Company registration number 03083311 (England and Wales)
CLYNNOG PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
CLYNNOG PROPERTIES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CLYNNOG PROPERTIES LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
27,863
28,191
Investment property
4
342,000
342,000
369,863
370,191
Current assets
Debtors
5
1
40
Cash at bank and in hand
20,701
9,558
20,702
9,598
Creditors: amounts falling due within one year
6
(143,342)
(143,396)
Net current liabilities
(122,640)
(133,798)
Net assets
247,223
236,393
Capital and reserves
Called up share capital
2
2
Revaluation reserve
7
236,207
236,207
Profit and loss reserves
11,014
184
Total equity
247,223
236,393
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 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.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 5 June 2025 and are signed on its behalf by:
Mr G.W. Hughes
Director
Company registration number 03083311 (England and Wales)
CLYNNOG PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Clynnog Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Round House, Glan-y-Mor Road, Llandudno Junction, Conwy, LL31 9SN.
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
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets over than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
1% straight line
Plant and machinery
50% 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.
1.4
Investment properties
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to depreciated. In the opinion of the directors, compliance is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CLYNNOG PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
32,783
679
33,462
Depreciation and impairment
At 1 July 2023
4,592
679
5,271
Depreciation charged in the year
328
328
At 30 June 2024
4,920
679
5,599
Carrying amount
At 30 June 2024
27,863
27,863
At 30 June 2023
28,191
28,191
4
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
342,000
Investment property comprises of three properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 June 2024 by Gareth Hughes, Chartered Accountant, on an open market basis. No depreciation is provided in respect of these properties.
CLYNNOG PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1
Other debtors
40
1
40
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,692
Taxation and social security
162
Other creditors
140,488
143,396
143,342
143,396
7
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
236,207
236,207