Company registration number 01540837 (England and Wales)
CLAREMORRIS PROPERTIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
CLAREMORRIS PROPERTIES LIMITED
COMPANY INFORMATION
Directors
D E Comber
A M Olliff
R J McCarthy
Secretary
I Williamson
Company number
01540837
Registered office
77 Endell Street
London
WC2H 9DZ
Auditor
Forvis Mazars LLP
30 Old Bailey
London
EC4M 7AU
CLAREMORRIS PROPERTIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -
Principal activities

The principal activity of the company during the year was property investment and management.

Business review and future developments
The company's leasehold property continues to be part occupied by the London based operation of its parent company Scott Brownrigg Limited. The remainder of the building is occupied by two separate external tenants (2023: two).
The risks facing Claremorris Properties Limited continue to be managed at a group level, rather than at an individual business unit level. The principal risks and uncertainties of Scott Brownrigg Group Limited, which include those of the company, are discussed in Scott Brownrigg Group Limited's Strategic Report which does not form part of this report.
Investment Properties
The investment property has been valued by the directors at £10,000,000 (2023: £10,000,000). The resultant fair value movement in the year was therefore £nil (2023: £nil). Details of the investment property are set out in note 8.
Results and dividends

The result for the year is shown in the statement of comprehensive income on page 7. The profit for the year after taxation was £203,399 (2023: profit £252,242).

 

No dividends were paid or proposed in respect of the financial year (2023: £nil).

Directors

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

D E Comber
A M Olliff
R J McCarthy
Auditor

The auditor, Forvis Mazars LLP, has indicated its willingness to continue in office.

 

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The directors have also taken the available exemption from the requirement to prepare a strategic report.

Statement as to disclosure of information to the auditor
The directors who were in office on the date of approval of these financial statements have confirmed that, as far as they are aware, there is no relevant audit information of which the auditor is unaware. The directors have confirmed that they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.
Going concern

The directors consider that the going concern basis for the preparation of the company’s financial statements remains appropriate, see accounting policy laid out on page 10.

CLAREMORRIS PROPERTIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
On behalf of the board
D E Comber
Director
1 August 2024
CLAREMORRIS PROPERTIES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CLAREMORRIS PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CLAREMORRIS PROPERTIES LIMITED
- 4 -
Opinion

We have audited the financial statements of Claremorris Properties Limited (the ‘company’) for the year ended 31 January 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies.

 

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the financial statements” section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

CLAREMORRIS PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLAREMORRIS PROPERTIES LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

 

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

 

Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.

 

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

 

 

 

 

CLAREMORRIS PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLAREMORRIS PROPERTIES LIMITED
- 6 -

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.

 

In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut off assertion, and significant one-off or unusual transactions.

 

Our audit procedures in relation to fraud included but were not limited to:

 

 

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Use of the audit report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Gareth Jones
Senior Statutory Auditor
For and on behalf of Forvis Mazars LLP
1 August 2024
Chartered Accountants
Statutory Auditor
30 Old Bailey
London
EC4M 7AU
CLAREMORRIS PROPERTIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
711,405
704,108
Administrative expenses
(444,028)
(448,880)
Operating profit
4
267,377
255,228
Profit before taxation
267,377
255,228
Taxation
7
(63,978)
(2,986)
Profit after taxation and profit for the year
203,399
252,242
Other comprehensive income
-
-
Total comprehensive income for the year
203,399
252,242

The notes on pages 10 to 17 form part of these financial statements.

