Cliffsky Limited
Unaudited Financial Statements
For the Period ended 30 September 2021
Pages for filing with registrar
Company Registration No. 03351612 (England and Wales)
CLIFFSKY LIMITED
Cliffsky Limited
COMPANY INFORMATION
Directors
J Read
P Downing
Miss C M Read
(Appointed 3 November 2021)
Mrs L Read-Farrell
(Appointed 3 November 2021)
Company number
03351612
Registered office
18 Langton Place
Bury St Edmunds
Suffolk
IP33 1NE
CLIFFSKY LIMITED
Cliffsky Limited
BALANCE SHEET
AS AT
30 SEPTEMBER 2021
30 September 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
3
10,400,000
892,500
Current assets
Debtors
4
23,021
Cash at bank and in hand
30,982
511
54,003
511
Creditors: amounts falling due within one year
5
(699,990)
(895,580)
Net current liabilities
(645,987)
(895,069)
Total assets less current liabilities
9,754,013
(2,569)
Creditors: amounts falling due after more than one year
6
(38,861)
Provisions for liabilities
(2,496,314)
Net assets/(liabilities)
7,218,838
(2,569)
Capital and reserves
Called up share capital
2
2
Non-distributable profits reserve
7
7,042,810
Distributable profit and loss reserves
176,026
(2,571)
Total equity
7,218,838
(2,569)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CLIFFSKY LIMITED
Cliffsky Limited
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2021
30 September 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 June 2022 and are signed on its behalf by:
J Read
P Downing
Director
Director
Company Registration No. 03351612
CLIFFSKY LIMITED
Cliffsky Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
- 3 -
1
Accounting policies
Company information
Cliffsky Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
18 Langton Place, Bury St Edmunds, Suffolk, IP33 1NE.
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 a
mounts
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.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Going concern
These accounts have been prepared on the going concern basis. This is on the basis that the parent company continues to provide financial support to the company to allow the company to meet its debts as they fall due for a period of 12 months from the date of these accounts.
1.3
Reporting period
The accounting reference period ending 31 March 2021 was extended so as to end on 30 September 2021. The reason for extending the period was to align the accounting reference date with the parent company. As a consequence
the comparative amounts presented in the financial statements (including
the related notes) are not entirely comparable.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
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 current liabilities.
CLIFFSKY LIMITED
Cliffsky Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
1.7
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
CLIFFSKY LIMITED
Cliffsky Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
2020
Number
Number
Total
4
2
3
Investment property
2021
£
Fair value
At 1 April 2020
892,500
Additions
164,317
Disposals
(195,401)
Revaluations
9,538,584
At 30 September 2021
10,400,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
22,500
Other debtors
521
23,021
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
577
Amounts owed to group undertakings
689,885
894,470
Other creditors
9,528
1,110
699,990
895,580
CLIFFSKY LIMITED
Cliffsky Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
- 6 -
6
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Bank loans and overdrafts
38,861
7
Non-distributable profits reserve
2021
2020
£
£
At the beginning of the period
-
-
Non distributable profits in the period
7,042,810
-
At the end of the period
7,042,810
-
8
Events after the reporting date
After the year end additional plots of land including in the £10.4m valuation were sold for proceeds of £1.55m. The contracts for the sales were exchanged before the period end but not completed.
9
Parent company
The parent company of Cliffsky Limited is Snetterton Park Limited and its registered office is 18 Langton Place, Bury St Edmunds, Suffolk.