Clarion Developments Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02912364 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023

FOR

CLARION DEVELOPMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J M T Howell

T A Howell

SECRETARY:

Mrs P M Cameron

REGISTERED OFFICE:

Argent House

5 Goldington Road

Bedford

Bedfordshire

MK40 3JY

REGISTERED NUMBER:

02912364 (England and Wales)

ACCOUNTANTS:

Rawlinson Pryde Limited

Chartered Accountants

Argent House

5 Goldington Road

Bedford

Bedfordshire

MK40 3JY

FIXED ASSETS

Tangible assets

4

180,488

215,440

Investment property

5

1,280,939

1,245,939

1,461,427

1,461,379

CURRENT ASSETS

Debtors

6

80,485

27,894

Investments

7

568,397

465,409

Cash at bank

39,437

165,252

688,319

658,555

CREDITORS

Amounts falling due within one year

8

479,749

705,138

NET CURRENT ASSETS/(LIABILITIES)

208,570

(46,583

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,669,997

1,414,796

CREDITORS

Amounts falling due after more than one year

9

(281,979

)

(186,758

)

PROVISIONS FOR LIABILITIES

(4,055

)

(4,055

)

NET ASSETS

1,383,963

1,223,983

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

11

15,721

15,721

Retained earnings

1,368,240

1,208,260

SHAREHOLDERS' FUNDS

1,383,963

1,223,983

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2023 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2024 and were signed on its behalf by:

J M T Howell - Director

1.	STATUTORY INFORMATION

Clarion Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Turnover

Turnover is represented by:

Investment income - Rents receivable:

Turnover represents net invoiced rental income, excluding value added tax where appropriate. Rents receivable under operating leases are credited to the profit and loss account over the length of the lease. Rentals received in advance by the company that are attributable to later periods are deferred and included in creditors, (deferred income), and are credited to the profit and loss account in those later periods.

Tangible fixed assets

All categories of tangible fixed assets, other than investment properties, are carried at depreciated historical cost. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25.0% on cost

Computer Equipment - 33.3% on cost

Investment property

Investment property is shown at most recent valuation. Investment property for which fair value can be measured reliably without undue cost or effort is measured at fair value at each reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit or loss in the period in which they arise. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Investment property is subject to periodic valuation by the directors or by independent chartered surveyors, determined on the fair value basis using the market approach: based on market transactions involving identical or similar assets.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all liabilities.

Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit or loss in other administrative expenses.

Taxation

Taxation for the period 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 period 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Investments

Investments are recognised initially at cost which is normally the transaction price (but excludes any transaction costs, where the investment is subsequently measured at fair value through profit and loss). Subsequently, they are measured at fair value through profit or loss except for those investments that are not publicly traded and whose fair value cannot otherwise be measured reliably which are recognised at cost less impairment until a reliable measure of fair value becomes available.

If a reliable measure of fair value is no longer available, the equity instrument’s fair value on the last date the instrument was reliably measurable is treated as the cost of the instrument.

Operating leases

The company acts as a lessor, renting out investment properties to tenants. Rentals receivable under operating leases are credited to the profit and loss account over the lives of the leases. Rentals received in advance by the company that are attributable to later periods are deferred and included in creditors, (deferred income), and are credited to the profit and loss account in those later periods.

The gross cost of assets held for use in operating leases is included in investment property. There is no accumulated depreciation of these assets.

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 April 2022

215,000

454

6,093

221,547

Additions

-

-

283

283

Revaluations

(35,000

)

-

-

(35,000

)

At 30 June 2023

180,000

454

6,376

186,830

DEPRECIATION

At 1 April 2022

-

14

6,093

6,107

Charge for period

-

142

93

235

At 30 June 2023

-

156

6,186

6,342

NET BOOK VALUE

At 30 June 2023

180,000

298

190

180,488

At 31 March 2022

215,000

440

-

215,440

Cost or valuation at 30 June 2023 is represented by:

Fixtures

Long

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

Valuation in 2023

(35,000

)

-

-

(35,000

)

Cost

215,000

454

6,376

221,830

180,000

454

6,376

186,830

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

1,245,939

Revaluations

35,000

At 30 June 2023

1,280,939

NET BOOK VALUE

At 30 June 2023

1,280,939

At 31 March 2022

1,245,939

Fair value at 30 June 2023 is represented by:

£

Valuation in 2017

40,000

Valuation in 2018

10,000

Valuation in 2019

15,000

Valuation in 2020

(190,000

)

Valuation in 2021

80,000

Valuation in 2022

75,000

Valuation in 2023

35,000

Cost

1,215,939

1,280,939

If investment properties had not been revalued they would have been included at the following historical cost:

30.6.23

31.3.22

£

£

Cost

1,182,092

1,397,092

The investment properties were valued on an open market value basis on 30 June 2023 by J M T Howell FRICS, Director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

31.3.22

£

£

Trade debtors

23,585

15,765

Director's current account

29,430

-

Tax

24,661

8,158

Prepayments and accrued income

2,809

3,971

80,485

27,894

7.	CURRENT ASSET INVESTMENTS

30.6.23

31.3.22

£

£

Unlisted investments

568,397

465,409

Included in the above:

Current assets investments to the value of £438,162 (2022: £360,795) have been fair valued by Connection Capital investment managers. As a result, a revaluation gain amounting to £25,545 (2022: Loss £29,386) has been recognised in the profit and loss account during the year.

Current assets investments to the value of £119,835 (2022: £88,155) have been fair valued by Interactive Investors investment managers.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

31.3.22

£

£

Bank loans and overdrafts

18,240

28,466

Other loans

-

65,000

Trade creditors

10,810

3,187

Tax

19,707

(108

)

VAT

483

1,261

Other creditors

16,835

27

Kirkstone Properties Limited

386,300

371,000

Director's current account

-

212,816

Deferred income

22,397

20,383

Accrued expenses

4,977

3,106

479,749

705,138

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.23

31.3.22

£

£

Bank loans

281,979

186,758

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.23

31.3.22

£

£

Bank loans

300,219

215,224

The bank loans are secured by mortgage charges and a debenture over the company's investment properties, together with additional charges over the other assets of the company in favour of National Westminster Bank plc and Shawbrook Bank Limited.

11.

RESERVES

Fair

value

reserve

£

At 1 April 2022

and 30 June 2023

15,721

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 30 June 2023 and the year ended 31 March 2022:

30.6.23

31.3.22

£

£

J M T Howell

Balance outstanding at start of period

(212,816

)

(180,504

)

Amounts advanced

245,555

-

Amounts repaid

(3,309

)

(32,312

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

29,430

(212,816

)