Clarets Go Large Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 May 2020
Company Registration No. 10158750 (England and Wales)
Clarets Go Large Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
Clarets Go Large Limited
Balance Sheet
As at 31 May 2020
Page 1
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
3
6,991,800
6,991,800
Current assets
-
-
Creditors: amounts falling due within one year
4
(379,547)
(379,547)
Net current liabilities
(379,547)
(379,547)
Total assets less current liabilities
6,612,253
6,612,253
Capital and reserves
Called up share capital
5
6,612,253
6,612,253
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2020 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 1 March 2021
M L Garlick
Director
Company Registration No. 10158750
Clarets Go Large Limited
Statement of Changes in Equity
For the year ended 31 May 2020
Page 2
Share capital
Notes
£
Balance at 1 June 2018
6,612,253
Period ended 31 May 2019:
Loss and total comprehensive income for the year
-
Balance at 31 May 2019
6,612,253
Period ended 31 May 2020:
Loss and total comprehensive income for the year
-
Balance at 31 May 2020
6,612,253
Clarets Go Large Limited
Notes to the Financial Statements
For the year ended 31 May 2020
Page 3
1
Accounting policies
Company information
Clarets Go Large Limited is a
private
company
limited by shares, domiciled and
incorporated in England and Wales.
The registered office is
12 Brook House, Chapel Place, Rivington Street, London, United Kingdom, EC2A 3SJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements are prepared on a going concern basis which assumes the company will continue in operational existence for the foreseeable future. The director has considered the impact of the COVID-19 pandemic, and the measures taken to contain it, on the company when considering their assessment of going concern. The board are closely monitoring the impact that COVID-19 will have on the company and the general economic conditions in the UK. The company has not traded during the year and has had no change to its investments. Although the ultimate impact cannot be quantified, the directors do not expect the pandemic to adversely affect the ability of the company to continue in operation for at least twelve months from the date of approval of the financial statements and accordingly the financial statements continue to be prepared on the going concern basis.
true
1.3
Profit and loss account
The company has not traded during the year or the preceding financial
period
. During
this time
the company received no income and incurred no expenditure and therefore no Profit and loss account is presented
in these financial statements.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
Clarets Go Large Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2020
1
Accounting policies
(Continued)
Page 4
1.5
Financial instruments
Basic financial instruments are measured at cost. The company has no other financial instruments or
basic financial instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the was 0 (2019 - 0).
3
Fixed asset investments
2020
2019
Notes
£
£
Investments in associates
7
6,991,800
6,991,800
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 June 2019 & 31 May 2020
6,991,800
Carrying amount
At 31 May 2020
6,991,800
At 31 May 2019
6,991,800
Clarets Go Large Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2020
Page 5
4
Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
379,547
379,547
5
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
66,122,530 Ordinary Shares of 10p each
6,612,253
6,612,253
6,612,253
6,612,253
6
Events after the reporting date
Post the balance sheet date the company sold 87.5% of its total holding in its investment. It now holds 3.55% of the total shares of that company.
7
Associates
Details of the company's associates at 31 May 2020 are as follows:
Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Burnley FC Holdings Limited
England
Football club
Ordinary
26.65