Caseware UK (AP4) 2024.0.164 2024.0.164 2024-11-302025-05-212025-05-222024-11-302025-05-21truefalseNo description of principal activityfalse22023-12-01truetruetruetrue3falsetrue SC197325 2023-12-01 2024-11-30 SC197325 2022-12-01 2023-11-30 SC197325 2024-11-30 SC197325 2023-11-30 SC197325 2022-12-01 SC197325 1 2023-12-01 2024-11-30 SC197325 1 2022-12-01 2023-11-30 SC197325 d:Director1 2023-12-01 2024-11-30 SC197325 d:Director2 2023-12-01 2024-11-30 SC197325 d:Director2 2024-11-30 SC197325 d:Director3 2023-12-01 2024-11-30 SC197325 d:Director3 2024-11-30 SC197325 d:Director4 2023-12-01 2024-11-30 SC197325 d:Director4 2024-11-30 SC197325 d:RegisteredOffice 2023-12-01 2024-11-30 SC197325 d:Agent1 2023-12-01 2024-11-30 SC197325 e:Buildings 2023-12-01 2024-11-30 SC197325 e:Buildings 2024-11-30 SC197325 e:Buildings 2023-11-30 SC197325 e:Buildings e:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 SC197325 e:Buildings e:LongLeaseholdAssets 2023-12-01 2024-11-30 SC197325 e:Buildings e:LongLeaseholdAssets 2024-11-30 SC197325 e:Buildings e:LongLeaseholdAssets 2023-11-30 SC197325 e:FurnitureFittings 2023-12-01 2024-11-30 SC197325 e:FurnitureFittings 2024-11-30 SC197325 e:FurnitureFittings 2023-11-30 SC197325 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 SC197325 e:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 SC197325 e:FreeholdInvestmentProperty 2023-12-01 2024-11-30 SC197325 e:FreeholdInvestmentProperty 2024-11-30 SC197325 e:FreeholdInvestmentProperty 2023-11-30 SC197325 e:FreeholdInvestmentProperty 2 2023-12-01 2024-11-30 SC197325 e:CurrentFinancialInstruments 2024-11-30 SC197325 e:CurrentFinancialInstruments 2023-11-30 SC197325 e:Non-currentFinancialInstruments 2024-11-30 SC197325 e:Non-currentFinancialInstruments 2023-11-30 SC197325 e:CurrentFinancialInstruments e:WithinOneYear 2024-11-30 SC197325 e:CurrentFinancialInstruments e:WithinOneYear 2023-11-30 SC197325 e:Non-currentFinancialInstruments e:AfterOneYear 2024-11-30 SC197325 e:Non-currentFinancialInstruments e:AfterOneYear 2023-11-30 SC197325 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-11-30 SC197325 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-11-30 SC197325 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-11-30 SC197325 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-11-30 SC197325 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2024-11-30 SC197325 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-11-30 SC197325 e:UKTax 2023-12-01 2024-11-30 SC197325 e:UKTax 2022-12-01 2023-11-30 SC197325 e:ShareCapital 2024-11-30 SC197325 e:ShareCapital 2023-11-30 SC197325 e:ShareCapital 2022-12-01 SC197325 e:RevaluationReserve 2023-12-01 2024-11-30 SC197325 e:RevaluationReserve 2024-11-30 SC197325 e:RevaluationReserve 1 2023-12-01 2024-11-30 SC197325 e:RevaluationReserve 2022-12-01 2023-11-30 SC197325 e:RevaluationReserve 2023-11-30 SC197325 e:RevaluationReserve 2022-12-01 SC197325 e:RevaluationReserve 8 2022-12-01 2023-11-30 SC197325 e:OtherMiscellaneousReserve 2024-11-30 SC197325 e:OtherMiscellaneousReserve 1 2023-12-01 2024-11-30 SC197325 e:OtherMiscellaneousReserve 2023-11-30 SC197325 e:OtherMiscellaneousReserve 2022-12-01 SC197325 e:OtherMiscellaneousReserve 1 2022-12-01 2023-11-30 SC197325 e:RetainedEarningsAccumulatedLosses 2023-12-01 2024-11-30 SC197325 e:RetainedEarningsAccumulatedLosses 2024-11-30 SC197325 e:RetainedEarningsAccumulatedLosses 1 2023-12-01 2024-11-30 SC197325 e:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 SC197325 e:RetainedEarningsAccumulatedLosses 2023-11-30 SC197325 e:RetainedEarningsAccumulatedLosses 2022-12-01 SC197325 e:RetainedEarningsAccumulatedLosses 1 2022-12-01 2023-11-30 SC197325 e:AcceleratedTaxDepreciationDeferredTax 2024-11-30 SC197325 e:AcceleratedTaxDepreciationDeferredTax 2023-11-30 SC197325 e:TaxLossesCarry-forwardsDeferredTax 2024-11-30 SC197325 e:TaxLossesCarry-forwardsDeferredTax 2023-11-30 SC197325 d:OrdinaryShareClass1 2023-12-01 2024-11-30 SC197325 d:OrdinaryShareClass1 2024-11-30 SC197325 d:OrdinaryShareClass1 2023-11-30 SC197325 d:FRS102 2023-12-01 2024-11-30 SC197325 d:Audited 2023-12-01 2024-11-30 SC197325 d:FullAccounts 2023-12-01 2024-11-30 SC197325 d:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 SC197325 e:WithinOneYear 2024-11-30 SC197325 e:WithinOneYear 2023-11-30 SC197325 2 2023-12-01 2024-11-30 SC197325 e:ShareCapital 1 2023-12-01 2024-11-30 SC197325 e:ShareCapital 1 2022-12-01 2023-11-30 SC197325 f:PoundSterling 2023-12-01 2024-11-30 iso4217:GBP xbrli:shares xbrli:pure
Registered Number:SC197325














