Clarion Developments Limited - Accounts to registrar (filleted) - small 17.3
Clarion Developments Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
| FOR |
| CLARION DEVELOPMENTS LIMITED |
| CLARION DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02912364) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| CLARION DEVELOPMENTS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Argent House |
| 5 Goldington Road |
| Bedford |
| Bedfordshire |
| MK40 3JY |
| CLARION DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02912364) |
| BALANCE SHEET |
| 31 MARCH 2017 |
| 31.3.17 | 31.3.16 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 3 |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Investments | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 10 | ( |
) |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| CLARION DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02912364) |
| BALANCE SHEET - continued |
| 31 MARCH 2017 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| CLARION DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02912364) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 1. | STATUTORY INFORMATION |
| Clarion Developments Limited is a |
| 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 |
| Turnover |
| Turnover represents net invoiced rental income, excluding value added tax. |
| 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. |
| 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 profit or loss. |
| 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. |
| Basic financial instruments are initially recognised at the transaction price unless the arrangement constitutes a |
| financing transaction. Transaction price should also include transaction costs; transaction costs are those costs |
| that are directly attributable to the acquisition of the debt instrument. The exception to this accounting is where |
| the debt instrument is measured at fair value through profit or loss. In such cases transaction costs are not |
| included in the initial measurement of the financial instrument. |
| If an arrangement constitutes a financing transaction it is measured at the present value of the future payments |
| discounted at a market rate of interest for a similar debt instrument. The present value of a financial asset or |
| financial liability that is repayable on demand is equal to the undiscounted cash amount expected to be paid or |
| received. |
| On subsequent measurement, basic financial instruments are recognised at amortised cost. Amortised cost is |
| calculated as the undiscounted amount expected to be paid or received for basic financial instruments payable or |
| receivable within one year. Amortised cost is calculated using the effective interest method for basic financial |
| instruments payable or receivable in more than one year. |
| CLARION DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02912364) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. |
| 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. |
| CLARION DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02912364) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 3. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 April 2016 |
| and 31 March 2017 |
| DEPRECIATION |
| At 1 April 2016 |
| and 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2016 |
| Disposals | ( |
) |
| Revaluations |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| Fair value at 31 March 2017 is represented by: |
| £ |
| Valuation in 2017 | 40,000 |
| Cost | 1,016,450 |
| 1,056,450 |
| If investment properties had not been revalued they would have been included at the following historical cost: |
| 31.3.17 | 31.3.16 |
| £ | £ |
| Cost | 1,026,674 | 1,226,674 |
| The investment properties were valued on an open market value basis on 31 March 2017 by J Howell FRICS, the Director |
| . |
| CLARION DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02912364) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.17 | 31.3.16 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Deferred tax asset |
| Revaluations |
| Prepayments and accrued income |
| 6. | CURRENT ASSET INVESTMENTS |
| 31.3.17 | 31.3.16 |
| £ | £ |
| Unlisted investments |
| Current assets investments have been fair valued by Connection Capital investment managers. As a result a |
| revaluation gain amounting to £83,417 (2016: £1,452 loss) has been recognised in the profit and loss account |
| during the year. |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.17 | 31.3.16 |
| £ | £ |
| Bank loans and overdrafts |
| Tax |
| VAT |
| Other creditors |
| Kirkstone Properties Limited | 100,000 | 72,000 |
| Director's current account |
| Deferred income |
| Accrued expenses |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.3.17 | 31.3.16 |
| £ | £ |
| Bank loans |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.3.17 | 31.3.16 |
| £ | £ |
| Bank loans |
| 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. |
| CLARION DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02912364) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 10. | RESERVES |
| Fair |
| value |
| reserve |
| £ |
| At 1 April 2016 | ( |
) |
| Transfer between reserves | 32,000 |
| At 31 March 2017 |
| 11. | FIRST YEAR ADOPTION |
| This is the first year in which the financial statements have been prepared under Financial Reporting Standard |
| 102 "The Financial Reporting Standard applicable in the UK and Ireland" The following Reconciliation of |
| Equity and Reconciliation of Profit give an explanation of the effects of the transition. |
| Transitional relief |
| On transition to FRS 102, the company has taken advantage of the following transitional relief: |
| • | to use a previous GAAP revaluation as deemed cost on an investment property. |