Company No:
Contents
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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Investments | 5 |
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7,713,830 | 7,267,631 | |||
Current assets | ||||
Debtors | ||||
- due within one year | 6 |
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- due after more than one year | 6 |
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Cash at bank and in hand |
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1,404,865 | 1,379,106 | |||
Creditors | ||||
Amounts falling due within one year | 7 | (
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Net current assets | 495,533 | 532,020 | ||
Total assets less current liabilities | 8,209,363 | 7,799,651 | ||
Creditors | ||||
Amounts falling due after more than one year | 8 | (
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Provisions for liabilities | 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Claremont Ferrand Limited (registered number:
Mr S M Davidson
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Claremont Ferrand Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Springfield House, 45 Welsh Back, Bristol, BS1 4AG, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £2,629,139. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Income from Fixed asset investments represents the company's share of the profit in Liberty House (Nuneaton) Limited. This profit figure also includes any fair value movements in Liberty House (Nuneaton) Limited that may have occured during the year.
Office equipment |
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All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
The fair value is determined annually by the directors, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Office equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2021 |
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Additions |
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Disposals | (
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At 31 March 2022 |
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Accumulated depreciation | |||
At 01 April 2021 |
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Charge for the financial year |
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Disposals | (
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At 31 March 2022 |
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Net book value | |||
At 31 March 2022 |
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At 31 March 2021 |
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Investment property | |
£ | |
Valuation | |
As at 01 April 2021 |
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Additions | 87,701 |
Fair value movement | 349,625 |
As at 31 March 2022 |
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Valuation
The investment properties were revalued on 31 March 2022 by the directors of the company. The basis of this valuation was market value.
Historic cost
If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:
2022 | 2021 | ||
£ | £ | ||
Historic cost | 6,246,004 | 6,158,302 |
Investments in subsidiaries
2022 | |
£ | |
Cost | |
At 01 April 2021 |
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At 31 March 2022 |
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Carrying value at 31 March 2022 |
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Carrying value at 31 March 2021 |
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Investments in associates | Total | ||
£ | £ | ||
Carrying value before impairment | |||
At 01 April 2021 |
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At 31 March 2022 |
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Provisions for impairment | |||
At 01 April 2021 |
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At 31 March 2022 |
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Carrying value at 31 March 2022 |
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Carrying value at 31 March 2021 |
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Investments in shares
Name of entity | Registered office | Nature of business | Class of shares |
Ownership 31.03.2022 |
Ownership 31.03.2021 |
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Springfield House, Welsh Back, Bristol, BS1 4AG | Property rental |
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2022 | 2021 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Trade debtors |
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Amounts owed by Group undertakings |
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Amounts owed by associates |
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Prepayments |
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Debtors: amounts falling due after more than one year | |||
Amounts owed by Group undertakings |
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Amounts owed by joint ventures |
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2022 | 2021 | ||
£ | £ | ||
Bank overdrafts (secured) |
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Trade creditors |
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Amounts owed to directors |
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Other creditors |
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Accruals and deferred income |
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Corporation tax |
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Other taxation and social security |
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2022 | 2021 | ||
£ | £ | ||
Bank loans |
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Amounts owed to directors |
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5,349,496 | 5,526,128 |
2022 | 2021 | ||
£ | £ | ||
At the beginning of financial year | (
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(Charged)/credited to the Statement of Income and Retained Earnings | (
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At the end of financial year | (
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The deferred taxation balance is made up as follows:
2022 | 2021 | ||
£ | £ | ||
Accelerated capital allowances | (
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Revaluation of investment property | (
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2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
2022 | 2021 | ||
£ | £ | ||
Unpaid contributions due to the fund (inc. in other creditors) |
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Transactions with the entity's directors
2022 | 2021 | ||
£ | £ | ||
Balance owed to directors | 5,079,497 | 5,556,128 |
These amounts are interest free, unsecured and have no fixed date for repayment.
The Company has taken advantage of the exemption in section 1AC.35 of FRS 102 to not disclose related party transactions with wholly owned entities within the group.
A guarantee of £2,000,000 has been provided to CTU General Partner Limited, a company under common control, which is secured on the assets of the company.
The profit and loss reserve includes both distributable and non-distributable reserves. Non-distributable reserves represents cumulative gains and losses on the revaluation of investment property, net of deferred tax. At the balance sheet date non-distributable reserves totaled £1,172,074 (2021: £1,119,247).