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COMPANY REGISTRATION NUMBER: 04910581
Cliff Walton & Sons Ltd
Filleted Unaudited Financial Statements
31 March 2022
Cliff Walton & Sons Ltd
Directors' Report
Year ended 31 March 2022
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2022 .
Directors
The directors who served the company during the year were as follows:
Mr C N Ritson-Walton
Mr A J Ritson-Walton
Mrs P A Ritson-Walton
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 5 August 2022 and signed on behalf of the board by:
Mr C N Ritson-Walton
Mr A J Ritson-Walton
Director
Director
Mrs Pauline Ritson-Walton
Company Secretary
Registered office:
St Harmon Road
Rhayader
Powys
LD6 5LS
Cliff Walton & Sons Ltd
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Cliff Walton & Sons Ltd
Year ended 31 March 2022
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2022, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
FRANCIS GRAY Chartered accountants
Ty Madog 32 Queens Road Aberystwyth Ceredigion SY23 2HN
5 August 2022
Cliff Walton & Sons Ltd
Statement of Income and Retained Earnings
Year ended 31 March 2022
2022
2021
Note
£
£
Dividends paid and payable
( 33,333)
( 33,333)
Retained earnings at the start of the year
102,158
69,821
---------
---------
Retained earnings at the end of the year
9,231
102,158
---------
---------
Cliff Walton & Sons Ltd
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
412,696
514,147
Current assets
Stocks
22,852
23,256
Debtors
6
1,254
1,542
Cash at bank and in hand
15,314
84,852
--------
---------
39,420
109,650
Creditors: amounts falling due within one year
7
146,622
217,779
---------
---------
Net current liabilities
107,202
108,129
---------
---------
Total assets less current liabilities
305,494
406,018
Creditors: amounts falling due after more than one year
8
289,312
296,909
Provisions
Taxation including deferred tax
6,941
6,941
---------
---------
Net assets
9,241
102,168
---------
---------
Capital and reserves
Called up share capital
10
10
Profit and loss account
9,231
102,158
-------
---------
Shareholders funds
9,241
102,168
-------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Cliff Walton & Sons Ltd
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 5 August 2022 , and are signed on behalf of the board by:
Mr C N Ritson-Walton
Mr A J Ritson-Walton
Director
Director
Company registration number: 04910581
Cliff Walton & Sons Ltd
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Harmon Road, Rhayader, Powys, LD6 5LS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities.
Hedge accounting
Hedge accounting is used where the hedging relationship is designated, documented and expected to be highly effective, and is only used for specific risks, as defined by FRS 102 section 12. Where the hedged risk is the exposure to a fixed interest rate risk or foreign exchange risk of a debt instrument measured at amortised cost or the price risk of a commodity that it holds or has a firm commitment, the hedging instrument is recognised as an asset or liability with the change in fair value being recognised in profit or loss. The change in fair value of the hedged item related to the hedged risk is recognised in profit or loss and as an adjustment to the carrying amount of the hedged item. Where the hedged risk is the variable interest rate risk or foreign exchange risk in a debt instrument measured at amortised cost, the foreign exchange risk or interest rate risk in a firm commitment or highly probably forecast transaction, the commodity price risk in a highly probable forecast transaction or the foreign exchange risk in a net investment in a foreign operation, then the financial instrument is initially and subsequently recognised at fair value at each reporting date. Movements in fair value are recognised in other comprehensive income, to the extent that the hedge is effective. Any ineffective movements are recognised in profit or loss. Where the hedged risk is the variable or fixed interest rate risk of a debt instrument measured at amortised cost, the periodic net cash settlements on the interest rate swap are recognised in profit or loss in the period in which the net settlements accrue. Hedge accounting is discontinued where the hedging instrument expires, is sold or terminated, the hedge no longer meets the criteria for hedge accounting, the forecast transaction is no longer highly probable in a hedge of a forecast transaction, or the designation is revoked.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2021: 4 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2021
444,799
17,595
13,237
110,061
585,692
Additions
897
897
Revaluations
( 84,799)
( 84,799)
---------
--------
--------
---------
---------
At 31 March 2022
360,000
18,492
13,237
110,061
501,790
---------
--------
--------
---------
---------
Depreciation
At 1 April 2021
12,794
11,535
47,216
71,545
Charge for the year
854
255
16,440
17,549
---------
--------
--------
---------
---------
At 31 March 2022
13,648
11,790
63,656
89,094
---------
--------
--------
---------
---------
Carrying amount
At 31 March 2022
360,000
4,844
1,447
46,405
412,696
---------
--------
--------
---------
---------
At 31 March 2021
444,799
4,801
1,702
62,845
514,147
---------
--------
--------
---------
---------
The land and buildings comprrise the business's premises and contained flats located in North Street, Rhayader and known as Kimberley. Clare Evans and Co. Estate Agents, 4 North Street, Rhayader LD6 5BU valued the property on 25th July 2022 based on an open market value with vacant possession. The Directors believe that this value constitutes a Fair value carrying amount as at 31st March 2022. As the Company has no revaluation reserve against which to write off the Fair value adjustment it has been written off against the profit and loss reserve.
