- |
|
|
489,975 |
|
597,761 |
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year |
7 |
(
137,922) |
|
(
221,097) |
|
|
--------- |
|
--------- |
|
NET CURRENT ASSETS |
|
352,053 |
|
376,664 |
|
|
------------ |
|
------------ |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
1,270,641 |
|
1,331,448 |
|
|
|
|
|
|
PROVISIONS |
|
(
37,003) |
|
(
37,003) |
|
|
------------ |
|
------------ |
NET ASSETS |
|
1,233,638 |
|
1,294,445 |
|
|
------------ |
|
------------ |
|
|
|
|
|
CAPITAL AND RESERVES
Called up share capital |
|
1,012 |
|
1,012 |
Share premium account |
8 |
|
8,988 |
|
8,988 |
Profit and loss account |
8 |
|
1,223,638 |
|
1,284,445 |
|
|
------------ |
|
------------ |
SHAREHOLDERS FUNDS |
|
1,233,638 |
|
1,294,445 |
|
|
------------ |
|
------------ |
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 4 January 2024 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
CLARENCE TERRACE PROPERTIES LIMITED |
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
4 January 2024
These financial statements were approved by the
board of directors
and authorised for issue on
30 September 2024
, and are signed on behalf of the board by:
Company registration number:
02769356
CLARENCE TERRACE PROPERTIES LIMITED |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 4 JANUARY 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Service charge funds
The company receives contributions towards property outgoings from the lessees ('service charge funds'). However, as set out in Section 42 of The Landlord and Tenant Act 1987, the company holds these funds in trust for the lessees, and in accordance with recommended practice issued by the Institute Of Chartered Accountants in England and Wales, these contributions are not reflected in the accounts.
Revenue recognition
Turnover represents rents receivable from properties held for investment.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Leasehold improvements |
- |
20% straight line |
|
Fixtures, fittings and equipment |
- |
25% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
5.
Tangible assets
|
Leasehold investment property |
Leasehold improvements |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
£ |
Cost and valuation |
|
|
|
|
At 5 January 2023 and 4 January 2024 |
810,000 |
180,947 |
8,583 |
999,530 |
|
--------- |
--------- |
------- |
--------- |
Depreciation |
|
|
|
|
At 5 January 2023 |
– |
36,190 |
8,556 |
44,746 |
Charge for the year |
– |
36,189 |
7 |
36,196 |
|
--------- |
--------- |
------- |
--------- |
At 4 January 2024 |
– |
72,379 |
8,563 |
80,942 |
|
--------- |
--------- |
------- |
--------- |
Carrying amount |
|
|
|
|
At 4 January 2024 |
810,000 |
108,568 |
20 |
918,588 |
|
--------- |
--------- |
------- |
--------- |
At 4 January 2023 |
810,000 |
144,757 |
27 |
954,784 |
|
--------- |
--------- |
------- |
--------- |
|
|
|
|
|
The historic cost of investment property, shown at its market value, is £270,551 (2023: £270,551).
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
98,668 |
52,655 |
Other debtors |
484 |
207,520 |
|
-------- |
--------- |
|
99,152 |
260,175 |
|
-------- |
--------- |
|
|
|
Included in other debtors is an amount of £nil (2023: £112,815)rent receivable from the commercial leaseholders relating to back rent payable to the Crown.
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Other creditors |
137,922 |
221,097 |
|
--------- |
--------- |
|
|
|
Included in other creditors is an amount of £69,312 (2023: £170,415)rent payable to the Crown. This amount relates to back rent due to the Crown.
8.
Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses. Within the profit and loss account are non-distributable reserves relating to the revaluation of the investment properties amounting to £508,834 (2023: £508,834).
9.
Related party transactions
Included in other creditors is the amount of £35,656 (2023: £94,264 due from) due to the Clarence Terrace Service Charge Fund. This amount is interest free, payable on demand and held by the managing agents D & G Block Management.