3 3 Clinton Properties Limited 00320592 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is that of property development. Digita Accounts Production Advanced 6.30.9574.0 true 00320592 2023-07-01 2024-06-30 00320592 2024-06-30 00320592 core:RetainedEarningsAccumulatedLosses 2024-06-30 00320592 core:ShareCapital 2024-06-30 00320592 core:CurrentFinancialInstruments 2024-06-30 00320592 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 00320592 core:Non-currentFinancialInstruments 2024-06-30 00320592 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 00320592 core:FurnitureFittingsToolsEquipment 2024-06-30 00320592 bus:SmallEntities 2023-07-01 2024-06-30 00320592 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 00320592 bus:FilletedAccounts 2023-07-01 2024-06-30 00320592 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 00320592 bus:RegisteredOffice 2023-07-01 2024-06-30 00320592 bus:Director1 2023-07-01 2024-06-30 00320592 bus:Director2 2023-07-01 2024-06-30 00320592 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 00320592 bus:Agent1 2023-07-01 2024-06-30 00320592 core:ComputerEquipment 2023-07-01 2024-06-30 00320592 core:FurnitureFittings 2023-07-01 2024-06-30 00320592 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 00320592 countries:EnglandWales 2023-07-01 2024-06-30 00320592 2023-06-30 00320592 core:FurnitureFittingsToolsEquipment 2023-06-30 00320592 2022-07-01 2023-06-30 00320592 2023-06-30 00320592 core:RetainedEarningsAccumulatedLosses 2023-06-30 00320592 core:ShareCapital 2023-06-30 00320592 core:CurrentFinancialInstruments 2023-06-30 00320592 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 00320592 core:Non-currentFinancialInstruments 2023-06-30 00320592 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 00320592 core:FurnitureFittingsToolsEquipment 2023-06-30 xbrli:pure iso4217:GBP

Registration number: 00320592

Clinton Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Clinton Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Clinton Properties Limited

Company Information

Directors

M D Bennett

T B Lemon

Registered office

15 The Avenue
Sunbury On Thames
Middlesex
TW16 5HT

Accountants

Landmark Accountants Limited Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

Clinton Properties Limited

(Registration number: 00320592)
Balance Sheet as at 30 June 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

15,932

 

16,695

Current assets

   

 

Stocks

5

976,241

 

891,114

 

Debtors

6

2,088,986

 

1,864,858

 

Cash at bank and in hand

 

206,769

 

541,029

 

 

3,271,996

 

3,297,001

 

Creditors: Amounts falling due within one year

7

(442,683)

 

(368,074)

 

Net current assets

   

2,829,313

 

2,928,927

Total assets less current liabilities

   

2,845,245

 

2,945,622

Creditors: Amounts falling due after more than one year

7

 

(22,785)

 

(22,785)

Provisions for liabilities

 

(3,027)

 

(4,174)

Net assets

   

2,819,433

 

2,918,663

Capital and reserves

   

 

Called up share capital

1,519

 

1,519

 

Retained earnings

2,817,914

 

2,917,144

 

Shareholders' funds

   

2,819,433

 

2,918,663

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Clinton Properties Limited

(Registration number: 00320592)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 21 May 2025 and signed on its behalf by:
 

.........................................
M D Bennett
Director

 

Clinton Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
15 The Avenue
Sunbury On Thames
Middlesex
TW16 5HT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sales of properties during the year. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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.

 

Clinton Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

10% reducing balance

Computer equipment

25% straight line

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.

Trade debtors

Trade debtors are amounts due from tenants or managing agents arising from services performed.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Properties held for refurbishment and resale are stated at the lower of cost and net realisable value and comprise residential properties acquired, either for resale, or refurbishment with the intention of ultimate disposal.

The cost of stock comprises direct property cost and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Clinton Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value. Costs associated with obtaining borrowings are written off immediately. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds and the amount due on redemption being recognised as a charge to the Profit and Loss Account 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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Clinton Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

85,228

85,228

Additions

5,002

5,002

At 30 June 2024

90,230

90,230

Depreciation

At 1 July 2023

68,533

68,533

Charge for the year

5,765

5,765

At 30 June 2024

74,298

74,298

Carrying amount

At 30 June 2024

15,932

15,932

At 30 June 2023

16,695

16,695

5

Stocks

2024
£

2023
£

Trading property held as stock

976,241

891,114

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

14,122

4,272

Amounts owed by related parties

9

338,736

361,153

Other debtors

 

1,736,128

1,499,433

   

2,088,986

1,864,858

 

Clinton Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

7

Creditors

2024
£

2023
£

Due within one year

Trade creditors

7,935

-

Taxation and social security

409,606

336,922

Other creditors

25,142

31,152

442,683

368,074

Due after one year

 

Loans and borrowings

8

22,785

22,785


Creditors include bank loans and overdrafts which are secured by fixed charges over a number of the company's properties.

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Redeemable preference shares

22,785

22,785

9

Related party transactions

As at the balance sheet date the director M D Bennett owed the company £114,254 (2023: £33,318). Interest at 2.25% pa has been charged and the loan is repayable on demand.

As at the balance sheet date the Estate of the late Mrs M B Bennett owed the company £1,141,868 (2023: £1,065,444). Interest at 2.25% pa has been charged and the loan is repayable on demand.