Company No: 02855094 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	M T Davies
	C G Dawson
	S A Lipfriend

SECRETARY

C G Dawson

REGISTERED OFFICE	1st Floor 25 King Street
	Bristol
	BS1 4PB
	United Kingdom

COMPANY NUMBER

02855094 (England and Wales)

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	22,905		30,628
Investment property	4	3,729,423		4,151,413
		3,752,328		4,182,041
Current assets
Debtors
- due within one year	5	80,222		115,703
- due after more than one year	5	422,586		245,000
Cash at bank and in hand		392,586		93,114
		895,394		453,817
Creditors: amounts falling due within one year	6	( 126,741)		( 87,681)
Net current assets		768,653		366,136
Total assets less current liabilities		4,520,981		4,548,177
Provision for liabilities		( 342,800)		( 361,610)
Net assets		4,178,181		4,186,567
Capital and reserves
Called-up share capital	7	1,200		1,200
Capital redemption reserve		1,148,076		1,148,076
Profit and loss account		3,028,905		3,037,291
Total shareholders' funds		4,178,181		4,186,567

For the financial year ending 28 February 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 Clipper Properties Limited (registered number: 02855094) were approved and authorised for issue by the Board of Directors on 17 December 2025. They were signed on its behalf by:

C G Dawson 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

Clipper 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 1st Floor 25 King Street, Bristol, BS1 4PB, 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.

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.

Turnover

Turnover comprises the fair value of the consideration received or receivable in respect of rents levied and services provided in the ordinary course of the company's activities. Turnover is shown net of value added tax.

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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
The tax expense for the period comprises current 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
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or
substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible assets are stated in the statement of financial position 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 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:

Vehicles	25 % reducing balance
Computer equipment	4 years straight line

Leases

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

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.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

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.

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 and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

3. Tangible assets

	Vehicles		Computer equipment		Total
	£		£		£
Cost
At 01 March 2024	56,953		2,003		58,956
At 28 February 2025	56,953		2,003		58,956
Accumulated depreciation
At 01 March 2024	26,413		1,915		28,328
Charge for the financial year	7,635		88		7,723
At 28 February 2025	34,048		2,003		36,051
Net book value
At 28 February 2025	22,905		0		22,905
At 29 February 2024	30,540		88		30,628

4. Investment property

	Investment property
	£
Valuation
As at 01 March 2024	4,151,413
Additions	136,131
Fair value movement	(151,694)
Disposals	(406,427)
As at 28 February 2025	3,729,423

Valuation

Investment properties are carried at fair value, determined by the directors with reference to the condition and location of the properties, as well as current observable market prices.

There has been no valuation of the investment properties by an independent valuer.

5. Debtors

	2025		2024
	£		£
Debtors: amounts falling due within one year
Prepayments	5,854		0
VAT recoverable	1,167		2,609
Other debtors	73,201		113,094
	80,222		115,703
Debtors: amounts falling due after more than one year
Other debtors	422,586		245,000

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	9,634		10,323
Amounts owed to directors	2,789		532
Accruals and deferred income	8,908		6,342
Taxation and social security	88,938		51,927
Other creditors	16,472		18,557
	126,741		87,681

7. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
900 Ordinary shares of £ 1.00 each	900		900
300 Ordinary B shares of £ 1.00 each	300		300
	1,200		1,200