Clever Properties Limited - Accounts to registrar (filleted) - small 18.2

Clever Properties Limited - Accounts to registrar (filleted) - small 18.2

CLEVER PROPERTIES LIMITED - Company Information

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REGISTERED NUMBER: SC415016 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 January 2022

for

CLEVER PROPERTIES LIMITED
CLEVER PROPERTIES LIMITED (REGISTERED NUMBER: SC415016)






Contents of the Financial Statements
for the Year Ended 31 January 2022




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


CLEVER PROPERTIES LIMITED

Company Information
for the Year Ended 31 January 2022







DIRECTORS: M C M Gallanagh
C P McCusker





REGISTERED OFFICE: 13 Glasgow Road
Paisley
PA1 3QS





REGISTERED NUMBER: SC415016 (Scotland)





ACCOUNTANTS: Profit Counts Limited
13 Glasgow Road
Paisley
Renfrewshire
PA1 3QS
Page 1
CLEVER PROPERTIES LIMITED (REGISTERED NUMBER: SC415016)

Abridged Balance Sheet
31 January 2022

2022 2021
Notes £    £   
FIXED ASSETS
Investments 4 - 45,000
Investment property 5 710,436 816,808
710,436 861,808

CURRENT ASSETS
Debtors 829 2,462
Cash at bank 3,125 20,542
3,954 23,004
CREDITORS
Amounts falling due within one year (462,519 ) (621,359 )
NET CURRENT LIABILITIES (458,565 ) (598,355 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
251,871
263,453

CREDITORS
Amounts falling due after more than one
year
6
(56,334
)
(178,442
)

PROVISIONS FOR LIABILITIES (7,058 ) -
NET ASSETS 188,479 85,011

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 188,477 85,009
SHAREHOLDERS' FUNDS 188,479 85,011

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The notes form part of these financial statements

Page 2 continued...
CLEVER PROPERTIES LIMITED (REGISTERED NUMBER: SC415016)

Abridged Balance Sheet - continued
31 January 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 January 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2022 and were signed on its behalf by:





C P McCusker - Director


The notes form part of these financial statements

Page 3
CLEVER PROPERTIES LIMITED (REGISTERED NUMBER: SC415016)

Notes to the Financial Statements
for the Year Ended 31 January 2022

1. STATUTORY INFORMATION

Clever Properties Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is represented by the rental income receivable from a portfolio of investment properties.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year 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 year 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 February 2021 45,000
Reclassification/transfer (45,000 )
At 31 January 2022 -
NET BOOK VALUE
At 31 January 2022 -
At 31 January 2021 45,000

Page 4 continued...
CLEVER PROPERTIES LIMITED (REGISTERED NUMBER: SC415016)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2022

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2021 816,808
Additions 37,836
Sale of Property (215,528 )
Revaluations 71,320
At 31 January 2022 710,436
NET BOOK VALUE
At 31 January 2022 710,436
At 31 January 2021 816,808

The assets held above are used for the purpose of generating rental income.

Fair value at 31 January 2022 is represented by:
£   
Valuation in 2022 710,436

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
2022 2021
£    £   
Repayable otherwise than by instalments
Preference shares - 22,000

Repayable by instalments
Bank loans more 5 yr by instal 14,362 90,798

7. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 68,792 172,853

A standard security for all sums due or becoming due has been granted in favour of the Bank of Scotland plc. The security is held over the property 9 St James Street, Paisley.

8. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
2 Ordinary £1 2 2

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within creditors due within one year is £75,728 (2021: £75,728) due to the directors of the company. There are no fixed terms for repayment or interest payable on these amounts.

Page 5 continued...
CLEVER PROPERTIES LIMITED (REGISTERED NUMBER: SC415016)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2022

10. RELATED PARTY DISCLOSURES

A loan of £22,000 has been provided by T. Gallanagh, the husband of M. Gallanagh, a director and shareholder of the company. Interest accrued at 7% per annum on this amount and there is no fixed term for repayment. Included within accruals is £12,320 (2021: £10,780) due to T Gallanagh in respect of interest.

A loan of £22,000 was provided by C McCusker, a director and shareholder of the company, in the form of redeemable preference shares.

Included within accruals is £12,320 (2021: £10,780) owed to C McCusker in respect of the interest payable on the redeemable preference shares for eight year period to 31 January 2022.

Page 6