Clifton Investment Properties Limited - Period Ending 2019-12-31
Clifton Investment Properties Limited - Period Ending 2019-12-31
Registration number:
Clifton Investment Properties Limited
for the Year Ended 31 December 2019
Clifton Investment Properties Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Clifton Investment Properties Limited
Company Information
Directors |
R C Cotter A J Wotton V Cook |
Company secretary |
T P Oliver |
Registered office |
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Bankers |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Clifton Investment Properties Limited
Year Ended 31 December 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Clifton Investment Properties Limited for the year ended 31 December 2019 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Clifton Investment Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Clifton Investment Properties Limited and state those matters that we have agreed to state to the Board of Directors of Clifton Investment Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clifton Investment Properties Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Clifton Investment Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Clifton Investment Properties Limited. You consider that Clifton Investment Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Clifton Investment Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Chartered Accountants and Business Advisers
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE
Clifton Investment Properties Limited
(Registration number: 03300938)
Balance Sheet
31 December 2019
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2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
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( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Clifton Investment Properties Limited
(Registration number: 03300938)
Balance Sheet
31 December 2019
For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Director
Clifton Investment Properties Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
132 Queens Road
Clifton
BRISTOL
BS8 1LQ
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Clifton Investment Properties Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2019
Revenue recognition
Turnover comprises the fair value of the consideration receivable for the rental income in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
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.
Tax
The tax expense for the period comprises current and deferred 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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible 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
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:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
20% per annum reducing balance |
Investment property
Clifton Investment Properties Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2019
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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Depreciation |
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At 1 January 2019 |
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Charge for the year |
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At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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Investment properties |
Clifton Investment Properties Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2019
2019 |
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At 1 January |
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Fair value adjustments |
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At 31 December |
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The directors have revalued the property based on current market values.
Clifton Investment Properties Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2019
Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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