Company No: 02855094 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	4	19,560		22,905
Investment property	5	3,580,001		3,729,423
		3,599,561		3,752,328
Current assets
Debtors
- due within one year	6	79,126		80,222
- due after more than one year	6	349,387		422,586
Cash at bank and in hand		282,658		389,386
		711,171		892,194
Creditors: amounts falling due within one year	7	( 66,387)		( 114,241)
Net current assets		644,784		777,953
Total assets less current liabilities		4,244,345		4,530,281
Provision for liabilities		( 188,775)		( 342,800)
Net assets		4,055,570		4,187,481
Capital and reserves
Called-up share capital	8	1,200		1,200
Capital redemption reserve		1,148,076		1,148,076
Profit and loss account	10	2,906,294		3,038,205
Total shareholders' funds		4,055,570		4,187,481

For the financial year ending 28 February 2026 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 Statement of Income and Retained Earnings 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 30 July 2026. They were signed on its behalf by:

Mr S A Lipfriend 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 C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom. The principal place of business is 5 Downs Park, Bristol, BS6 7QQ.

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 Statement of Financial Position 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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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
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 Statement of Financial Position 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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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 fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Vehicles	25 % reducing balance
Computer equipment	4 years straight line

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 Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the Company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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 and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Prior year adjustment

The comparative information has been restated to correct an error in the classification of directors' pensions and dividends in the financial year to 28 February 2025. Subsequently, an adjustment has been made to recognise the pension contributions and dividends in their appropriate form.

		As previously reported		Adjustment		As restated
Year ended 28 February 2025		£		£		£
Directors' pensions		0		(50,000)		(50,000)
Cash in hand		389,386		3,200		392,586
Dividends		(200,400)		46,800		(153,600)
Tax on profit		(70,128)		12,500		(57,628)

3. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

4. Tangible assets

	Vehicles		Computer equipment		Total
	£		£		£
Cost
At 01 March 2025	56,953		2,003		58,956
Disposals	( 13,000)		0		( 13,000)
At 28 February 2026	43,953		2,003		45,956
Accumulated depreciation
At 01 March 2025	34,048		2,003		36,051
Charge for the financial year	439		0		439
Disposals	( 10,094)		0		( 10,094)
At 28 February 2026	24,393		2,003		26,396
Net book value
At 28 February 2026	19,560		0		19,560
At 28 February 2025	22,905		0		22,905

5. Investment property

	Investment property
	£
Valuation
As at 01 March 2025	3,729,423
Additions	203,352
Fair value movement	(352,774)
As at 28 February 2026	3,580,001

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 the current observable market prices.

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

6. Debtors

	2026		2025
	£		£
Debtors: amounts falling due within one year
Prepayments	2,875		5,854
VAT recoverable	3,051		1,167
Other debtors	73,200		73,201
	79,126		80,222
Debtors: amounts falling due after more than one year
Other debtors	349,387		422,586

7. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	10,243		9,634
Amounts owed to directors	2,779		2,789
Accruals and deferred income	4,550		8,908
Taxation and social security	40,537		76,438
Other creditors	8,278		16,472
	66,387		114,241

8. Called-up share capital

	2026		2025
	£		£
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

9. Related party transactions

Transactions with owners holding a participating interest in the entity

	2026		2025
	£		£
Amounts owed to directors	2,779		2,789

The accounts bear no interest and there are no set repayment terms.

10. Profit and loss account

	2026		2025
	£		£
Profit and loss account - distributable	2,339,500		2,033,917
Profit and loss account - non-distributable	566,794		1,004,288
	2,906,294		3,038,205

Profit and loss account - distributable

This reserve represents the cumulative profits and losses that can be distributed.

Profit and loss account - non-distributable

This reserve represents the cumulative gains and losses, and respective deferred tax on these gains and losses, on the fair value movements of investment properties.