REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JANUARY 2024 |
FOR |
CLIFTON PROPERTIES (BRIGHTON) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JANUARY 2024 |
FOR |
CLIFTON PROPERTIES (BRIGHTON) LIMITED |
CLIFTON PROPERTIES (BRIGHTON) LIMITED (REGISTERED NUMBER: 05633807) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
CLIFTON PROPERTIES (BRIGHTON) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JANUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Old Casino |
28 Fourth Avenue |
Hove |
East Sussex |
BN3 2PJ |
CLIFTON PROPERTIES (BRIGHTON) LIMITED (REGISTERED NUMBER: 05633807) |
BALANCE SHEET |
30 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CLIFTON PROPERTIES (BRIGHTON) LIMITED (REGISTERED NUMBER: 05633807) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
1. | STATUTORY INFORMATION |
Clifton Properties (Brighton) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the following types of income: |
- Rental income |
- Income from the sale of properties |
All income is recognised on a receivable basis. |
Tangible fixed assets |
Fixtures and fittings | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
CLIFTON PROPERTIES (BRIGHTON) LIMITED (REGISTERED NUMBER: 05633807) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 31 January 2023 |
Disposals | ( |
) |
At 30 January 2024 |
DEPRECIATION |
At 31 January 2023 |
Eliminated on disposal | ( |
) |
At 30 January 2024 |
NET BOOK VALUE |
At 30 January 2024 |
At 30 January 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 31 January 2023 |
and 30 January 2024 |
NET BOOK VALUE |
At 30 January 2024 |
At 30 January 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Reclassification/transfer | 1,200,000 |
At 30 January 2024 |
NET BOOK VALUE |
At 30 January 2024 |
7. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by associates |
Prepayments |
CLIFTON PROPERTIES (BRIGHTON) LIMITED (REGISTERED NUMBER: 05633807) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to associates | 115,242 | 79,821 |
Tax |
Other creditors |
Directors' loan accounts | 233,934 | 43,481 |
Deferred income |
Accrued expenses |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Other creditors | 1,047,295 | - |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 788,106 | 777,857 |
11. | SECURED DEBTS |
Bank borrowing is secured by way of a legal charge over the stock properties owned by the company. |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year, Mr I & Mrs J Bunday increased their loan to the company. As at 31 January 2024, the company owed them £233,934 (2023: £43,481). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand. |
13. | RELATED PARTY DISCLOSURES |
As at 31 January 2024, the company owes Starfish Properties (Brighton) Limited £115,242 (2023: £79,821). All transactions were undertaken on a commercial arms length basis and any outstanding amounts are interest free and repayable on demand. |
Ms J C J Bunday and I R Bunday are majority shareholders and directors of Starfish Properties (Brighton) Limited. |
As at 31 January 2024, Woodmancote Properties Limited owed the company £85,541 (2023: £83,570). All transactions were undertaken on a commercial arms length basis and any outstanding amounts are interest free and repayable on demand. |
Ms J C J Bunday and I R Bunday are majority shareholders and directors of Woodmancote Properties Limited. |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
This was by virtue of their 100% holding of the issued share capital. |