Company No: 02289362 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	483		12
Investment property	4	310,000		310,000
		310,483		310,012
Current assets
Stocks		470,348		463,746
Debtors	5	2,166		2,424
Cash at bank and in hand		39,125		33,112
		511,639		499,282
Creditors: amounts falling due within one year	6	( 120,015)		( 112,122)
Net current assets		391,624		387,160
Total assets less current liabilities		702,107		697,172
Creditors: amounts falling due after more than one year	7	( 91,757)		( 103,083)
Provision for liabilities		( 40,000)		( 40,000)
Net assets		570,350		554,089
Capital and reserves
Called-up share capital	8	200		200
Profit and loss account	9	570,150		553,889
Total shareholders' funds		570,350		554,089

For the financial year ending 31 March 2025 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 financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of C L S (Properties) Limited (registered number: 02289362) were approved and authorised for issue by the Board of Directors on 04 December 2025. They were signed on its behalf by:

Mr B L Procter Director

Mr L C J Procter Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

C L S (Properties) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. There are no material departures from FRS 102.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Other operating income

The company recognises revenue when rental income is due.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery

25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their resent 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Tangible assets

	Plant and machinery		Total
	£		£
Cost
At 01 April 2024	5,200		5,200
Additions	599		599
At 31 March 2025	5,799		5,799
Accumulated depreciation
At 01 April 2024	5,188		5,188
Charge for the financial year	128		128
At 31 March 2025	5,316		5,316
Net book value
At 31 March 2025	483		483
At 31 March 2024	12		12

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	310,000
As at 31 March 2025	310,000

The investment properties have been valued by the directors. The original purchase price of the properties is £56,289.

5. Debtors

	2025		2024
	£		£
Prepayments and accrued income	2,166		2,424

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	14,728		14,425
Amounts owed to directors	88,206		79,476
Accruals and deferred income	12,981		11,997
Taxation and social security	4,100		6,224
	120,015		112,122

At the statement of financial position date the company had bank borrowings. This debt is secured against investment properties held in the company. The market value of these secured properties at the date of the Statement of Financial Position were as follows £310,000 (2024: £310,000).

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans (secured)	91,757		103,083

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2025		2024
	£		£
Bank loans (secured / repayable by instalments)	32,888		45,382

The bank loans are secured against investment properties held in the company.

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each	200		200

9. Reserves

Included in the profit and loss account is a profit of £Nil (2024: £30,000) that relates to non-distributable reserves. At the year end, non-distributable funds totalled £253,711 (2024:£253,711).