Cliffestones Properties Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 11491847 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

FOR

CLIFFESTONES PROPERTIES LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

211,055

5,335

Investment property

5

9,242,516

9,434,196

9,453,571

9,439,531

CURRENT ASSETS

Debtors

6

20,782

18,754

Cash at bank

23,429

27,262

44,211

46,016

CREDITORS

Amounts falling due within one year

7

4,926,159

4,939,236

NET CURRENT LIABILITIES

(4,881,948

)

(4,893,220

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,571,623

4,546,311

PROVISIONS FOR LIABILITIES

8

418,798

418,715

NET ASSETS

4,152,825

4,127,596

CAPITAL AND RESERVES

Called up share capital

9

650,449

650,449

Share premium

2,044,275

2,044,275

Fair value reserve

10

1,252,143

1,252,143

Retained earnings

205,958

180,729

SHAREHOLDERS' FUNDS

4,152,825

4,127,596

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 December 2022 and were signed on its behalf by:

C J Blundell - Director

1.	STATUTORY INFORMATION

Cliffestones Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

11491847

Registered office:

Mount St John

Felixkirk

Thirsk

North Yorkshire

YO7 2DT

The presentation currency of the financial statements is the Pound Sterling, which is the functional currency of the company, rounded to the nearest £1.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents rents received and receivable, excluding VAT.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost (excluding freehold land)

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Office equipment

-

25% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation 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 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.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Office

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 August 2021

-

2,000

-

4,052

6,052

Additions

-

-

242

1,588

1,830

Reclassification/transfer

208,766

-

-

-

208,766

At 31 July 2022

208,766

2,000

242

5,640

216,648

DEPRECIATION

At 1 August 2021

-

717

-

-

717

Charge for year

3,379

193

3

1,301

4,876

At 31 July 2022

3,379

910

3

1,301

5,593

NET BOOK VALUE

At 31 July 2022

205,387

1,090

239

4,339

211,055

At 31 July 2021

-

1,283

-

4,052

5,335

Included in cost of land and buildings is freehold land of £ 38,700 (2021 - £ 0 ) which is not depreciated.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2021

9,434,196

Additions

17,086

Reclassification/transfer

(208,766

)

At 31 July 2022

9,242,516

NET BOOK VALUE

At 31 July 2022

9,242,516

At 31 July 2021

9,434,196

The historic cost of investment properties was £7,572,992 (2021: £7,764,672).

The investment property was valued on an open market basis on 31 July 2022 by the directors.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.22

31.7.21

£

£

Trade debtors

2,474

938

Amounts owed by group undertakings

3,000

1,905

Prepayments and accrued income

15,308

15,911

20,782

18,754

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.22

31.7.21

£

£

Trade creditors

28,691

18,008

Amounts owed to group undertakings

2,400,152

2,406,000

Corporation tax

6,402

38,540

Directors' current accounts

2,475,588

2,461,232

Accruals and deferred income

15,326

15,456

4,926,159

4,939,236

8.	PROVISIONS FOR LIABILITIES

31.7.22

31.7.21

£

£

Deferred tax

418,798

418,715

Deferred

tax

£

Balance at 1 August 2021

418,715

Provided during year

83

Balance at 31 July 2022

418,798

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.22

31.7.21

value:

£

£

650,449

Ordinary

£1

650,449

650,449

10.

RESERVES

Fair

value

reserve

£

At 1 August 2021

and 31 July 2022

1,252,143

11.	RELATED PARTY DISCLOSURES

During the year the director loaned the company £14,356. At the year end there was £2,475,588 (2021: £2,461,232) owing to the director.