CLOCKWORK PROPERTIES LIMITED





DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

 
CLOCKWORK PROPERTIES LIMITED
 

COMPANY INFORMATION


Directors
J C Morison 
A M Blyth (appointed 1 March 2024)




Registered number
SC197325



Registered office
11 West Harbour Road

Edinburgh

EH5 1PH




Independent auditor
Anderson Anderson & Brown Audit LLP

81 George Street

Edinburgh

EH2 3ES




Solicitors
McDougall McQueen
20 High Street  Penicuik  EH26 8HW
 

Wake Smith Solicitors
No 1 Velocity
2 Tenter Street
Sheffield
S1 4BY





 
CLOCKWORK PROPERTIES LIMITED
 

CONTENTS



Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Balance sheet
8 - 9
Statement of changes in equity
10
Notes to the financial statements
11 - 20

 
CLOCKWORK PROPERTIES LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

The directors present their report and the financial statements for the year ended 30 November 2024.

Principal activity
The principal activity of the Company during the year continued to be that of property investment and rental.

Directors

The directors who served during the year were:

J C Morison 
M G Jack (resigned 31 January 2024)
T A G Angus (resigned 26 July 2024)
A M Blyth (appointed 1 March 2024)

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Anderson Anderson & Brown Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





A M Blyth
Director

Date: 21 May 2025
Page 1

 
CLOCKWORK PROPERTIES LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 2

 
CLOCKWORK PROPERTIES LIMITED
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLOCKWORK PROPERTIES LIMITED
 

Opinion


We have audited the financial statements of Clockwork Properties Limited (the 'Company') for the year ended 30 November 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 November 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 3

 
CLOCKWORK PROPERTIES LIMITED
 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLOCKWORK PROPERTIES LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
CLOCKWORK PROPERTIES LIMITED
 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLOCKWORK PROPERTIES LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
 
timing of revenue recognition,
compliance with relevant laws and regulations which may impact on the financial statements and those that the company needs to comply with for the purpose of trading,
management override of controls to manipulate the Company’s key performance indicators to meet targets.
 
We discussed these risks with client management, designed audit procedures to address these risks including:

reviewed internal documentation and correspondence with regulators for evidence of irregularities
testing a sample of sales transactions and reviewing transactions around the year end to ensure recognised in the correct period
consideration of the assumptions applied whether the judgements applied in calculation of provisions were appropriate
reviewed areas of judgement and tested a sample of journal entries for indicators of management bias
performed analytical procedures to identify any unusual or unexpected relationships which may be an indication of material misstatement due to fraud


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
Page 5

 
CLOCKWORK PROPERTIES LIMITED
 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLOCKWORK PROPERTIES LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Shaw (Senior statutory auditor)
  
for and on behalf of
Anderson Anderson & Brown Audit LLP
 
Statutory Auditor
  
81 George Street
Edinburgh
EH2 3ES

22 May 2025
Page 6

 
CLOCKWORK PROPERTIES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024
2023
Note
£
£

  

Turnover
  
400,292
284,877

Administrative expenses
  
(80,832)
(114,878)

Fair value movements
  
152,550
115,319

Operating profit
  
472,010
285,318

Interest receivable and similar income
  
106
25

Interest payable and similar expenses
  
(200,941)
(95,039)

Profit before tax
  
271,175
190,304

Tax on profit
 4 
(53,675)
(74,927)

Profit for the financial year
  
217,500
115,377

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 11 to 20 form part of these financial statements.
Page 7

 
CLOCKWORK PROPERTIES LIMITED
REGISTERED NUMBER:SC197325

BALANCE SHEET
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
3,761,311
1,607,809

