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Company registration number: 10761059
Clarence Property Group Limited
Unaudited filleted financial statements
31 May 2024
Clarence Property Group Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Clarence Property Group Limited
Directors and other information
Directors Mr C N Johnson
Mrs E M Johnson
Company number 10761059
Registered office First Floor
64 Baker Street
London
W1U 7GB
Accountants Redford & Co Limited
Chartered Accountants
First Floor
64 Baker Street
London
W1U 7GB
Clarence Property Group Limited
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Current assets
Stocks 8,642 395,963
Cash at bank and in hand 640,372 282,199
_______ _______
649,014 678,162
Creditors: amounts falling due
within one year 5 ( 129,343) ( 181,859)
_______ _______
Net current assets 519,671 496,303
_______ _______
Total assets less current liabilities 519,671 496,303
Creditors: amounts falling due
after more than one year 6 ( 10,000) ( 20,000)
_______ _______
Net assets 509,671 476,303
_______ _______
Capital and reserves
Called up share capital 200 200
Profit and loss account 509,471 476,103
_______ _______
Shareholders funds 509,671 476,303
_______ _______
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 March 2025 , and are signed on behalf of the board by:
Mr C N Johnson
Director
Company registration number: 10761059
Clarence Property Group Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is First Floor, 64 Baker Street, London, W1U 7GB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for properties sold in the year.Revenue from the sale of properties is recognised when the significant risks and rewards of ownership have transferred to the buyer; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors - 9,445
Corporation tax 92,802 51,421
Other creditors 26,541 110,993
_______ _______
129,343 181,859
_______ _______
6. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 10,000 20,000
_______ _______
7. Controlling party
The company is controlled by the directors.