Registration number:
Claridge Properties Limited
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Claridge Properties Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Claridge Properties Limited
Company Information
Director |
N Lalvani |
Registered office |
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Accountants |
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Claridge Properties Limited
Statement of Financial Position as at 30 April 2023
Note |
2023 |
2022 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Provisions for liabilities - deferred tax |
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- |
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Net assets/(liabilities) |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Retained earnings |
513,800 |
(56,827) |
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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:
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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
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N Lalvani
Director
Company registration number: 13367813
Claridge Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of property investment.
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
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
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
Staff numbers |
The average number of persons employed by the company during the year, was
Investment properties |
2023 |
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At 1 May |
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Additions |
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Fair value adjustments |
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At 30 April |
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The investment property is included at open market value, as valued by the director at the period end.
Debtors |
2023 |
2022 |
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Other debtors |
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Details of non-current trade and other debtors
£33,556 (2022 -£33,556) of other debtors is classified as non current.
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Loans and borrowings |
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Trade creditors |
- |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Loans and borrowings |
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Claridge Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Loans and borrowings |
Current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Non-current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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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.
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.