Company registration number 12480997 (England and Wales)
AJ CLOUGH PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
AJ CLOUGH PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
AJ CLOUGH PROPERTIES LIMITED
BALANCE SHEET
AS AT
25 AUGUST 2024
25 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,342
12,794
Investment property
4
650,000
650,000
662,342
662,794
Current assets
Debtors
5
6,514
6,345
Cash at bank and in hand
6,157
9,842
12,671
16,187
Creditors: amounts falling due within one year
6
(481,926)
(547,393)
Net current liabilities
(469,255)
(531,206)
Total assets less current liabilities
193,087
131,588
Provisions for liabilities
(34,475)
(24,686)
Net assets
158,612
106,902
Capital and reserves
Called up share capital
7
1
1
Revaluation reserve
8
180,319
187,523
Profit and loss reserves
(21,708)
(80,622)
Total equity
158,612
106,902
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 25 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
AJ CLOUGH PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
25 AUGUST 2024
25 August 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 16 February 2025
Mr A J Clough
Director
Company registration number 12480997 (England and Wales)
AJ CLOUGH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 AUGUST 2024
- 3 -
1
Accounting policies
Company information
AJ Clough Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Red Scar Works, Primet Street, Burnley Road, Colne, Lancashire, BB8 8EB.
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
Going concern
The company is reliant upon the financial support of its directors in order to meet its liabilities as they fall due. The directors have indicated that this support will continue for the foreseeable future and, as a result, have continued to adopt the going concern basis in preparing the financial statements.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
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.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
AJ CLOUGH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 AUGUST 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2023 - 1).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 26 August 2023 and 25 August 2024
16,353
Depreciation and impairment
At 26 August 2023
3,559
Depreciation charged in the year
452
At 25 August 2024
4,011
Carrying amount
At 25 August 2024
12,342
At 25 August 2023
12,794
4
Investment property
2024
£
Fair value
At 26 August 2023 and 25 August 2024
650,000
The investment property is included in the accounts at the director's open market valuation of £650,000 at the period end. The original cost was £437,791 in 2020.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,159
5,141
Other debtors
30
30
Prepayments and accrued income
1,325
1,174
6,514
6,345
AJ CLOUGH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 AUGUST 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
2,573
2,569
Other creditors
479,353
544,824
481,926
547,393
Other creditors are amounts due to the director £310,965 (2023 - £360,965), an amount due to a connected company £162,834 (2023 - £182,834) and accruals of £5,554 (2023 - £1,025).
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
8
Revaluation reserve
2024
2023
£
£
At the beginning of the year
187,523
Revaluation surplus arising in the year
212,209
Deferred tax on revaluation of investment property
(7,204)
(24,686)
At the end of the year
180,319
187,523