Company registration number 13212062 (England and Wales)
CLARK MILLER PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
CLARK MILLER PROPERTIES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CLARK MILLER PROPERTIES LTD
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
1,800,000
1,800,000
Current assets
Debtors
5
-
0
5,709
Cash at bank and in hand
23,422
29,866
23,422
35,575
Creditors: amounts falling due within one year
6
(1,570,584)
(51,402)
Net current liabilities
(1,547,162)
(15,827)
Total assets less current liabilities
252,838
1,784,173
Creditors: amounts falling due after more than one year
7
-
0
(1,502,807)
Provisions for liabilities
9,510
2,378
Net assets
262,348
283,744
Capital and reserves
Called up share capital
8
10
10
Fair value reserves
9
187,345
187,345
Profit and loss reserves
74,993
96,389
Total equity
262,348
283,744
CLARK MILLER PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
- 2 -

For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 14 November 2024 and are signed on its behalf by:
Mr C J Miller
Director
Company registration number 13212062 (England and Wales)
CLARK MILLER PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information

Clark Miller Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Old Test Station, Patrick Green, Leeds, West Yorkshire, LS26 8HE.

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 investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The Director acknowledges the Company’s position of net current liabilities. This is due to a loan from a company under common control classified within creditors due within one year as the loan term originally matured in April 2024. Following the year-end, an extension to the loan term of four years was agreed by the boards in principle. The loan now matures in April 2028. Therefore, the Director does not view this as a liquidity risk to the Company.true

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. The profit and loss reserves in equity are split out between non-distributable reserves and distributable profit and loss reserves. Revaluations in investment property are shown through the profit and loss reserves.

1.4
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.

1.5
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 balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade debtors, 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

CLARK MILLER PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors and amounts owed to associated entities, 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. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

CLARK MILLER PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

 

The investment properties are stated at fair value. The company uses external independent valuers to determine the fair value. The independent valuers use the market situation and recent real estate transactions with similar characteristics and locations as the investment properties.

3
Employees

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

2024
2023
Number
Number
Total
2
2
4
Investment property
2024
£
Fair value
At 1 August 2023 and 31 July 2024
1,800,000

Investment property comprises of a property at Unit 7, Data Drive, South Kirby, Pontefract WF9 3FD. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 22 February 2024 by a qualified RICS professional whose opinion is that the market value is fairly represented by the sum of £1,800,000 (2023: £1,800,000).

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
5,709
CLARK MILLER PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other loans
1,516,633
-
0
Trade creditors
228
227
Taxation and social security
4,799
4,799
Other creditors and accruals
48,924
46,376
1,570,584
51,402

Included within other loans is an unsecured loan from an associated entity which is repayable no later than 28 April 2025. Interest on the loan is charged at 2.5% above Bank of England base rate.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Long term loan
-
0
1,502,807
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10

The company has one class of ordinary shares which rank equally for voting and distribution.

10
Fair value reserves
2024
2023
£
£
At the beginning of the year
187,345
-
0
Fair value adjustment on investment properties
-
0
249,794
Tax on fair value adjustment to investment properties
-
(62,449)
At the beginning and end of the year
187,345
187,345

The fair value reserve relates to fair value adjustments on investments and is therefore not distributable.

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