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Registration number: 13367813

Claridge Properties Limited

Unaudited Financial Statements

for the Year Ended 30 April 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Claridge Properties Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Claridge Properties Limited

Company Information

Director

N Lalvani

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Claridge Properties Limited

Statement of Financial Position as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

4,000,000

3,000,000

Current assets

 

Debtors

5

105,995

38,260

Cash at bank and in hand

 

87,226

15

 

193,221

38,275

Creditors: Amounts falling due within one year

6

(1,295,426)

(856,664)

Net current liabilities

 

(1,102,205)

(818,389)

Total assets less current liabilities

 

2,897,795

2,181,611

Creditors: Amounts falling due after more than one year

6

(2,212,692)

(2,238,437)

Provisions for liabilities - deferred tax

(171,302)

-

Net assets/(liabilities)

 

513,801

(56,826)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

513,800

(56,827)

Shareholders' funds/(deficit)

 

513,801

(56,826)

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Claridge Properties Limited

Statement of Financial Position as at 30 April 2023

Approved and authorised by the director on 28 January 2025
 

.........................................

N Lalvani

Director

Company registration number: 13367813

 

Claridge Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of property investment.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Disclosure of long or short period

The prior period financial statements relate to the period from incorporation on 29 April 2021 to 30 April 2022.

Going concern

The company made a profit for the period ended 30 April 2023 and had net assets at that date amounting to £513,801.

The company’s ongoing expenditure is controllable and is being financed by bank borrowings, as well as loans advanced by the director, which amounted to £197,097 at the period end. No matters have been drawn to the attention of the director to suggest that this funding will not continue on acceptable terms in the future.

The director has confirmed that he will not seek repayment of the loans advanced to the company whilst the company still requires the working capital thereby provided.

On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

 

Claridge Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rents charged to tenants of the investment property in the ordinary course of the company's activities. Turnover is shown net of value added tax.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Claridge Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

4

Investment properties

2023
£

At 1 May

3,000,000

Additions

82,525

Fair value adjustments

917,475

At 30 April

4,000,000

The investment property is included at open market value, as valued by the director at the period end.

5

Debtors

2023
£

2022
£

Other debtors

105,995

38,260

105,995

38,260


 

Details of non-current trade and other debtors

£33,556 (2022 -£33,556) of other debtors is classified as non current.

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

7

36,626

22,565

Trade creditors

 

-

5,081

Other creditors

 

1,258,800

829,018

 

1,295,426

856,664

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

7

2,212,692

2,238,437

 

Claridge Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

36,626

22,565

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

2,212,692

2,238,437

Bank borrowings are secured by way of fixed and floating charges over the company's assets.

Borrowing costs are spread across the term of the associated borrowings. Borrowing costs of £17,394 had been paid in advance as at the period end and these costs are deferred for release to the profit and loss account over the remainder of the term of the associated borrowings.

8

Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses. Of the amounts standing to the credit of the profit and loss account an amount of £688,964 relates to unrealised revaluation surpluses and is therefore non-distributable.