Clearwater Marine Properties Limited 31/08/2019 iXBRL

Clearwater Marine Properties Limited 31/08/2019 iXBRL

CLEARWATER MARINE PROPERTIES LIMITED - Company Information

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Company registration number: 05465694
Clearwater Marine Properties Limited
Unaudited filleted financial statements
31 August 2019
Clearwater Marine Properties Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Clearwater Marine Properties Limited
Directors and other information
Director Nigel Hill
Secretary Robinsons Consulting Limited
Company number 05465694
Registered office 5 Underwood Street
London
N1 7LY
Clearwater Marine Properties Limited
Statement of financial position
31 August 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 4 4,077,912 896,956
_______ _______
4,077,912 896,956
Current assets
Debtors 5 278,883 984,314
Cash at bank and in hand 886,121 11,495
_______ _______
1,165,004 995,809
Creditors: amounts falling due
within one year 6 ( 1,880,075) ( 128,058)
_______ _______
Net current (liabilities)/assets ( 715,071) 867,751
_______ _______
Total assets less current liabilities 3,362,841 1,764,707
Creditors: amounts falling due
after more than one year 7 ( 1,810,000) ( 160,000)
_______ _______
Net assets 1,552,841 1,604,707
_______ _______
Capital and reserves
Called up share capital 1,000,000 1,000,000
Profit and loss account 552,841 604,707
_______ _______
Shareholders funds 1,552,841 1,604,707
_______ _______
For the year ending 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 July 2020 , and are signed on behalf of the board by:
Nigel Hill
Director
Company registration number: 05465694
Clearwater Marine Properties Limited
Notes to the financial statements
Year ended 31 August 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Underwood Street, London, N1 7LY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Not depreciated
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 September 2018 892,048 14,279 906,327
Additions 3,182,506 - 3,182,506
_______ _______ _______
At 31 August 2019 4,074,554 14,279 4,088,833
_______ _______ _______
Depreciation
At 1 September 2018 - 9,371 9,371
Charge for the year - 1,550 1,550
_______ _______ _______
At 31 August 2019 - 10,921 10,921
_______ _______ _______
Carrying amount
At 31 August 2019 4,074,554 3,358 4,077,912
_______ _______ _______
At 31 August 2018 892,048 4,908 896,956
_______ _______ _______
5. Debtors
2019 2018
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 276,858 982,080
Other debtors 2,025 2,234
_______ _______
278,883 984,314
_______ _______
6. Creditors: amounts falling due within one year
2019 2018
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,875,564 123,547
Other creditors 4,511 4,511
_______ _______
1,880,075 128,058
_______ _______
7. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans and overdrafts 1,810,000 160,000
_______ _______