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Company No: 02289362 (England and Wales)

C L S (PROPERTIES) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

C L S (PROPERTIES) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

C L S (PROPERTIES) LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
C L S (PROPERTIES) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Mr B L Procter
Mr L C J Procter
SECRETARY Mrs S P Procter
REGISTERED OFFICE Centenary House Peninsula Park
Rydon Lane
Exeter
EX2 7XE
United Kingdom
COMPANY NUMBER 02289362 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
C L S (PROPERTIES) LIMITED

BALANCE SHEET

As at 31 March 2024
C L S (PROPERTIES) LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 12 16
Investment property 4 310,000 280,000
310,012 280,016
Current assets
Stocks 463,746 457,482
Debtors 5 2,424 3,288
Cash at bank and in hand 33,112 18,399
499,282 479,169
Creditors: amounts falling due within one year 6 ( 112,122) ( 98,803)
Net current assets 387,160 380,366
Total assets less current liabilities 697,172 660,382
Creditors: amounts falling due after more than one year 7 ( 103,083) ( 112,563)
Provision for liabilities ( 40,000) ( 45,000)
Net assets 554,089 502,819
Capital and reserves
Called-up share capital 8 200 200
Profit and loss account 553,889 502,619
Total shareholders' funds 554,089 502,819

For the financial year ending 31 March 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 C L S (Properties) Limited (registered number: 02289362) were approved and authorised for issue by the Board of Directors on 07 October 2024. They were signed on its behalf by:

Mr B L Procter
Director
Mr L C J Procter
Director
C L S (PROPERTIES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
C L S (PROPERTIES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

C L S (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 Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom.

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. There are no material departures from FRS 102.

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

Turnover

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

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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Other operating income

The company recognises revenue when rental income is due.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account 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.

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their resent location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

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

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 5,200 5,200
At 31 March 2024 5,200 5,200
Accumulated depreciation
At 01 April 2023 5,184 5,184
Charge for the financial year 4 4
At 31 March 2024 5,188 5,188
Net book value
At 31 March 2024 12 12
At 31 March 2023 16 16

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 280,000
Fair value movement 30,000
As at 31 March 2024 310,000

The investment property has been valued by the directors.

5. Debtors

2024 2023
£ £
Prepayments and accrued income 2,424 1,808
Other debtors 0 1,480
2,424 3,288

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 14,425 14,962
Amounts owed to directors 79,476 71,008
Accruals and deferred income 11,997 10,683
Taxation and social security 6,224 2,150
112,122 98,803

At the statement of financial position date the company had bank borrowings. This debt is secured against investment properties held in the company. The market value of these secured properties at the date of the Statement of Financial Position were as follows £310,000 (2023: £280,000).

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 103,083 112,563

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 45,382 52,716

8. Called-up share capital

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