CLEO PROPERTIES LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04350703 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021

FOR

CLEO PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Rahim Virani

Karim Virani

SECRETARY:

Paul Davis

REGISTERED OFFICE:

Crown House

9th Floor

North Circular Road

Park Royal

London

NW10 7PN

REGISTERED NUMBER:

04350703 (England and Wales)

AUDITORS:

UHY Hacker Young (S.E.) Limited

Chartered Accountants & Statutory Auditor

168 Church Road

Hove

East Sussex

BN3 2DL

BANKERS:

Bank of Scotland

Beauclerc House

3 Queens Road

Reading

RG1 4AR

FIXED ASSETS

Tangible fixed assets -

Investment property

5

1,407,585

1,407,585

1,407,585

1,407,585

CURRENT ASSETS

Debtors

6

6,645

1,389

Cash at bank

357,432

422,669

364,077

424,058

CREDITORS

Amounts falling due within one year

7

396,640

499,852

NET CURRENT LIABILITIES

(32,563

)

(75,794

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,375,022

1,331,791

PROVISIONS FOR LIABILITIES

20,269

20,058

NET ASSETS

1,354,753

1,311,733

CAPITAL AND RESERVES

Called up share capital

600

600

Revaluation reserve

8

122,707

122,707

Retained earnings

1,231,446

1,188,426

SHAREHOLDERS' FUNDS

1,354,753

1,311,733

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

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 2021 and were signed on its behalf by:

Karim Virani - Director

1.	STATUTORY INFORMATION

CLEO PROPERTIES LIMITED is a private company, limited by shares, registered in England and Wales. The company's registered office is Crown House, North Circular Road, Park Royal, London NW10 7PN.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of investment properties.

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

Going Concern

In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.

For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements.

The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Investment properties are valued annually at fair value by the directors. Fair value is ascertained through review of a number of factors to include market knowledge and market yields. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself.

Turnover

Turnover represents amounts receivable for rent and services charges, exclusive of VAT. Income is recognised as space is provided to the tenants.

Tangible fixed assets and depreciation

Investment properties are accounted for as follows:

- Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.

- Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the consolidated income statement and accumulated in the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in retained earnings for the year.

Depreciation is provided only on those investment properties that are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the applicable standard, FRS 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial information to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or quantified.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

5.	TANGIBLE FIXED ASSETS -

INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2020

and 31 January 2021

1,407,585

NET BOOK VALUE

At 31 January 2021

1,407,585

At 31 January 2020

1,407,585

The freehold property was valued by the directors on a fair value basis as at 31 January 2021.

In respect of fixed assets stated at valuation, the historical cost was £1,284,878.

Fair value at 31 January 2021 is represented by:

£

Valuation in 2021

1,407,585

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

4,376

1,078

Other debtors

2,269

311

6,645

1,389

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

-

8,923

Trade creditors

97,582

71,039

Taxation and social security

20,225

25,396

Other creditors

278,833

394,494

396,640

499,852

8.

RESERVES

Revaluation

reserve

£

At 1 February 2020

and 31 January 2021

122,707

The company has the following reserves, the movements of which in the current and prior years are shown in the statements of changes in equity:

Called-up share capital

Called-up share capital represents the nominal value of shares that have been issued.

Revaluation reserve (non-distributable)

The revaluation reserve is used to record increases in the fair value of investment properties and decreases to the extent that such decreases relates to an increase on the same asset, net of deferred tax.

Retained earnings

The retained earnings represent all current and prior period retained profits and losses.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Charles Homan (Senior Statutory Auditor)

for and on behalf of UHY Hacker Young (S.E.) Limited

10.	RELATED PARTY DISCLOSURES

At 31 January 2021,creditors amounts falling due within one year, included loans from shareholders totalling £232,930 (2020: £338,930).These related party loans are unsecured, interest free and have no fixed repayment terms.