For the financial year ended 31 March 2025 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.

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

38 Clarence Street Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6 Manor Park Business Centre, Mackenzie Way, Cheltenham, Gloucestershire, England, GL51 9TX.

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 investment properties at fair value. The principal accounting policies adopted are set out below.

Going concern

The company relies on the support of its directors and their associated businesses for its working capital. The directors have considered the working capital needs of the company for a period of twelve months from the date of approval of these financial statements.

These financial statements have been prepared on the going concern basis, on the understanding that the directors and their associated businesses will continue to financially support the company during this uncertain period, by not withdrawing their funding to the detriment of other unsecured creditors and by providing further working capital as required by the company in order to deliver against its latest business plan.

Revenue is recognised in the period to which it relates.

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

The average monthly number of persons (including directors) employed by the company during the year was:

The investment property is carried at the cost of acquisition and refurbishment. In the view of the directors this carrying value is not materially different to the market value of the property at 31 March 2025. The property has a reinstatement value for insurance purposes of £614,000.

Miss A L Barwell

Director and shareholder

In a previous period, Miss Barwell loaned the company £124,580 as working capital. The amount due to the related party at the balance sheet date was £124,580 (2024: £124,580). The amount is unsecured, interest-free and repayable on demand.

Bygrave Family

In a previous period, the related party loaned the company £134,580 as working capital. During the year, the company repaid the related party £10,000. The amount due to the related party at the balance sheet date was £124,580 (2024: £134,580). The amount is unsecured, interest-free and repayable on demand.

Terrano Land & Development Ltd

A company of which Mr Corbett is a director

In a previous period, the related party loaned the company £124,580 as working capital. The amount due to the related party at the balance sheet date was £124,580 (2024: £124,580). The amount is unsecured, interest-free and repayable on demand.