Cliftonvalley Property Limited - Period Ending 2022-03-31

Cliftonvalley Property Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

Cliftonvalley Property Limited

Company Information

Directors

Mr Paul Mervyn Duval Mrs Lynne Anne Duval

Registered office

2 Charnwood House Marsh Road Ashton Bristol BS3 2NA

Accountants

Stone & Co Chartered Accountants 2 Charnwood House Marsh Road Ashton Bristol BS3 2NA

Cliftonvalley Property Limited

(Registration number: 11085489)
Balance Sheet as at 31 March 2022

	Note	2022 £		2021 £
Fixed assets
Tangible assets	4		9,381	-
Investment property	5		475,285	390,394
			484,666	390,394
Current assets
Debtors	6	92,920		91,437
Cash at bank and in hand		4,768		5,534
		97,688		96,971
Creditors: Amounts falling due within one year	7	(81,950)		(83,132)
Net current assets			15,738	13,839
Total assets less current liabilities			500,404	404,233
Creditors: Amounts falling due after more than one year	7		(519,174)	(417,794)
Net liabilities			(18,770)	(13,561)
Capital and reserves
Called up share capital		100		100
Profit and loss account		(18,870)		(13,661)
Total equity			(18,770)	(13,561)

Cliftonvalley Property Limited

(Registration number: 11085489)
Balance Sheet as at 31 March 2022

For the financial year ending 31 March 2022 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 22 December 2012 and signed on its behalf by:
 

.........................................

Mr Paul Mervyn Duval
Director

.........................................

Mrs Lynne Anne Duval
Director

Cliftonvalley Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA
United Kingdom

These financial statements were authorised for issue by the Board on 22 December 2012.

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 - '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.

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.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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:

Cliftonvalley Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Asset class	Depreciation method and rate
Fixture and fittings	25% straight line

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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Cliftonvalley Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2021 - 0).

4	Tangible assets

	Fixtures and fittings £	Total £
Cost or valuation
Additions	9,581	9,581
At 31 March 2022	9,581	9,581
Depreciation
Charge for the year	200	200
At 31 March 2022	200	200
Carrying amount
At 31 March 2022	9,381	9,381

5	Investment properties

	2022 £
At 1 April	390,394
Additions	84,891
At 31 March	475,285

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

6

Debtors

	2022 £	2021 £
Trade debtors	575	1,100
Prepayments	2,345	337
Other debtors	90,000	90,000
	92,920	91,437

Cliftonvalley Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

7

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Trade creditors	7,905	10,153
Accruals and deferred income	240	240
Other creditors	73,805	72,739
	81,950	83,132

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings		519,174	417,794

Creditors falling due after one year include loans totalling £248,780 (2021- £147,400) which are secured against 31 Gwern Berthi Road, Cwmtillery of £126,380 and 27 Grayle Road, Henbury, Bristol of £122,400 (2021 £122,400).

8	Related party transactions

At the balance sheet date the company owed the directors £332,050 (2021 - £338,586). Of this loan £270,394 is deemed long term and would become partially repayable on the sale of investment properties. The remaining balance of £61,656 (2021 - £68,192) is repayable on demand interest has been charged in the short term element of the loan at a commercial rate.

At the balance sheet date the company owed £4,287 (2021 - £4,192 ) to Cliftonvalley Limited. A company under common control. This loan is interest free and repayable on demand.

At the balance sheet date the company was owed £28 (2021 - £28 ) by Cliftonvalley Apartments Limited. A company under common control. This loan is interest free and repayable on demand.

At the balance sheet date the company was owed £12 (2021 - £12) by Cliftonvalley Park Limited. A company under common control. This loan is interest free and repayable on demand.

At the balance sheet date the company owed £2,989 (2021 - £275) to Cliftonvalley Management Limited. A company under common control. This loan is interest free and repayable on demand.