| Clerkenwell Green Property Management Limited |
| Registered number: |
01472312 |
| Balance Sheet |
| as at 30 June 2021 |
|
| Notes |
|
|
2021 |
|
|
2020 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
7,000,000 |
|
|
10,500,000 |
|
| Current assets |
| Debtors |
4 |
|
37,610 |
|
|
9,380 |
| Cash at bank and in hand |
|
|
407,031 |
|
|
337,811 |
|
|
|
444,641 |
|
|
347,191 |
|
| Creditors: amounts falling due within one year |
5 |
|
(95,789) |
|
|
(154,710) |
|
| Net current assets |
|
|
|
348,852 |
|
|
192,481 |
|
| Total assets less current liabilities |
|
|
|
7,348,852 |
|
|
10,692,481 |
|
|
| Provisions for liabilities |
6 |
|
|
(355,000) |
|
|
(945,000) |
|
|
| Net assets |
|
|
|
6,993,852 |
|
|
9,747,481 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
99,990 |
|
|
99,990 |
| Revaluation reserve |
7 |
|
|
2,505,614 |
|
|
5,455,709 |
| Profit and loss account |
|
|
|
4,388,248 |
|
|
4,191,782 |
|
| Shareholders' funds |
|
|
|
6,993,852 |
|
|
9,747,481 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| E D Shane |
| Director |
| Approved by the board on 22 February 2022 |
|
| Clerkenwell Green Property Management Limited |
| Notes to the Accounts |
| for the year ended 30 June 2021 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention, as modified for the revaluation of investment property, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Tangible fixed assets |
|
Investment property |
|
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
|
|
Depreciation |
|
No depreciation is provided on investment properties. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
| 2 |
Employees |
2021 |
|
2020 |
| Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
| £ |
|
Cost or valuation |
|
At 1 July 2020 |
10,500,000 |
|
Additions |
40,095 |
|
Deficit on revaluation |
(3,540,095) |
|
At 30 June 2021 |
7,000,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 30 June 2021 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2021 |
7,000,000 |
|
At 30 June 2020 |
10,500,000 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2021 |
|
2020 |
| £ |
£ |
|
Historical cost |
4,139,386 |
|
4,099,291 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
4,139,386 |
|
4,099,291 |
|
|
The freehold properties were last revalued as at 30 June 2021 by a director of the company, A D Chapman FRICS. |
|
| 4 |
Debtors |
2021 |
|
2020 |
| £ |
£ |
|
|
Other debtors |
37,610 |
|
9,380 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Taxation and social security costs |
61,382 |
|
83,826 |
|
Other creditors |
34,407 |
|
70,884 |
|
|
|
|
|
|
95,789 |
|
154,710 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Provision for liabilities |
2021 |
|
2020 |
|
Deferred taxation |
£ |
£ |
|
|
At 1 July 2020 |
945,000 |
|
965,000 |
|
Credit for the year to the profit and loss account |
(590,000) |
|
(20,000) |
|
At 30 June 2021 |
355,000 |
|
945,000 |
|
|
|
|
|
|
|
|
|
|
The provision for deferred taxation represents the corporation tax which would be payable should the Company sell its freehold property for the value shown in these accounts. The rate of tax used when calculating the provision is 25% (2020 -19%). |
|
| 7 |
Revaluation reserve |
2021 |
|
2020 |
| £ |
£ |
|
|
At 1 July 2020 |
5,455,709 |
|
5,867,103 |
|
Loss on revaluation of land and buildings |
(3,540,095) |
|
(111,394) |
|
Deferred taxation arising on the revaluation of land and buildings |
590,000 |
|
(300,000) |
|
|
At 30 June 2021 |
2,505,614 |
|
5,455,709 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Other financial commitments |
2021 |
|
2020 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
9,388 |
|
- |
|
|
|
|
|
|
|
|
|
|
| 9 |
Related party transactions |
|
|
During the year the company paid fees totalling £70,912 (2020: £86,221) to businesses in which A D Chapman, a director, has an interest. |
|
|
Dividends paid to directors in their capacity as shareholders during the year amounted to £39,196 (2020: £39,196). |
|
| 10 |
Controlling party |
|
|
The company is controlled by Miss E D Shane. |
|
|
| 11 |
Other information |
|
|
Clerkenwell Green Property Management Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
34 Chelwood Gardens |
|
Kew |
|
Richmond |
|
Surrey |
|
TW9 4JQ |
