REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 MARCH 2022 TO 31 OCTOBER 2022 |
FOR |
CLERKENWELL ESTATES LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 MARCH 2022 TO 31 OCTOBER 2022 |
FOR |
CLERKENWELL ESTATES LIMITED |
CLERKENWELL ESTATES LIMITED (REGISTERED NUMBER: 11823218) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2022 TO 31 OCTOBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CLERKENWELL ESTATES LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 MARCH 2022 TO 31 OCTOBER 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Fulford House |
Newbold Terrace |
Leamington Spa |
Warwickshire |
CV32 4EA |
CLERKENWELL ESTATES LIMITED (REGISTERED NUMBER: 11823218) |
BALANCE SHEET |
31 OCTOBER 2022 |
2022 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up and paid share capital |
Revaluation reserve | 9 |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CLERKENWELL ESTATES LIMITED (REGISTERED NUMBER: 11823218) |
BALANCE SHEET - continued |
31 OCTOBER 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
CLERKENWELL ESTATES LIMITED (REGISTERED NUMBER: 11823218) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2022 TO 31 OCTOBER 2022 |
1. | STATUTORY INFORMATION |
Clerkenwell Estates Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable. |
Investment property |
Investment property is initially recorded at cost and subsequently at fair value, with fair value gains or losses being recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
Financial instruments |
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. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
CLERKENWELL ESTATES LIMITED (REGISTERED NUMBER: 11823218) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2022 TO 31 OCTOBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The financial statements have been prepared on the going concern basis, on the understanding that the company will receive continued support from the debtors and creditors for a period of at least 12 months from the date of these financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2022 |
and 31 October 2022 |
NET BOOK VALUE |
At 31 October 2022 |
At 28 February 2022 |
Fair value at 31 October 2022 is represented by: |
£ |
Valuation in 2022 | 1,200,000 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2022 |
£ | £ |
Amounts owed by participating interests | 396,012 | 396,012 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2022 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to participating interests | 496,766 | 495,476 |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2022 |
£ | £ |
Bank loans |
CLERKENWELL ESTATES LIMITED (REGISTERED NUMBER: 11823218) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2022 TO 31 OCTOBER 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2022 | 2022 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 761,281 | 761,281 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2022 |
£ | £ |
Mortgage | - | 761,281 |
The loan is secured by way of a charge over the investment property held by the company. |
9. | RESERVES |
The revaluation reserve is a non-distributable reserve relating to fair value gains or losses on the revaluation of the investment property, net of related deferred tax. |
10. | RELATED PARTY DISCLOSURES |
Included in debtors are amounts owing of £396,012 (28 February 2022: £396,012) from companies in which the director has an interest. |
Included in creditors are amounts owed of £496,766 (28 February 2022: £495,476) to companies under the control of the director. |