Clearwater Marine Properties Limited 31/08/2021 iXBRL

Clearwater Marine Properties Limited 31/08/2021 iXBRL

CLEARWATER MARINE PROPERTIES LIMITED - Company Information

Print Friendly Version

0 31/08/2021 2021-08-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2020-09-01 Sage Accounts Production 21.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 05465694 2020-09-01 2021-08-31 05465694 2021-08-31 05465694 2020-08-31 05465694 2020-08-31 05465694 core:FurnitureFittingsToolsEquipment 2020-09-01 2021-08-31 05465694 bus:RegisteredOffice 2020-09-01 2021-08-31 05465694 bus:Director1 2020-09-01 2021-08-31 05465694 bus:CompanySecretary1 2020-09-01 2021-08-31 05465694 core:LandBuildings core:OwnedOrFreeholdAssets 2020-08-31 05465694 core:FurnitureFittingsToolsEquipment 2020-08-31 05465694 core:LandBuildings core:OwnedOrFreeholdAssets 2021-08-31 05465694 core:FurnitureFittingsToolsEquipment 2021-08-31 05465694 core:WithinOneYear 2021-08-31 05465694 core:WithinOneYear 2020-08-31 05465694 core:AfterOneYear 2021-08-31 05465694 core:AfterOneYear 2020-08-31 05465694 core:ShareCapital 2021-08-31 05465694 core:ShareCapital 2020-08-31 05465694 core:RetainedEarningsAccumulatedLosses 2021-08-31 05465694 core:RetainedEarningsAccumulatedLosses 2020-08-31 05465694 core:LandBuildings core:OwnedOrFreeholdAssets 2020-09-01 2021-08-31 05465694 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2021-08-31 05465694 core:CostValuation core:Non-currentFinancialInstruments 2021-08-31 05465694 core:Non-currentFinancialInstruments 2021-08-31 05465694 core:LandBuildings core:OwnedOrFreeholdAssets 2020-08-31 05465694 core:FurnitureFittingsToolsEquipment 2020-08-31 05465694 bus:SmallEntities 2020-09-01 2021-08-31 05465694 bus:AuditExempt-NoAccountantsReport 2020-09-01 2021-08-31 05465694 bus:FullAccounts 2020-09-01 2021-08-31 05465694 bus:SmallCompaniesRegimeForAccounts 2020-09-01 2021-08-31 05465694 bus:PrivateLimitedCompanyLtd 2020-09-01 2021-08-31
Company registration number: 05465694
Clearwater Marine Properties Limited
Unaudited filleted financial statements
31 August 2021
Clearwater Marine Properties Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Clearwater Marine Properties Limited
Directors and other information
Director Nigel Hill
Secretary Robinsons Consulting Limited
Company number 05465694
Registered office 5 Underwood Street
London
N1 7LY
Clearwater Marine Properties Limited
Statement of financial position
31 August 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 4 4,173,689 4,116,091
Investments 5 100,000 -
_______ _______
4,273,689 4,116,091
Current assets
Debtors 6 280,817 280,739
Cash at bank and in hand 1,321,717 1,355,698
_______ _______
1,602,534 1,636,437
Creditors: amounts falling due
within one year 7 ( 2,615,749) ( 2,447,288)
_______ _______
Net current liabilities ( 1,013,215) ( 810,851)
_______ _______
Total assets less current liabilities 3,260,474 3,305,240
Creditors: amounts falling due
after more than one year 8 ( 1,810,000) ( 1,810,000)
_______ _______
Net assets 1,450,474 1,495,240
_______ _______
Capital and reserves
Called up share capital 1,000,000 1,000,000
Profit and loss account 450,474 495,240
_______ _______
Shareholders funds 1,450,474 1,495,240
_______ _______
For the year ending 31 August 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 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 March 2022 , and are signed on behalf of the board by:
Nigel Hill
Director
Company registration number: 05465694
Clearwater Marine Properties Limited
Notes to the financial statements
Year ended 31 August 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 5 Underwood Street, London, N1 7LY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 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.
Turnover
Turnover represents the total of rent received and receivable during the period, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Not depreciated
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 September 2020 4,114,283 14,279 4,128,562
Additions 59,148 - 59,148
_______ _______ _______
At 31 August 2021 4,173,431 14,279 4,187,710
_______ _______ _______
Depreciation
At 1 September 2020 - 12,471 12,471
Charge for the year - 1,550 1,550
_______ _______ _______
At 31 August 2021 - 14,021 14,021
_______ _______ _______
Carrying amount
At 31 August 2021 4,173,431 258 4,173,689
_______ _______ _______
At 31 August 2020 4,114,283 1,808 4,116,091
_______ _______ _______
5. Investments
Other investments other than loans Total
£ £
Cost
At 1 September 2020 - -
Additions 100,000 100,000
_______ _______
At 31 August 2021 100,000 100,000
_______ _______
Impairment
At 1 September 2020 and 31 August 2021 - -
_______ _______
Carrying amount
At 31 August 2021 100,000 100,000
_______ _______
At 31 August 2020 - -
_______ _______
6. Debtors
2021 2020
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 276,858 276,858
Other debtors 3,959 3,881
_______ _______
280,817 280,739
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 4,061 -
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,608,868 2,443,021
Other creditors 2,820 4,267
_______ _______
2,615,749 2,447,288
_______ _______
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 1,810,000 1,810,000
_______ _______
9. Controlling party
The company's parent undertaking is Marine Capital Advisory Limited, a company incorporated in British Virgin Islands, whose address is at PO Box 3174, Road Town, Tortola, British Virgin Islands.