Clere Properties Newbury Ltd - Period Ending 2021-10-31

Clere Properties Newbury Ltd

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 4

Clere Properties Newbury Ltd

(Registration number: 12257786)
Balance Sheet as at 31 October 2021

	Note	2021 £	2020 £
Fixed assets
Investment property	5	611,830	611,830
Current assets
Debtors	6	2,257	5,359
Cash at bank and in hand		41,030	9,905
		43,287	15,264
Creditors: Amounts falling due within one year	7	(630,813)	(625,408)
Net current liabilities		(587,526)	(610,144)
Net assets		24,304	1,686
Capital and reserves
Called up share capital		100	100
Retained earnings		24,204	1,586
Shareholders' funds		24,304	1,686

For the financial year ending 31 October 2021 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 accounts for the year in question in accordance with section 476; and
•	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 Board on 25 May 2022 and signed on its behalf by:
 

......................................... J Bishop Director

Clere Properties Newbury Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
United Kingdom

2	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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Clere Properties Newbury Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Taxation

	2021		2020
	£		£
Corporation tax	5,305		372
Deferred tax	-		-
	5,305		372

4	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

5	Investment properties

	2021 £
At 1 November	611,830
At 31 October	611,830

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

6

Debtors

Current	2021 £	2020 £
Trade debtors	2,257	5,359

Clere Properties Newbury Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

7

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Trade creditors	455	455
Taxation and social security	5,305	372
Other creditors	625,053	624,581
	630,813	625,408