Cliffe Property Group Limited - Period Ending 2023-03-31

Cliffe Property Group Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Cliffe Property Group Limited

Company Information

Directors

M Allaway K Holliman N Pile E Willems

Registered office

136 - 140 Old Shoreham Road Brighton East Sussex BN3 7BD

Accountants

Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 0UX

Cliffe Property Group Limited

(Registration number: 07922529)
Balance Sheet as at 31 March 2023

	Note	2023  £	2022  £
Fixed assets
Tangible assets	4	1,279	1,658
Investment property	5	4,010,818	4,010,818
		4,012,097	4,012,476
Current assets
Debtors	6	696	-
Cash at bank and in hand		260,521	263,363
		261,217	263,363
Creditors: Amounts falling due within one year	7	(838,982)	(933,231)
Net current liabilities		(577,765)	(669,868)
Total assets less current liabilities		3,434,332	3,342,608
Creditors: Amounts falling due after more than one year	7	(720,028)	(745,492)
Net assets		2,714,304	2,597,116
Capital and reserves
Called up share capital	9	4	4
Share premium reserve		586,998	586,998
Capital redemption reserve		1	1
Revaluation reserve		716,510	716,510
Profit and loss account		1,410,791	1,293,603
Total equity		2,714,304	2,597,116

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Cliffe Property Group Limited

(Registration number: 07922529)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 25 November 2023 and signed on its behalf by:
 

M Allaway
Director

K Holliman
Director

N Pile
Director

E Willems
Director

Cliffe Property Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
136 - 140 Old Shoreham Road
Brighton
East Sussex
BN3 7BD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting 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.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Cliffe Property Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	0% / Over the duration of the lease
Fixtures, fittings and equipment	25 % written down value / 15% written down value / 20% straight line
Motor vehicles	25% written down value

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill is amortised over its useful life, estimated by the directors to be 10 years.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Cliffe Property Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Cliffe Property Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

	2023  No.	2022  No.
Average number of employees	4	4

Cliffe Property Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2022	1,895	1,895
At 31 March 2023	1,895	1,895
Depreciation
At 1 April 2022	237	237
Charge for the year	379	379
At 31 March 2023	616	616
Carrying amount
At 31 March 2023	1,279	1,279
At 31 March 2022	1,658	1,658

5

Investment properties

	£
At 1 April 2022	4,010,818

The investment property was last valued by an independent valuer in October 2019. The directors are of the opinion that the market value of the investment property has not increased since the last valuation.

6

Debtors

	2023  £	2022  £
Other debtors	696	-
	696	-

7

Creditors

	Note	2023  £	2022  £
Due within one year
Loans and borrowings	8	679,796	832,636
Trade creditors		(1,513)	1,168
Social security and other taxes		29,902	37,106
Other creditors		1,000	1,000
Accrued expenses		87,847	3,342
Deferred income		41,950	57,979
		838,982	933,231
Due after one year
Loans and borrowings	8	720,028	745,492

Cliffe Property Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Loans and borrowings

	2023 £	2022 £
Current loans and borrowings
Bank borrowings	26,304	27,144
Other borrowings	653,492	805,492
	679,796	832,636

	2023 £	2022 £
Non-current loans and borrowings
Bank borrowings	720,028	745,492

9

Share capital

Allotted, called up and fully paid shares

	2023		2022
	No.	£	No.	£
Ordinary A share of £1 each	1	1	1	1
Ordinary B share of £1 each	1	1	1	1
Ordinary D share of £1 each	1	1	1	1
Ordinary E share of £1 each	1	1	1	1
	4	4	4	4

The different classes of shares referred to above carry separate rights to dividends but, in all other significant respects, rank pari passu.
 

10

Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the directors of the company.
 

Summary of transactions with other related parties

The directors own shares in Cliffe Property Holdings Limited.

As at the balance sheet date, the company owed the directors of the company £653,492 (2022: £805,492). There are no fixed repayment terms and interest is charged.