Clarion Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02912364 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

CLARION DEVELOPMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J 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

-

-

Investment property

5

1,066,450

1,056,450

1,066,450

1,056,450

CURRENT ASSETS

Debtors

6

6,281

5,537

Investments

7

361,729

403,677

Cash at bank

129,737

220,948

497,747

630,162

CREDITORS

Amounts falling due within one year

8

428,037

561,987

NET CURRENT ASSETS

69,710

68,175

TOTAL ASSETS LESS CURRENT LIABILITIES

1,136,160

1,124,625

CREDITORS

Amounts falling due after more than one year

9

(300,040

)

(330,354

)

PROVISIONS FOR LIABILITIES

(7,855

)

(5,955

)

NET ASSETS

828,265

788,316

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

11

31,921

23,821

Retained earnings

796,342

764,493

SHAREHOLDERS' FUNDS

828,265

788,316

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 21 December 2018 and were signed by:

J 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The director considers the use of the going concern basis of accounting appropriate because there are

no material uncertainties related to events or conditions that may cast significant doubt about the

ability of the company to continue as a going concern. The director has agreed to support the company

to ensure it has adequate financial resources to continue in operational existence for the foreseeable

future.

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.

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 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.

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 year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2017

and 31 March 2018

6,093

DEPRECIATION

At 1 April 2017

and 31 March 2018

6,093

NET BOOK VALUE

At 31 March 2018

-

At 31 March 2017

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2017

1,056,450

Revaluations

10,000

At 31 March 2018

1,066,450

NET BOOK VALUE

At 31 March 2018

1,066,450

At 31 March 2017

1,056,450

Fair value at 31 March 2018 is represented by:

£

Valuation in 2017

40,000

Valuation in 2018

10,000

Cost

1,016,450

1,066,450

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

historical cost:

31.3.18

31.3.17

£

£

Cost

973,853

1,026,674

The investment properties were valued on an open market value basis on 31 March 2018 by J Howell FRICS, the Director

.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

2,949

1,898

Other debtors

-

691

Tax

136

-

Prepayments and accrued income

3,196

2,948

6,281

5,537

7.	CURRENT ASSET INVESTMENTS

31.3.18

31.3.17

£

£

Unlisted investments

361,729

403,677

Current assets investments have been fair valued by Connection Capital investment managers. As a

result a revaluation loss amounting to £22,915 (2017: gain £84,648) has been recognised in the profit

and loss account during the year.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

33,664

33,664

Tax

12,788

15,755

VAT

1,847

1,858

Kirkstone Properties Limited

100,000

100,000

Director's current account

261,622

395,814

Deferred income

15,516

12,295

Accrued expenses

2,600

2,601

428,037

561,987

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans

300,040

330,354

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.18

31.3.17

£

£

Bank loans

333,704

364,018

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.

11.

RESERVES

Fair

value

reserve

£

At 1 April 2017

23,821

Transfer between reserves

8,100

At 31 March 2018

31,921