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REGISTERED NUMBER: 03547152 (England and Wales)















CLAXFIELD PROPERTY COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023






CLAXFIELD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03547152)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023




Page

Company Information 1

Statement of Financial Position 3

Notes to the Financial Statements 5


CLAXFIELD PROPERTY COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: Mrs C A Napier
Mr C A E Carr
Mrs A J Carr





SECRETARY: Mr C A E Carr





REGISTERED OFFICE: Building 1063
Cornforth Drive
Kent Science Park
Sittingbourne
Kent
ME9 8PX





BUSINESS ADDRESS: Priory Lodge
Banbury Road
CHIPPING NORTON
Oxfordshire
OX7 5TD





REGISTERED NUMBER: 03547152 (England and Wales)






CLAXFIELD PROPERTY COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







ACCOUNTANTS: McCabe Ford Williams
Chartered Accountants
Building 1063
Cornforth Drive
Kent Science Park
SITTINGBOURNE
Kent
ME9 8PX

CLAXFIELD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03547152)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 2,245,000 816,582

CURRENT ASSETS
Debtors 6 65,848 68,906
Cash at bank 225,892 244,583
291,740 313,489
CREDITORS
Amounts falling due within one year 7 36,392 43,343
NET CURRENT ASSETS 255,348 270,146
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,500,348

1,086,728

PROVISIONS FOR LIABILITIES 241,236 -
NET ASSETS 2,259,112 1,086,728

CAPITAL AND RESERVES
Called up share capital 8 10,000 10,000
Non-distributable reserve 9 1,347,864 160,682
Retained earnings 901,248 916,046
SHAREHOLDERS' FUNDS 2,259,112 1,086,728

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

CLAXFIELD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03547152)

STATEMENT OF FINANCIAL POSITION - continued
30 APRIL 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2023 and were signed on its behalf by:





Mrs C A Napier - Director


CLAXFIELD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03547152)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1. STATUTORY INFORMATION

Claxfield Property Company 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. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets. Establishing the fair value of the Investment Property has involved a degree of estimate and judgement.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

CLAXFIELD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03547152)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 statement of financial position date.

CLAXFIELD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03547152)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2022 816,582
Revaluations 1,428,418
At 30 April 2023 2,245,000
NET BOOK VALUE
At 30 April 2023 2,245,000
At 30 April 2022 816,582

CLAXFIELD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03547152)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

5. INVESTMENT PROPERTY - continued

Fair value at 30 April 2023 is represented by:
£   
Valuation in 2016 249,491
Valuation in 2017 (88,809 )
Valuation in 2018 641,818
Valuation in 2019 14,082
Valuation in 2023 1,428,418
2,245,000

Investment property was valued on an open market basis on 30 November 2022 by Harrison Chartered Surveyors .

6. DEBTORS
30.4.23 30.4.22
£    £   
Amounts falling due within one year:
Trade debtors 18,448 17,239
Other debtors 2,035 1,983
Directors' Current Accounts - 325
Tax debtor 11,039 11,624
Prepayments and accrued income 2,329 3,954
33,851 35,125

Amounts falling due after more than one year:
Loan 31,997 33,781

Aggregate amounts 65,848 68,906

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Trade creditors 1,351 4,791
VAT 14,525 5,598
Other creditors - 188
Other taxes and PAYE 337 4,996
Directors' Current Accounts 2,222 11,504
Deferred income 15,373 14,366
Accrued expenses 2,584 1,900
36,392 43,343

CLAXFIELD PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 03547152)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

8. CALLED UP SHARE CAPITAL

In the year ended 30 April 2019, the Company's share capital was re-designated, via Ordinary Resolution, from 10,000 Ordinary shares with nominal value of £1 each, to 8,207 Ordinary 'A', 1,362 Ordinary 'B' and 431 Ordinary 'C' shares each with nominal value of £1.

9. RESERVES
Non-distribut
reserve
£   
At 1 May 2022 160,682
Movement in year 1,428,418
Deferred tax movement in year (241,236 )

At 30 April 2023 1,347,864

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2023 and 30 April 2022:

30.4.23 30.4.22
£    £   
Mrs C A Napier
Balance outstanding at start of year 325 -
Amounts advanced - 325
Amounts repaid (325 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 325

11. RELATED PARTY DISCLOSURES

On 1 April 2017, the company loaned £45,000 to Mr & Mrs Clacy. This loan is due for repayment by 31 December 2046 at a rate of £250 per month with interest being charged at 3% per annum.

Mrs Clacy is the granddaughter of the late Mrs C P J Carr, previously a director of the Company.