Company registration number 00348958 (England and Wales)
CLARENCE ESTATES (KINGSTON ON THAMES) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CLARENCE ESTATES (KINGSTON ON THAMES) LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
CLARENCE ESTATES (KINGSTON ON THAMES) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company continued to be that of property investment company.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
R H F Norris
T J Hoggarth
C P Theobald
Statement of directors' responsibilities
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
By order of the board
R H F Norris
Secretary
23 September 2024
CLARENCE ESTATES (KINGSTON ON THAMES) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
4,280,000
4,280,000
Current assets
Debtors
5
63,020
109,995
Cash at bank and in hand
576,439
519,483
639,459
629,478
Creditors: amounts falling due within one year
6
(154,643)
(168,646)
Net current assets
484,816
460,832
Total assets less current liabilities
4,764,816
4,740,832
Provisions for liabilities
(879,984)
(668,791)
Net assets
3,884,832
4,072,041
Capital and reserves
Called up share capital
1,500,000
1,500,000
Revaluation reserve
8
1,715,154
1,715,154
Profit and loss reserves
9
669,678
856,887
Total equity
3,884,832
4,072,041
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have 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 23 September 2024 and are signed on its behalf by:
T J Hoggarth
Director
Company registration number 00348958 (England and Wales)
CLARENCE ESTATES (KINGSTON ON THAMES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Clarence Estates (Kingston On Thames) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kings Stone House, 12 High Street, Kingston Upon Thames, Surrey, KT1 1HD.
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 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.
1.2
Turnover
Turnover represents rental income receivable by the company for the year.
1.3
Investment property
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.
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
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.
1.6
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.
CLARENCE ESTATES (KINGSTON ON THAMES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairments are recognised in expenditure.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
4,280,000
CLARENCE ESTATES (KINGSTON ON THAMES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Investment property
(Continued)
- 5 -
The Company's freehold properties at 4-12 High Street, Esher and 64 Beulah Road, Sutton were valued as at 31 March 2019, by Mr Paul S Rilett MRICS of Frensham Brook Limited, in the aggregate sum of £2,645,000. The Company's freehold properties at 4 West Street, The Corner House, Broad Street and 5a Broad Street, Alresford were valued as at 31 March 2019, by C A W Smith, FRICS of Andrew Smith & Son in the aggregate sum of £1,635,000. The directors are of the opinion that there have been no material changes to these valuations since then.
Fair value at 31 March 2024 is represented by:
£
Cost 426,056
Valuation in 1995 1,233,944
Valuation in 2001 728,000
Valuation in 2006 1,112,000
Valuation in 2012 105,000
Valuation in 2019 675,000
____________
4,280,000
____________
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
63,020
109,995
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
35,995
39,819
Other creditors
118,648
128,827
154,643
168,646
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Other
879,984
668,791
CLARENCE ESTATES (KINGSTON ON THAMES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Deferred taxation
(Continued)
- 6 -
2024
Movements in the year:
£
Liability at 1 April 2023
668,791
Charge to profit or loss
211,193
Liability at 31 March 2024
879,984
8
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
1,715,154
1,715,154
The revaluation reserve represents the amount by which the fair value of the investment properties exceeds the historic cost, less any deferred tax provision and capitalisation of the reserve.
9
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
856,887
777,134
(Loss)/profit for the year
(97,209)
169,753
Dividends declared and paid in the year
(90,000)
(90,000)
At the end of the year
669,678
856,887
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Kevin Fisher BA FCA CTA (Senior Statutory Auditor)
Statutory Auditor:
Myrus Smith
Date of audit report:
23 September 2024
11
Related Party Disclosures
R H F Norris is a former member of Carter Bells LLP Solicitors, who were paid £5,440 including VAT for the provision of Legal and Professional fees (2023: £16,847 for provision of Company secretarial services to the company).