Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Mark Timothy Davies 20/09/1993 Christopher Guy Dawson 20/09/1993 Stephen Andrew Lipfriend 20/09/1993 09 October 2024 The principal activity of the Company during the financial year were the holding and rental of investment properties. 02855094 2024-02-29 02855094 bus:Director1 2024-02-29 02855094 bus:Director2 2024-02-29 02855094 bus:Director3 2024-02-29 02855094 2023-02-28 02855094 core:CurrentFinancialInstruments 2024-02-29 02855094 core:CurrentFinancialInstruments 2023-02-28 02855094 core:Non-currentFinancialInstruments 2024-02-29 02855094 core:Non-currentFinancialInstruments 2023-02-28 02855094 core:ShareCapital 2024-02-29 02855094 core:ShareCapital 2023-02-28 02855094 core:CapitalRedemptionReserve 2024-02-29 02855094 core:CapitalRedemptionReserve 2023-02-28 02855094 core:RetainedEarningsAccumulatedLosses 2024-02-29 02855094 core:RetainedEarningsAccumulatedLosses 2023-02-28 02855094 core:Vehicles 2023-02-28 02855094 core:ComputerEquipment 2023-02-28 02855094 core:Vehicles 2024-02-29 02855094 core:ComputerEquipment 2024-02-29 02855094 bus:OrdinaryShareClass1 2024-02-29 02855094 bus:OrdinaryShareClass2 2024-02-29 02855094 2023-03-01 2024-02-29 02855094 bus:FilletedAccounts 2023-03-01 2024-02-29 02855094 bus:SmallEntities 2023-03-01 2024-02-29 02855094 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 02855094 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 02855094 bus:Director1 2023-03-01 2024-02-29 02855094 bus:Director2 2023-03-01 2024-02-29 02855094 bus:Director3 2023-03-01 2024-02-29 02855094 core:Vehicles 2023-03-01 2024-02-29 02855094 core:ComputerEquipment core:TopRangeValue 2023-03-01 2024-02-29 02855094 2022-03-01 2023-02-28 02855094 core:ComputerEquipment 2023-03-01 2024-02-29 02855094 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 02855094 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 02855094 bus:OrdinaryShareClass2 2023-03-01 2024-02-29 02855094 bus:OrdinaryShareClass2 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02855094 (England and Wales)

CLIPPER PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

CLIPPER PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

CLIPPER PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 29 February 2024
CLIPPER PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 30,628 41,124
Investment property 4 4,151,413 4,259,800
4,182,041 4,300,924
Current assets
Debtors
- due within one year 5 115,703 446,280
- due after more than one year 5 245,000 0
Cash at bank and in hand 93,114 115,229
453,817 561,509
Creditors: amounts falling due within one year 6 ( 87,681) ( 124,985)
Net current assets 366,136 436,524
Total assets less current liabilities 4,548,177 4,737,448
Provision for liabilities ( 361,610) ( 406,483)
Net assets 4,186,567 4,330,965
Capital and reserves
Called-up share capital 7 1,200 1,200
Capital redemption reserve 1,148,076 1,148,076
Profit and loss account 3,037,291 3,181,689
Total shareholders' funds 4,186,567 4,330,965

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Clipper Properties Limited (registered number: 02855094) were approved and authorised for issue by the Board of Directors on 09 October 2024. They were signed on its behalf by:

Christopher Guy Dawson
Director
CLIPPER PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
CLIPPER PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Clipper Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom. The principal place of business is Fishers Lodge, Tunbridge Road, Chew Magna, BS40 8SX.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases


The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Vehicles Computer equipment Total
£ £ £
Cost
At 01 March 2023 56,953 2,003 58,956
At 29 February 2024 56,953 2,003 58,956
Accumulated depreciation
At 01 March 2023 16,233 1,599 17,832
Charge for the financial year 10,180 316 10,496
At 29 February 2024 26,413 1,915 28,328
Net book value
At 29 February 2024 30,540 88 30,628
At 28 February 2023 40,720 404 41,124

4. Investment property

Investment property
£
Valuation
As at 01 March 2023 4,259,800
Additions 333,482
Fair value movement (197,869)
Disposals (244,000)
As at 29 February 2024 4,151,413

Valuation

A valuation of investment property was completed by the directors at the statement of financial position date.

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
VAT recoverable 2,609 5,328
Other debtors 113,094 440,952
115,703 446,280
Debtors: amounts falling due after more than one year
Other debtors 245,000 0

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 10,323 10,362
Amounts owed to directors 532 618
Accruals and deferred income 6,342 20,380
Taxation and social security 51,927 72,874
Other creditors 18,557 20,751
87,681 124,985

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
900 Ordinary shares of £ 1.00 each 900 900
300 Ordinary B shares of £ 1.00 each 300 300
1,200 1,200

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amount owed to the directors by the company 532 618
Dividends paid 118,600 123,600

There are no interest charges on the above amounts and no set repayment date.

9. Profit and loss account

2024 2023
£ £
Profit and loss account - distributable 2,668,378 2,615,717
Profit and loss account - non-distributable 368,103 565,972
3,036,481 3,181,689

Profit and loss account - distributable

This reserve represents the cumulative profits and losses that can be distributed.

Profit and loss account - non-distributable

This reserve represents the cumulative gains and losses, and respective deferred tax on these gains and losses, on the fair value movements of investment properties.