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REGISTERED NUMBER: 00529958 (England and Wales)












Audited Financial Statements

for the Year Ended 31 March 2024

for

Clayside Property Investments Limited

Clayside Property Investments Limited (Registered number: 00529958)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Clayside Property Investments Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr M D Jacobson
Mrs A B Jacobson
Mr N Scott



REGISTERED OFFICE: 17 Queens Lane
Newcastle upon Tyne
Tyne and Wear
NE1 1RN



REGISTERED NUMBER: 00529958 (England and Wales)



AUDITORS: CLA Evelyn Partners Limited
17 Queens Lane
Newcastle
NE1 1RN



BANKERS: Lloyds TSB Bank Plc
102 Grey Street
Newcastle upon Tyne
NE99 1SL

Clayside Property Investments Limited (Registered number: 00529958)

Balance Sheet
31 March 2024

2024 2023
as restated
Notes £    £   
FIXED ASSETS
Investments 4 100 100
Investment property 5 9,942,371 9,725,303
9,942,471 9,725,403

CURRENT ASSETS
Debtors 6 908,841 416,870
Investments 7 3,243,425 3,932,057
Cash at bank 5,299 13,858
4,157,565 4,362,785
CREDITORS
Amounts falling due within one year 8 (658,344 ) (491,877 )
NET CURRENT ASSETS 3,499,221 3,870,908
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,441,692

13,596,311

CREDITORS
Amounts falling due after more than one
year

9

(233,577

)

(233,577

)
NET ASSETS 13,208,115 13,362,734

CAPITAL AND RESERVES
Called up share capital 4,428 4,428
Share premium 116,552 116,552
Capital redemption reserve 3,992,573 3,992,573
Profit and loss account 9,094,562 9,249,181
SHAREHOLDERS' FUNDS 13,208,115 13,362,734

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2024 and were signed on its behalf by:





Mr M D Jacobson - Director


Clayside Property Investments Limited (Registered number: 00529958)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Clayside Property Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The principal accounting policies adopted are set out below.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continua in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Preparation of consolidated financial statements
The financial statements contain information about Clayside Property Investments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents rents receivable during the year. Revenue is recognised on an accruals basis.

Investments in subsidiaries
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Investment property
Investment properties are held at cost. This is a departure from FRS102 which requires that Investment Properties be held at fair value. The directors do not have a recent valuation of these properties, however they acknowledge that any difference between cost and fair value is likely to be material.

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.

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.

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.

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.


Clayside Property Investments Limited (Registered number: 00529958)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
As the investment properties are held at cost in the financial statements, no deferred tax liability has been recognised. This is a departure from FRS 102.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 100
NET BOOK VALUE
At 31 March 2024 100
At 31 March 2023 100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Montagu Properties Limited
Registered office: England and Wales
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

5. INVESTMENT PROPERTY
Total
£   
COST
At 1 April 2023 9,725,303
Additions 762,639
Disposals (545,571 )
At 31 March 2024 9,942,371
NET BOOK VALUE
At 31 March 2024 9,942,371
At 31 March 2023 9,725,303

All of the investment properties are held at cost.

Clayside Property Investments Limited (Registered number: 00529958)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 153,751 226,148
Other debtors 755,090 190,722
908,841 416,870

7. CURRENT ASSET INVESTMENTS
2024 2023
as restated
£    £   
Other investments 3,243,425 3,932,057

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade creditors 110,799 116,853
Taxation and social security 96,611 41,245
Other creditors 450,934 333,779
658,344 491,877

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
as restated
£    £   
Other creditors 233,577 233,577

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
The company's investment properties of £9,907,003 are held in the balance sheet at cost. This is not in line with FRS102 which requires that investment properties are held at fair value.

We have been unable to quantify the potential misstatement as there is no recent valuation on these properties. The possible effect of the difference between cost and fair value of these properties could be material. As the properties are held at cost, no deferred tax liability has been recognised on the difference between cost and fair value. Consequently, the financial statements have not been properly prepared in accordance with FRS102 and our opinion is modified accordingly.

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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 qualified opinion.

Nicola Scarr ACA (Senior Statutory Auditor)
for and on behalf of CLA Evelyn Partners Limited

11. POST BALANCE SHEET EVENTS

In May 2024 a property was sold for £395,000.