Clewhawk Limited Small abridged accounts

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Clewhawk Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 01680190

Clewhawk Limited

Filleted Unaudited Abridged Financial Statements

31 March 2017

Clewhawk Limited

Abridged Financial Statements

Year ended 31 March 2017

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Clewhawk Limited

Abridged Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		1,600,000	1,600,000

Current assets

Debtors	355	19,089
Cash at bank and in hand	72,415	69,504
	--------	--------
	72,770	88,593

Creditors: amounts falling due within one year	1,376,644		1,392,467
	------------		------------
Net current liabilities		1,303,874	1,303,874
		------------	------------
Total assets less current liabilities		296,126	296,126

Provisions

Taxation including deferred tax	57,467	57,467
	---------	---------
Net assets	238,659	238,659
	---------	---------

Capital and reserves

Called up share capital	100	100
Fair value reserve	244,993	244,993
Profit and loss account	( 6,434)	( 6,434)
	---------	---------
Shareholders funds	238,659	238,659
	---------	---------

These abridged 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 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 31 March 2017 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 abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Clewhawk Limited

Abridged Statement of Financial Position (continued)

31 March 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 12 March 2018 , and are signed on behalf of the board by:

Mr S. Feldman

Director

Company registration number: 01680190

Clewhawk Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House,, 1 Hallswelle Road,, London,, NW11 ODH.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 6.

Revenue recognition

The turnover shown in the accounts consists solely of rents receivable.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Tangible assets

	£
Cost
At 1 April 2016 and 31 March 2017	1,600,000
	------------
Depreciation
At 1 April 2016 and 31 March 2017	–
	------------
Carrying amount
At 31 March 2017	1,600,000
	------------
At 31 March 2016	1,600,000
	------------

5. Related party transactions

Details of amounts due to and from associated companies are shown separately in the notes to the accounts.

6. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

Reconciliation of equity

	1 April 2015			31 March 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	1,600,000	–	1,600,000	1,600,000	–	1,600,000
Current assets	17,870	–	17,870	88,593	–	88,593
Creditors: amounts falling due within one year	( 1,321,744)	–	( 1,321,744)	( 1,392,467)	–	( 1,392,467)
	------------	----	------------	------------	----	------------
Net current liabilities	( 1,303,874)	–	( 1,303,874)	( 1,303,874)	–	( 1,303,874)
	------------	----	------------	------------	----	------------
Total assets less current liabilities	296,126	–	296,126	296,126	–	296,126

Provisions	–	–	–	–	( 57,467)	( 57,467)
	------------	----	------------	------------	--------	------------
Net assets	296,126	–	296,126	296,126	( 57,467)	238,659
	------------	----	------------	------------	--------	------------

	------------	----	------------	------------	--------	------------
Capital and reserves	296,126	–	296,126	296,126	( 57,467)	238,659
	------------	----	------------	------------	--------	------------

The investment properties of the company were revalued in prior years and the directors are of the opinion that the value now shown correctly represents the current value of the properties. Deferred tax has now been provided on the amount of the past revaluation to reflect the potential liability arising should the company's investment properties be sold.