Clarets Go Large Limited
Unaudited Financial Statements
For the year ended 31 May 2022
For Filing with Registrar
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 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
3
17,268,635
7,874,789
Current assets
Debtors
4
370,050
50,050
Investments
5
5,950,881
Cash at bank and in hand
39,523,680
43,228,681
39,893,730
49,229,612
Creditors: amounts falling due within one year
6
(85,203)
(387,047)
Net current assets
39,808,527
48,842,565
Net assets
57,077,162
56,717,354
Capital and reserves
Called up share capital
7
6,612,253
6,612,253
Profit and loss reserves
50,464,909
50,105,101
Total equity
57,077,162
56,717,354
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2022 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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 26 May 2023
M L Garlick
Director
Company Registration No. 10158750
Clarets Go Large Limited
Statement of Changes in Equity
For the year ended 31 May 2022
Page 2
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2020
6,612,253
6,612,253
Year ended 31 May 2021:
Profit and total comprehensive income for the year
-
50,105,101
50,105,101
Balance at 31 May 2021
6,612,253
50,105,101
56,717,354
Year ended 31 May 2022:
Profit and total comprehensive income for the year
-
359,808
359,808
Balance at 31 May 2022
6,612,253
50,464,909
57,077,162
Clarets Go Large Limited
Notes to the Financial Statements
For the year ended 31 May 2022
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover is the profit achieved on the sale of shares and other investments the company made in the year These are the fixed asset investments the company holds.
1.3
Fixed asset investments
Interests in subsidiaries, other investments, 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.
1.4
Financial instruments
Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Clarets Go Large Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2022
1
Accounting policies
(Continued)
Page 4
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
831,047
831,047
Other investments other than loans
16,437,588
7,043,742
17,268,635
7,874,789
Movements in fixed asset investments
Shares in associates
Other investments
Total
£
£
£
Cost or valuation
At 1 June 2021
831,047
7,043,742
7,874,789
Additions
-
10,300,930
10,300,930
Disposals
-
(907,084)
(907,084)
At 31 May 2022
831,047
16,437,588
17,268,635
Carrying amount
At 31 May 2022
831,047
16,437,588
17,268,635
At 31 May 2021
831,047
7,043,742
7,874,789
Clarets Go Large Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2022
Page 5
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
370,050
50,050
5
Current asset investments
2022
2021
£
£
Other investments
5,950,881
6
Creditors: amounts falling due within one year
2022
2021
£
£
Other creditors
85,203
387,047
7
Called up share capital
2022
2021
£
£
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
8
Related party transactions
At the balance sheet date the company is owed £370,050 (2021: £nil) by a connected company owned by a director. This is interest free and repayable on demand.