CLAREMORRIS PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JANUARY 2024
31 January 2024
- 8 -
2024
2023
Notes
£
£
Fixed assets
Investment property
8
10,000,000
10,000,000
Current assets
Debtors
9
1,474,952
1,156,018
Cash at bank and in hand
49,753
86,969
1,524,705
1,242,987
Creditors: amounts falling due within one year
10
241,347
167,454
Net current assets
1,283,358
1,075,533
Total assets less current liabilities
11,283,358
11,075,533
Provisions for liabilities
11
(2,001,380)
(1,996,954)
Net assets
9,281,978
9,078,579
Capital and reserves
Called up share capital
12
98
98
Profit and loss reserves
9,281,880
9,078,481
Total equity
9,281,978
9,078,579
The financial statements were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
D E Comber
Director
Company Registration No. 01540837
CLAREMORRIS PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 February 2022
98
8,826,239
8,826,337
Profit and total comprehensive income for the year
-
252,242
252,242
Balance at 31 January 2023
98
9,078,481
9,078,579
Profit and total comprehensive income for the year
-
203,399
203,399
Balance at 31 January 2024
98
9,281,880
9,281,978
CLAREMORRIS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
1
Accounting policies
Company information

Claremorris Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 77 Endell Street, London, WC2H 9DZ.

 

The principal activity of the company is property investment and management.

 

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.

The financial statements are prepared in sterling, which is the functional currency of the company.

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.

In accordance with FRS 102, the Company has taken advantage of the exemptions from the following disclosure requirements;

 

– Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; and

 

The financial statements of the Company are consolidated in the financial statements of Scott Brownrigg Group Limited. The consolidated financial statements of Scott Brownrigg Group Limited are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

1.2
Going concern

The directors consider that the going concern basis for the preparation of the group’s financial statements remains appropriate. In arriving at this conclusion, they have taken into consideration the results for the year ended 31 January 2024, together with current results and cash flow forecasts for 12 months from the date of signing of the financial statements. Post year end the directors have been carefully monitoring cash flow and the cost base of the group, ensuring strict payment terms are adhered to and discretionary spend is contained to the budgets set at the beginning of the new financial year.true

 

The revenue has been secured via medium term lease agreements, and no material deviations from the budget set for 2024 are expected.

 

Based on these forecasts and action plans the directors consider it is appropriate for the financial statements to be prepared on the going concern basis. The financial statements do not include any adjustments that would result in the going concern basis of preparation not to be appropriate. In the event that this basis is not appropriate provisions may be required and assets may need to be written down to recoverable amounts.

 

CLAREMORRIS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 11 -
1.3
Turnover

Turnover comprises rent receivable and other income arising from investment properties. Turnover is recognised at the fair value of the consideration received or receivable for rental income charged to tenants in the normal course of the business.

 

1.4
Investment property

Investment properties are initially measured at cost and subsequently measured at fair value whilst a reliable measure of fair value is available without undue cost or effort. Changes in fair value are recognised in profit or loss.

 

1.5
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.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

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 impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

CLAREMORRIS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 12 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

 

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

 

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Derecognition of financial liabilities

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

 

1.6
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.

1.7
Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

 

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

 

 

 

Deferred tax is calculated at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

 

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different years from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

 

CLAREMORRIS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 13 -

For investment properties measured at fair value deferred tax is measured using the tax rates and allowances that apply to the sale of the asset or property.

 

Current and deferred tax is charged or credited in profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

 

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

 

Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

 

Investment properties

Estimates are made in respect of determining the carrying value of the investment property which is stated at fair value. The directors have valued the company’s investment property having regard to local market conditions and informal advice received from external professional valuers (see note 8). However the valuation of the company’s investment property is inherently subjective as it is made on the basis of valuation assumptions which may in future not prove to be accurate. The directors’ note that property values, particularly in Central London, where the company’s investment property is situated, can be volatile (see note 8) and further note their current intention to hold the property for the medium to long-term.

Deferred taxation

Deferred tax liabilities are assessed on the basis of assumptions regarding the future, the likelihood that assets will be realised and liabilities will be settled, and estimates as to the timing of those future events and as to the future tax rates that will be applicable.

3
Turnover

The company’s turnover for the year has been derived entirely from its principal activity, wholly undertaken in the United Kingdom.

