Claradon Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 03195314

CLARADON LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2021

CLARADON LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2021

CONTENTS	PAGES

Balance sheet	1 to 2

Notes to the financial statements	3 to 6

CLARADON LIMITED

BALANCE SHEET

31 December 2021

	2021		2020
Note	£	£	£	£

FIXED ASSETS

Tangible assets	4		4,763,904		4,763,904

CURRENT ASSETS

Debtors	5	1,879,289		1,859,748

CREDITORS: amounts falling due within one year	6	( 165,454)		( 114,991)
		-------------		-------------
NET CURRENT ASSETS			1,713,835		1,744,757
			-------------		-------------
TOTAL ASSETS LESS CURRENT LIABILITIES			6,477,739		6,508,661

CREDITORS: amounts falling due after more than one year	7		( 2,900,634)		( 2,937,253)

PROVISIONS	8	( 532,837)	( 532,837)
		-------------	-------------
NET ASSETS		3,044,268	3,038,571
		-------------	-------------

CLARADON LIMITED

BALANCE SHEET (continued)

31 December 2021

	2021		2020
Note	£	£	£	£

CAPITAL AND RESERVES

Called up share capital	9	100	100
Profit and loss account		3,044,168	3,038,471
		-------------	-------------
SHAREHOLDERS FUNDS		3,044,268	3,038,571
		-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 22 December 2022 , and are signed on behalf of the board by:

Mr J D Pfeffer
Director

Company registration number: 03195314

CLARADON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2021

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.

Turnover

The turnover of the company is represented by rents and charges receivable in respect of its investment properties.

Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. Current tax is expected tax payable or receivable on the taxable income or loss for the year, using rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. For investment property that is measured at fair value, deferred tax is provided at the rate and allowances applicable to the sale of the property.

Investment properties

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - - Investment properties whose fair value can be measured reliably are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and - No depreciation is provided in respect of investment properties applying the fair value model. Investment property fair value is determined by the Director, based on his understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recent comparable transactions and market yields, adjusted by applying discounts to reflect status of occupation and condition. Acquisitions and disposals of properties Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

4. TANGIBLE ASSETS

	Freehold investment properties
	£
Fair value
At 1 January 2021 and 31 December 2021	4,763,904
	-------------
Carrying amount
At 31 December 2021	4,763,904
	-------------
At 31 December 2020	4,763,904
	-------------

The Company's investment properties are valued by the Director based on his understanding of property market conditions using a sales valuation approach, derived from recent comparable transactions and market yields, adjusted by applying discounts to reflect status of occupation and condition. The historical cost of the investment properties is £1,043,407 (2020 - £1,043,407).

5. DEBTORS

	2021	2020
	£	£
Trade debtors	12,363	1,362
Other debtors	1,866,926	1,858,386
	-------------	-------------
	1,879,289	1,859,748
	-------------	-------------

6. CREDITORS: amounts falling due within one year

	2021	2020
	£	£
Other creditors	165,454	114,991
	----------	----------

7. CREDITORS: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	2,900,634	2,937,253
	-------------	-------------

The bank loan is secured by a legal charge over the Company's investment properties.

8. PROVISIONS

	Deferred tax
	£
At 1 January 2021 and 31 December 2021	532,837
	----------

The provision for deferred tax is in relation to timing differences in respect of the fair value adjustment of investment properties.

9. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

10. RELATED PARTY TRANSACTIONS

(i) Included in Other debtors is a loan of £1,866,890 (2020 - £1,858,386) due from a company connected with the director. The loan is interest-free and repayable on demand. (ii) Included in Other creditors is a loan of £67,571 (2020 - £25,291) due to a company connected with the director. The loan is interest-free and repayable on demand.