Clever Properties Limited - Accounts to registrar (filleted) - small 23.1.5
Clever Properties Limited - Accounts to registrar (filleted) - small 23.1.5
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2023 |
for |
CLEVER PROPERTIES LIMITED |
CLEVER PROPERTIES LIMITED (REGISTERED NUMBER: SC415016) |
Contents of the Financial Statements |
for the Year Ended 31 January 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
CLEVER PROPERTIES LIMITED |
Company Information |
for the Year Ended 31 January 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
13 Glasgow Road |
Paisley |
Renfrewshire |
PA1 3QS |
CLEVER PROPERTIES LIMITED (REGISTERED NUMBER: SC415016) |
Abridged Balance Sheet |
31 January 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
5 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 7 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
CLEVER PROPERTIES LIMITED (REGISTERED NUMBER: SC415016) |
Notes to the Financial Statements |
for the Year Ended 31 January 2023 |
1. | STATUTORY INFORMATION |
Clever Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is represented by the rental income receivable from a portfolio of investment properties. |
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 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2022 |
Additions |
Sale of Property | ( |
) |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
The assets held above are used for the purpose of generating rental income. |
CLEVER PROPERTIES LIMITED (REGISTERED NUMBER: SC415016) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
4. | INVESTMENT PROPERTY - continued |
Fair value at 31 January 2023 is represented by: |
£ |
Valuation in 2023 | 630,222 |
If the Investment properties were included at cost the valuation at the year end would be £506,577. |
5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2023 | 2022 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | 8,088 | 14,362 |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
A standard security for all sums due or becoming due has been granted in favour of the Bank of Scotland plc. The security is held over the property 9 St James Street, Paisley. |
7. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 5,573 | 7,058 |
Deferred |
tax |
£ |
Balance at 1 February 2022 |
Provided during year | ( |
) |
Balance at 31 January 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Included within creditors due within one year is £99,728 (2022: £75,728) due to the directors of the company. There are no fixed terms for repayment or interest payable on these amounts. |
CLEVER PROPERTIES LIMITED (REGISTERED NUMBER: SC415016) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
10. | RELATED PARTY DISCLOSURES |
A loan of £22,000 has been provided by T. Gallanagh, the husband of M. Gallanagh, a director and shareholder of the company. Interest accrued at 7% per annum on this amount and there is no fixed term for repayment. Included within accruals is £13,860 (2022: £12,320) due to T Gallanagh in respect of interest. |
A loan of £22,000 was provided by C McCusker, a director and shareholder of the company, in the form of redeemable preference shares. |
Included within accruals is £13,860 (2022: £12,320) owed to C McCusker in respect of the interest payable on the redeemable preference shares for nine year period to 31 January 2023. |