CLAREMORRIS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 14 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Operating lease rentals - Land and buildings
270,000
270,000
Property rental income
(637,270)
(625,141)
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
5,000
5,750
For other services
Taxation compliance services
3,800
3,500
6
Employees

There were no employees during the year other than the directors. The directors are remunerated by the parent company, Scott Brownrigg Limited.

 

7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
59,997
44,852
Adjustments in respect of prior periods
(445)
(46,658)
Total current tax
59,552
(1,806)
Deferred tax
Origination and reversal of timing differences
4,426
3,642
Effect of increased tax rate on opening liability
-
0
0
1,150
Total deferred tax
4,426
4,792
Total tax charge
63,978
2,986
CLAREMORRIS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
7
Taxation
(Continued)
- 15 -
The tax charge for the year is lower than the standard rate of corporation tax in the UK (19%). The differences are explained below. The charge for the year can be reconciled to the profit per the income statement as follows:
2024
2023
£
£
Profit before taxation
267,377
255,228
Expected tax charge based on the standard rate of corporation tax in the UK of 24.03% (2023: 19.00%)
64,251
48,493
Adjustments in respect of prior years
(445)
(46,658)
Deferred tax adjustments in respect of prior years
172
1,151
Total charge for the year
63,978
2,986
8
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
10,000,000

The investment property represents the long leasehold interest in a commercial office building in Covent Garden, London.

The fair value of the company’s investment property at 31 January 2024 has been arrived at by the directors having regard to informal valuation advice provided by third party commercial property experts on an open market value basis. The valuation was determined by reference to rental yields and market evidence of transaction prices for similar properties in London’s West End. The directors’ note their current intention to hold the property for the medium to long-term.

The historic cost of investment property was £2,248,267 (2023: £2,248,267).

The Company has pledged its investment property as security over loans of certain other group companies (note 14).

9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,278
-
0
Corporation tax recoverable
-
0
1,611
Amounts owed by group undertakings
1,419,726
1,107,087
Prepayments and accrued income
50,948
47,320
1,474,952
1,156,018
CLAREMORRIS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 16 -
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
16,978
11,134
Corporation tax
59,997
-
0
Other taxation and social security
29,931
31,648
Accruals and deferred income
134,441
124,672
241,347
167,454
11
Provision for liabilities
Provision for deferred tax liabilities recognised by the company at 25% (2023: 25%) is as follows:
2024
2023
£
£
Accelerated capital allowances
(63,406)
(67,832)
Assets measured at fair value
2,064,786
2,064,786
2,001,380
1,996,954
2024
Movements in the year:
£
Liability at 1 February 2023
1,996,954
Charge to profit or loss
4,426
Liability at 31 January 2024
2,001,380
12
Called up share capital
2024
2023
Share capital
£
£
Allotted, issued and fully paid of £1 each
98
98

Ordinary share rights

The company’s ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company.

 

Reserves

Reserves of the Company represent the following:

 

Profit and loss account

Cumulative profit and loss net of distributions to owners.

CLAREMORRIS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 17 -
13
Operating lease commitments
The company as a lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
270,000
270,000
Between two and five years
1,080,000
1,080,000
After five years
14,170,645
14,440,645
15,520,645
15,790,645
The company as a lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
Within one year
307,174
291,166
Between two and five years
60,761
283,366
367,935
574,532
14
Guarantees

The company is subject to a cross guarantee in respect of the bank loan of certain other group companies. The total amounts outstanding in respect of the loan at 31 January 2024 is £3,700,435 (2023: £4,303,726).

15
Controlling party

The company’s immediate parent company is Scott Brownrigg Limited, a company incorporated in England and Wales.

The company’s ultimate parent and controlling party is Scott Brownrigg EOT Trustee Limited, a company incorporated in England and Wales. Copies of the parent company’s accounts can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ. Scott Brownrigg Group Limited, is the smallest and largest group of undertakings for which consolidated accounts are prepared.

16
Related party transactions

The company has taken advantage of the exemptions provided by Section 33 of FRS 102 ‘Related Party Disclosures’ and has not disclosed transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.true

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