0
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2024 - FRS102_2024
xbrli:pure
xbrli:shares
iso4217:GBP
SC303314
2023-04-01
2024-03-31
SC303314
2024-03-31
SC303314
2023-03-31
SC303314
2022-04-01
2023-03-31
SC303314
2023-03-31
SC303314
2022-03-31
SC303314
core:MotorVehicles
2023-04-01
2024-03-31
SC303314
bus:LeadAgentIfApplicable
2023-04-01
2024-03-31
SC303314
bus:Director1
2023-04-01
2024-03-31
SC303314
bus:Director2
2023-04-01
2024-03-31
SC303314
core:WithinOneYear
2024-03-31
SC303314
core:WithinOneYear
2023-03-31
SC303314
core:LandBuildings
2023-03-31
SC303314
core:MotorVehicles
2023-03-31
SC303314
core:LandBuildings
2024-03-31
SC303314
core:MotorVehicles
2024-03-31
SC303314
core:LandBuildings
2023-04-01
2024-03-31
SC303314
core:AfterOneYear
2024-03-31
SC303314
core:AfterOneYear
2023-03-31
SC303314
core:ShareCapital
2024-03-31
SC303314
core:ShareCapital
2023-03-31
SC303314
core:RevaluationReserve
2024-03-31
SC303314
core:RevaluationReserve
2023-03-31
SC303314
core:RetainedEarningsAccumulatedLosses
2024-03-31
SC303314
core:RetainedEarningsAccumulatedLosses
2023-03-31
SC303314
core:CostValuation
core:Non-currentFinancialInstruments
2023-03-31
SC303314
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2024-03-31
SC303314
core:DisposalsRepaymentsInvestments
core:Non-currentFinancialInstruments
2024-03-31
SC303314
core:Non-currentFinancialInstruments
core:RevaluationsIncreaseDecreaseInInvestments
2024-03-31
SC303314
core:CostValuation
core:Non-currentFinancialInstruments
2024-03-31
SC303314
core:Non-currentFinancialInstruments
2024-03-31
SC303314
core:Non-currentFinancialInstruments
2023-03-31
SC303314
core:LandBuildings
2023-03-31
SC303314
core:MotorVehicles
2023-03-31
SC303314
bus:SmallEntities
2023-04-01
2024-03-31
SC303314
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
SC303314
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
SC303314
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
SC303314
bus:FullAccounts
2023-04-01
2024-03-31
SC303314
core:AfterOneYear
2023-04-01
2024-03-31
SC303314
core:AllAssociates
2023-04-01
2024-03-31
COMPANY REGISTRATION NUMBER:
SC303314
Filleted Unaudited Financial Statements |
|
Year ended 31 March 2024
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Clyde Estates Limited |
|
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Clyde Estates Limited for the year ended 31 March 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Clyde Estates Limited, as a body, in accordance with the terms of our engagement letter dated 13 September 2010. Our work has been undertaken solely to prepare for your approval the financial statements of Clyde Estates Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clyde Estates Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Clyde Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Clyde Estates Limited. You consider that Clyde Estates Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Clyde Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY
Chartered Accountants
216 West George Street
Glasgow
G2 2PQ
24 March 2025
Statement of Financial Position |
|
31 March 2024
|
2024 |
2023 |
|
|
|
(restated) |
Note |
£ |
£ |
£ |
|
|
|
|
Fixed assets
Tangible assets |
4 |
|
1,884,666 |
2,042,399 |
Investments |
5 |
|
498,787 |
468,710 |
|
|
------------ |
------------ |
|
|
2,383,453 |
2,511,109 |
|
|
|
|
|
Current assets
Work in progress |
265,957 |
|
265,957 |
Debtors |
6 |
135,926 |
|
160,893 |
Cash at bank and in hand |
5,967 |
|
94,417 |
|
--------- |
|
--------- |
|
407,850 |
|
521,267 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
1,714,022 |
|
1,960,533 |
|
------------ |
|
------------ |
Net current liabilities |
|
1,306,172 |
1,439,266 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
1,077,281 |
1,071,843 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
528,177 |
457,225 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
27,417 |
19,350 |
|
|
------------ |
------------ |
Net assets |
|
521,687 |
595,268 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Non distributable reserve |
|
(
2,536,427) |
(
2,346,427) |
Profit and loss account |
|
3,058,014 |
2,941,595 |
|
|
------------ |
------------ |
Shareholders funds |
|
521,687 |
595,268 |
|
|
------------ |
------------ |
|
|
|
|
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.
For the year ending 31 March 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
.
Statement of Financial Position (continued) |
|
31 March 2024
These financial statements were approved by the
board of directors
and authorised for issue on
24 March 2025
, and are signed on behalf of the board by:
Mr W H Stokes |
Miss B Stokes |
Director |
Director |
|
|
Company registration number:
SC303314
Notes to the Financial Statements |
|
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Motor Vehicles |
- |
25% reducing balance |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of pforit is included in the valuation of work in progress.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Tangible assets
|
Land and buildings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
Cost or valuation |
|
|
|
At 1 April 2023 (as restated) |
1,965,000 |
105,395 |
2,070,395 |
Additions |
– |
112,000 |
112,000 |
Disposals |
– |
(
105,395) |
(
105,395) |
Revaluations |
(
190,000) |
– |
(
190,000) |
|
------------ |
--------- |
------------ |
At 31 March 2024 |
1,775,000 |
112,000 |
1,887,000 |
|
------------ |
--------- |
------------ |
Depreciation |
|
|
|
At 1 April 2023 |
– |
27,996 |
27,996 |
Charge for the year |
– |
20,072 |
20,072 |
Disposals |
– |
(
45,734) |
(
45,734) |
|
------------ |
--------- |
------------ |
At 31 March 2024 |
– |
2,334 |
2,334 |
|
------------ |
--------- |
------------ |
Carrying amount |
|
|
|
At 31 March 2024 |
1,775,000 |
109,666 |
1,884,666 |
|
------------ |
--------- |
------------ |
At 31 March 2023 |
1,965,000 |
77,399 |
2,042,399 |
|
------------ |
--------- |
------------ |
|
|
|
|
Tangible assets held at valuation
The company's investment properties are valued by the directors at £1,775,000 at 31st March 2024. In accordance with FRS 102 assets held are recognised at their fair value. (2023: £1,965,000). Had they not been revalued they would have been stated at an historical cost of £4,276,913. (2023: £4,276,913).