6. Debtors
2022
2021
£
£
Trade debtors
1,542
Other debtors
1,254
-------
-------
1,254
1,542
-------
-------
Other Debtors include the amount due from Tiercel Ltd at the balance sheet date (see related party note no. 11). No interest is charged on this amount, which is repayable on demand.
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
11,163
59,509
Trade creditors
86,277
95,113
Amounts owed to group undertakings and undertakings in which the company has a participating interest
367
6,964
Corporation tax
9,662
5,684
Social security and other taxes
340
2,452
Other creditors
38,813
48,057
---------
---------
146,622
217,779
---------
---------
Bank overdraft and Bank loan liabilities amounting to £59,509 (2020 - £19,140) comprise the following:
2022 2021
£ £
Barclays overdraft and Barclaycard balance 1,509 2,410
Barclays Bank loans 8,000 16,730
Barclays 'bounce back' loan 50,000
-------- --------
Total 59,509 19,140
-------- --------
The total amounts of Bank loans outstanding are analysed in detail in note 9 below.
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
2,214
Other creditors
289,312
294,695
---------
---------
289,312
296,909
---------
---------
Bank loans repayable to Barclays Bank plc after more than one year amounting to £2,214 (2020 - £10,760) are analysed below as part of the total Bank loan liability.
2022 2021
£ £
Repayable in less than one year
Loan B 2,504 8,000
'Bounce back' loan - 50,000
------- --------
2,504 58,000
------- --------
2022 2021
£ £
Repayable in more than one year
Loan B - 2,214
---- -------
2022 2021
£ £
Total repayable
Loan A - 8,730
Loan B 10,214 18,760
'Bounce back' loan 50,000 -
-------- --------
60,214 27,490
-------- --------
Barclays bank plc have a 1st charge registered on 24 November 2004, over Kimberley House, North Street, Rhayader with respect to loans A and B above. The Directors' current account balances total £259,760 (2020 - £267,633). Though technically repayable to the Directors on demand, the Directors have no intention of repaying these amounts to themselves in the near future or charging interest on the balances outstanding to them.
9. Directors' advances, credits and guarantees
2022 2021
£ £
Directors' loans b/f 267,633 264,505
Capital introduced 3,128
Drawings (7,873)
--------- ---------
Directors' loans c/f 259,760 267,633
--------- ---------
10. Related party transactions
The company was under the control of the directors throughout the current and previous year. As shown in note 6 to the accounts, the Company has an outstanding loan of £6,964 due to Tiercel Developments Ltd at 31st March 2021 (2020 - £79 was due from Tiercel Developments Ltd). Tiercel Developments Ltd is controlled by Mr J Ritson-Walton and Mr C Ritson-Walton, (together with Ms F Ritson-Walton). Mr J Ritson Walton and Mr C Ritson-Walton also control Cliff Walton and Sons Ltd. The loan is repayable on demand and no interest is charged on the balance outstanding.