Investment property
 6 
2,563,000
1,948,000

  
6,324,311
3,555,809

Current assets
  

Debtors: amounts falling due within one year
 7 
994
9,579

Cash at bank and in hand
 8 
62,537
18,627

  
63,531
28,206

Creditors: amounts falling due within one year
 9 
(1,227,257)
(1,006,233)

Net current liabilities
  
 
 
(1,163,726)
 
 
(978,027)

Total assets less current liabilities
  
5,160,585
2,577,782

Creditors: amounts falling due after more than one year
 10 
(4,101,611)
(1,770,753)

Provisions for liabilities
  

Deferred tax
 12 
(161,266)
(126,821)

  
 
 
(161,266)
 
 
(126,821)

Net assets
  
897,708
680,208


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
 15 
506,475
392,063

Other reserves
 15 
3
3

Profit and loss account
 15 
391,130
288,042

  
897,708
680,208

Page 8

 
CLOCKWORK PROPERTIES LIMITED
REGISTERED NUMBER:SC197325

BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A M Blyth
Director

Date: 21 May 2025

The notes on pages 11 to 20 form part of these financial statements.
Page 9

 
CLOCKWORK PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024


Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 December 2022
100
305,574
3
259,154
564,831



Profit for the financial year
-
-
-
115,377
115,377

Transfer of increase in fair value of investment property
-
115,319
-
(115,319)
-

Movement in deferred tax on revaluation of investment property
-
(28,830)
-
28,830
-



At 1 December 2023
100
392,063
3
288,042
680,208



Profit for the financial year
-
-
-
217,500
217,500

Transfer of increase in fair value of investment property
-
152,550
-
(152,550)
-

Movement in deferred tax on revaluation of investment property
-
(38,138)
-
38,138
-


At 30 November 2024
100
506,475
3
391,130
897,708


The notes on pages 11 to 20 form part of these financial statements.
Page 10

 
CLOCKWORK PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

Clockwork Properties Limited is a private company limited by shares incorporated and registered in Scotland. The registered office is 11 West Harbour Road, Edinburgh, EH5 1PH. The Company's registered number is SC197325.
The principal activity of the Company during the year continued to be that of property investment and rental.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Clockwork Group Holdings Limited as at 30 November 2024 and these financial statements may be obtained from the registered office.

 
2.3

Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months, following the date of approval of these financial statements. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The company has net current liabilities of £1,141,964. Included within current liabilities is £928,276 of amounts owed to Clockwork Removals Limited, a fellow group company. Clockwork Removals Limited have confirmed their continuing support for the company and have confirmed that this amount will not be called up while there remains a funding requirement.
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 11

 
CLOCKWORK PROPERTIES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 12

 
CLOCKWORK PROPERTIES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Heritable property
-
2% straight line
Land
-
Nil
Property improvements
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 13

 
CLOCKWORK PROPERTIES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 3).


4.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
21,762
2,532

Adjustments in respect of previous periods
(2,532)
-


19,230
2,532


Total current tax
19,230
2,532

Deferred tax


Origination and reversal of timing differences
23,639
72,395

Adjustments in respect of prior periods
10,806
-

Total deferred tax
34,445
72,395


Tax on profit
53,675
74,927
Page 14

 
CLOCKWORK PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
 
4.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
271,175
190,304


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
67,794
36,158

Effects of:


Expenses not deductible for tax purposes
(37,686)
(20,709)

Capital allowances for year in excess of depreciation
6,102
2,268

Chargeable losses
21,566
21,911

Adjustments to tax charge in respect of prior periods
8,274
-

Effect of differences in tax rates
-
11,714

Deferred tax not recognised
-
23,585

Other timing differences leading to an increase (decrease) in taxation
(262)
-

Group relief
(12,113)
-

Total tax charge for the year
53,675
74,927


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 15

 
CLOCKWORK PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

5.


Tangible fixed assets





Heritable property
Land
Property improvements
Total

£
£
£
£



Cost or valuation


At 1 December 2023
1,639,916
75,932
28,434
1,744,282


Additions
2,661,896
-
2,857
2,664,753


Transfers to investment property
(528,736)
-
-
(528,736)



At 30 November 2024

3,773,076
75,932
31,291
3,880,299



Depreciation


At 1 December 2023
108,039
-
28,434
136,473


Charge for the year on owned assets
48,741
-
60
48,801


Eliminated on transfer to investment property
(66,286)
-
-
(66,286)



At 30 November 2024

90,494
-
28,494
118,988



Net book value



At 30 November 2024
3,682,582
75,932
2,797
3,761,311



At 30 November 2023
1,531,877
75,932
-
1,607,809


6.