5.
Investments
|
Shares in group undertakings |
Other investments other than loans |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 April 2023 as restated |
519 |
468,191 |
468,710 |
Additions |
– |
91,418 |
91,418 |
Disposals |
– |
(
93,594) |
(
93,594) |
Revaluations |
– |
32,253 |
32,253 |
|
---- |
--------- |
--------- |
At 31 March 2024 |
519 |
498,268 |
498,787 |
|
---- |
--------- |
--------- |
Impairment |
|
|
|
At 1 April 2023 as restated and 31 March 2024 |
– |
– |
– |
|
---- |
--------- |
--------- |
|
|
|
|
Carrying amount |
|
|
|
At 31 March 2024 |
519 |
498,268 |
498,787 |
|
---- |
--------- |
--------- |
At 31 March 2023 |
519 |
468,191 |
468,710 |
|
---- |
--------- |
--------- |
|
|
|
|
Shares in group undertakings relates to an interest in Clyde Leisure Group Limited, a company which holds the entire share capital of Clyde Leisure Limited.
Other investment represents the capital paid into the Clyde Leisure Ltd SSAS and Clyde Estates Ltd Partnership. This is a partnership between the company and the pension scheme of Clyde Leisure Limited. Clyde Estates Ltd owns 35% of the partnership with the remaining owned by Clyde Leisure Ltd SSAS. The directors of the business have an interest in both Clyde Leisure Limited and the pension scheme.
The addition of £519 relates to the acquisition of one ordinary B share in Clyde Leisure Group Limited.
6.
Debtors
|
2024 |
2023 |
|
|
(restated) |
|
£ |
£ |
Trade debtors |
10,000 |
21,605 |
Prepayments and accrued income |
8,919 |
7,767 |
Other debtors |
117,007 |
131,521 |
|
--------- |
--------- |
|
135,926 |
160,893 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
|
(restated) |
|
£ |
£ |
Bank loans and overdrafts |
5,956 |
98,781 |
Trade creditors |
7,528 |
1,392 |
Accruals and deferred income |
65,912 |
73,905 |
Corporation tax |
76,279 |
72,627 |
Social security and other taxes |
1,784 |
4,102 |
Obligations under finance leases and hire purchase contracts |
9,430 |
46,334 |
Director loan accounts |
172,560 |
191,467 |
Other creditors |
1,374,573 |
1,471,925 |
|
------------ |
------------ |
|
1,714,022 |
1,960,533 |
|
------------ |
------------ |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
|
(restated) |
|
£ |
£ |
Bank loans and overdrafts |
451,269 |
457,225 |
Other creditors |
76,908 |
– |
|
--------- |
--------- |
|
528,177 |
457,225 |
|
--------- |
--------- |
|
|
|
The Bank of Scotland has a first standard security over 158 Argyle Street, 1 3 & 5 Mitchell Street Glasgow and 74/78 High Street, Falkirk.
9.
Financial instruments
For financial instruments measured at fair value, the basis for determining fair value must be disclosed. When a valuation technique is used, the assumptions applied in determining fair value for each class of financial assets or financial liabilities must be disclosed. If a reliable measure of fair value is no longer available for ordinary or preference shares measured at fair value through profit or loss, this must also be disclosed.
10.
Prior period errors
The accounts have been restated to correct errors relating interest and taxation charges being inaccurate in the prior year financial statements. The statement of profit & loss was an overstatement of £70,233 for the year and the revaluation reserve was over stated by £34,513. The net result on the account was a overstatement of shareholder funds of £104,746. The error was deemed material to the understanding of the prior year accounts.
11.
Directors' advances, credits and guarantees
At the year end the Company owed Mr W Stokes £141,757 (2023: £163,664) and Ms B Stokes £30,803 (2023: £27,803). These loans are interest free and have no fixed date of repayment.
12.
Related party transactions
The company received loan funds from Clyde Leisure Limited, a company in which the directors have an interest. At 31st March 2024 that company was owed £51,103 (2023: £222,479). The company has received loans from Clyde Residential Limited, a company in which the directors have an interest. At 31st March 2024 that company was owed £1,314,811. (2023: £1241,927). During the year the company provided short term loan funds to Clyde Leisure Limited of £45,200 which were repaid after the year end. The company invested funds into the unincorporated property partnership between Clyde Estates Ltd & Clyde Leisure Ltd SSAS. The company's share of profit for the year ended 31st March 2024 amounted to £25,074 (2023: £26,194). There is an amount due from the partnership of £112,648 (2023: £81,9621) which is included within other debtors. This loan is interest free and has no fixed repayment date. During the year the company received a dividend of £175,000 from Clyde Leisure Group Limited as a result of its holding of 1B share in that company. (2023: £175,000).
13.
Controlling party
The company was under the joint control of Mr W Stokes and
Miss B Stokes
throughout the current and previous year.