ACCOUNTS - Final Accounts

CLEMBROOK (PROPERTIES) LIMITED - Company Information

Caseware UK (AP4) 2016.0.208 2016.0.208 2018-03-312018-03-31No description of principal activityfalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2017-04-01truefalse 00692692 2017-04-01 2018-03-31 00692692 2016-04-01 2017-03-31 00692692 2018-03-31 00692692 2017-03-31 00692692 c:Director2 2017-04-01 2018-03-31 00692692 c:Director3 2017-04-01 2018-03-31 00692692 d:FreeholdInvestmentProperty 2018-03-31 00692692 d:FreeholdInvestmentProperty 2017-03-31 00692692 d:FreeholdInvestmentProperty 2 2017-04-01 2018-03-31 00692692 d:CurrentFinancialInstruments 2018-03-31 00692692 d:CurrentFinancialInstruments 2017-03-31 00692692 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 00692692 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 00692692 d:ShareCapital 2018-03-31 00692692 d:ShareCapital 2017-03-31 00692692 d:InvestmentPropertiesRevaluationReserve 2018-03-31 00692692 d:InvestmentPropertiesRevaluationReserve 2017-03-31 00692692 d:RetainedEarningsAccumulatedLosses 2018-03-31 00692692 d:RetainedEarningsAccumulatedLosses 2017-03-31 00692692 d:OtherDeferredTax 2018-03-31 00692692 d:OtherDeferredTax 2017-03-31 00692692 c:FRS102 2017-04-01 2018-03-31 00692692 c:AuditExemptWithAccountantsReport 2017-04-01 2018-03-31 00692692 c:FullAccounts 2017-04-01 2018-03-31 00692692 c:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 00692692 d:EntityControlledByKeyManagementPersonnel1 2017-04-01 2018-03-31 00692692 d:EntityControlledByKeyManagementPersonnel1 2018-03-31 00692692 d:EntityControlledByKeyManagementPersonnel1 2017-03-31 iso4217:GBP xbrli:pure

Registered number: 00692692

CLEMBROOK (PROPERTIES) LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2018

CLEMBROOK (PROPERTIES) LIMITED

CONTENTS

	Page
Accountants' report	1
Balance sheet	2 - 3
Notes to the financial statements	4 - 8

CLEMBROOK (PROPERTIES) LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CLEMBROOK (PROPERTIES) LIMITED
FOR THE YEAR ENDED 31 MARCH 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Clembrook (Properties) Limited for the year ended 31 March 2018 which comprise the Balance sheet and the related notes from the Company accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the Board of directors of Clembrook (Properties) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Clembrook (Properties) Limited and state those matters that we have agreed to state to the Board of directors of Clembrook (Properties) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clembrook (Properties) Limited and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that Clembrook (Properties) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of Clembrook (Properties) Limited. You consider that Clembrook (Properties) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Clembrook (Properties) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haslers

Chartered Accountants

Old Station Road

Loughton

Essex

IG10 4PL

18 December 2018

Page 1

CLEMBROOK (PROPERTIES) LIMITED

REGISTERED NUMBER: 00692692

BALANCE SHEET

AS AT 31 MARCH 2018

		2018		2017
Note		£		£

Fixed assets
Investment property	4		750,000		650,000
			750,000		650,000
Current assets
Debtors: amounts falling due within one year	5	8,116		20,229
Cash at bank and in hand	6	86,743		53,658
		94,859		73,887
Creditors: amounts falling due within one year	7	(15,774)		(16,016)
Net current assets			79,085		57,871
Total assets less current liabilities			829,085		707,871
Provisions for liabilities
Deferred tax	8	(86,121)		(67,120)
			(86,121)		(67,120)
Net assets			742,964		640,751

Page 2

CLEMBROOK (PROPERTIES) LIMITED

REGISTERED NUMBER: 00692692

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2018

	2018	2017
Note	£	£

Capital and reserves
Called up share capital	3	3
Investment property reserve	576,347	562,468
Profit and loss account	166,614	78,280
	742,964	640,751

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 December 2018.

D Macaree	J P W Maidman
Director	Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

CLEMBROOK (PROPERTIES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

1.	General information

Clembrook (Properties) Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom with a registered number 00692692, The address of the registered office is 255 Cranbrook Road, Ilford, Essex, IG1 4TH. The principal activity of the company is investment in property.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Revenue

Turnover comprises revenue recognised by the company in respect of rent receivable.

2.3

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

Page 4

CLEMBROOK (PROPERTIES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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CLEMBROOK (PROPERTIES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

2.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

Employees

The average monthly number of employees, including directors, during the year was 2 (2017 - 2).

Page 6

CLEMBROOK (PROPERTIES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

4.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 April 2017	650,000
	Surplus on revaluation	100,000
	At 31 March 2018	750,000

	Comprising
	Cost	87,532
	Annual revaluation surplus/(deficit):	Annual revaluation surplus/(deficit):
	2017	562,468
	2018	100,000
	At 31 March 2018	750,000

The 2018 valuations were made by the directors, on an open market value for existing use basis.

Debtors

					2018	2017
					£	£


Other debtors	8,116	20,229
	8,116	20,229

6.	Cash and cash equivalents
		2018	2017
		£	£

Cash at bank and in hand	86,743	53,658
	86,743	53,658

Page 7

CLEMBROOK (PROPERTIES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

7.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Corporation tax	4,976	2,551
Other taxation and social security	-	2,400
Other creditors	7,054	7,290
Accruals and deferred income	3,744	3,775
	15,774	16,016

8.	Deferred taxation

		2018
		£

	At beginning of year	(67,121)
	Charged to profit or loss	(19,000)
	At end of year	(86,121)

The provision for deferred taxation is made up as follows:
	2018	2017
	£	£

	Revalued investment properties	(86,121)	(67,121)
		(86,121)	(67,121)

9.	Related party transactions
	During the year the company paid commission and other expenses of £2,786 (2017: £2,795) to entities with common control.

10.	Controlling party

The company is a wholly owned subsidiary of Brinor Properties Limited, register in England address 255 Cranbrook Road, Ilford, Essex, IG1 4TH. There is no ultimate controlling party.

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