Investment property


Freehold investment property

£



Valuation


At 1 December 2023
1,948,000


Transferred from tangible fixed assets
462,450


Gain on revaluation
152,550



At 30 November 2024
2,563,000

Investment properties are valued by the directors on an open market basis. The directors have considered current market rents and investment property yields for comparable properties and believe that these valuations are appropriate at 30 November 2024. The carrying value of the Company's investment properties is £2,563,000 which includes a property which was transferred from heritable property at net book value and valued at £615,000 in June 2024 by Graham + Sibbald LLP.




Page 16

 
CLOCKWORK PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

7.


Debtors

2024
2023
£
£


Trade debtors
324
9,579

Prepayments and accrued income
670
-

994
9,579



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
62,537
18,627

62,537
18,627



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
116,405
29,247

Trade creditors
-
5,735

Amounts owed to group undertakings
928,276
849,269

Corporation tax
21,762
2,532

Other taxation and social security
19,149
16,827

Accruals and deferred income
141,665
102,623

1,227,257
1,006,233


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
4,101,611
1,770,753

4,101,611
1,770,753


Page 17

 
CLOCKWORK PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year
116,405
29,247

Amounts falling due 1-2 years
140,572
74,827

Amounts falling due 2-5 years
491,894
264,239

Amounts falling due after more than 5 years
3,469,145
1,431,687

4,218,016
1,800,000


The bank loans of £4,218,016 (2023 - £1,800,000) are secured by a first standard security over the Company's heritable and investment properties and a bond and floating charge over the remaining assets of the Company.
Interest is payable on the bank loans at 7.55% per annum (2023 - 8.05% per annum).

12.


Deferred taxation




2024


£






At beginning of year
(126,821)


Charged to profit or loss
(23,639)


Adjustments to tax charge in respect of previous periods
(10,806)



At end of year
(161,266)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(55,667)
(42,788)

Short term timing differences
(105,599)
(84,033)

(161,266)
(126,821)

Page 18

 
CLOCKWORK PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

13.


Secured debts

The Company has granted a Standard Security over the whole of the subjects known as 140 Causewayside Street, Glasgow, G32 8LP, in favour of The Royal Bank of Scotland PLC in respect of all obligations and debts that may become due.
The Company has granted a Standard Security over the whole of the subjects known as Unit 8 Auld Bond Road, PH1 3FX, in favour of The Royal Bank of Scotland PLC in respect of all obligations and debts that may become due.
The Company has granted a Standard Security over the whole of the subjects known as Belvoir Way, Fairfield Industrial Estate, Louth, LN11 0YP, in favour of The Royal Bank of Scotland PLC in respect of all obligations and debts that may become due.
The Company has granted a Standard Security over the whole of the subjects known as 16 Seafield Road, Inverness, IV1 1SG, in favour of The Royal Bank of Scotland PLC in respect of all obligations and debts that may become due.
The Company has granted a Standard Security over the whole of the subjects known as 17 Cloberfield, Milngavie, Glasgow, G62 7LN, in favour of The Royal Bank of Scotland PLC in respect of all obligations and debts that may become due.
The Company has granted a Standard Security over the whole of the subjects known as Unit 2, Airlink Industrial Estate, Inchinnan Road, Paisley PA3 2RE, in favour of The Royal Bank of Scotland PLC in respect of all obligations and debts that may become due.
The Company has granted a Floating Charge over all of the properties owned by them in favour of The Royal Bank of Scotland PLC in respect of all obligations and debts that may become due.


14.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



15.


Reserves

Revaluation reserve

This reserve records the surplus on revaluation of the Company's investment properties.

Profit and loss account

The profit and loss account includes all current and prior year periods retained profits and losses net of dividends paid.

Page 19

 
CLOCKWORK PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

16.


Commitments under operating leases

At 30 November 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
-
980

-
980


17.


Related party transactions

As a wholly owned subsidiary of Clockwork Group Holdings Limited, advantage has been taken of the exemption granted by FRS 102, not to report details of the transactions with entities which are controlled by a common parent undertaking.
During the year, the Company received rental income in the normal course of trade from Clockwork Removals Limited of £167,576 (2023 - £128,572).
At the year end, the Company owed £928,276 (2023 - £849,269) to Clockwork Removals Limited. The loan, which is unsecured, interest free and has no fixed repayment terms, is included in creditors at the reporting date.
Clockwork Removals Limited is a fellow subsidiary undertaking of Clockwork Group Holdings Limited.


18.


Controlling party

The Company's ultimate parent undertaking is Clockwork Group Holdings Limited, a company registered in Scotland, which is the smallest and largest group of companies for which group financial statements are prepared. Copies of the group financial statements are available to the public from Companies House.
J C Morison is considered to be the ultimate controlling party due to his majority shareholding in Clockwork Group Holdings Limited.

Page 20