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COMPANY REGISTRATION NUMBER: 03891519
Claremont Somerset Limited
Filleted Unaudited Financial Statements
31 March 2023
Claremont Somerset Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
3,017,299
3,462,888
Current assets
Debtors
6
500,383
498,113
Cash at bank and in hand
218,857
260,430
---------
---------
719,240
758,543
Creditors: amounts falling due within one year
7
416,449
509,708
---------
---------
Net current assets
302,791
248,835
------------
------------
Total assets less current liabilities
3,320,090
3,711,723
Creditors: amounts falling due after more than one year
8
1,152,319
1,469,541
Provisions
Taxation including deferred tax
60,743
6,729
------------
------------
Net assets
2,107,028
2,235,453
------------
------------
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss account
10
2,102,028
2,230,453
------------
------------
Shareholders funds
2,107,028
2,235,453
------------
------------
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 income statement has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Claremont Somerset Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 3 October 2023 , and are signed on behalf of the board by:
Mr A J Mackenzie
Director
Company registration number: 03891519
Claremont Somerset Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tallford House, 38 Walliscote Road, Weston-super-Mare, North Somerset, BS23 1LP. The principal activity of the company during the year was that of rental and development of investment property.
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. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: A bad debt provision is provided where the Director believes a debt to be irrecoverable. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered and stated net of discounts.
Taxation
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
-
15% reducing balance
Fixtures and Fittings
-
20% reducing balance
Equipment
-
33% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Statement of Financial Position, bank overdrafts are shown within borrowing or current liabilities.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a 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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost / Valuation
At 1 April 2022
3,430,360
61,788
24,414
7,589
3,524,151
Additions
187,143
93
983
188,219
Disposals
( 543,736)
( 543,736)
Revaluations
( 84,342)
( 84,342)
------------
--------
--------
-------
------------
At 31 March 2023
2,989,425
61,788
24,507
8,572
3,084,292
------------
--------
--------
-------
------------
Depreciation
At 1 April 2022
33,355
20,718
7,190
61,263
Charge for the year
4,265
758
707
5,730
------------
--------
--------
-------
------------
At 31 March 2023
37,620
21,476
7,897
66,993
------------
--------
--------
-------
------------
Carrying amount
At 31 March 2023
2,989,425
24,168
3,031
675
3,017,299
------------
--------
--------
-------
------------
At 31 March 2022
3,430,360
28,433
3,696
399
3,462,888
------------
--------
--------
-------
------------
The investment properties have been valued by the Director, based on open market value.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 March 2023
Aggregate cost
2,683,487
Aggregate depreciation
------------
Carrying value
2,683,487
------------
At 31 March 2022
Aggregate cost
3,040,081
Aggregate depreciation
------------
Carrying value
3,040,081
------------
6. Debtors
2023
2022
£
£
Trade debtors
3,185
2,615
Other debtors
497,198
495,498
---------
---------
500,383
498,113
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
7,500
7,500
Trade creditors
784
55
Other creditors
408,165
502,153
---------
---------
416,449
509,708
---------
---------
The total secured bank borrowings of £1,429,821 (2022: £1,429,821) are secured by the following:
A fixed and floating charge dated 19 July 2013 over the undertaking and all property and assets present and future, including goodwill, uncalled capital, buildings, fixtures, fixed plant and machinery.
A first legal charge dated 18 July 2013 over Purn Farm, Bridgwater Road, Bleadon.
A first legal charge dated 18 July 2013 over Claremont Wine Vaults, 1-3 Birnbeck Road, Weston-super-Mare.
A first legal charge dated 18 July 2013 over Lamplighters, 132 High Street, Weston-super-Mare.
A fixed and floating charge dated 3 February 2021 over 5 Upper Kewstoke Road, Weston-super-Mare.
A personal guarantee from the Director for £520,000 together with associated interest and costs.
An omnibus guarantee and set off arrangement dated 19 July 2013 among Lloyds Bank Plc, the company and Claremont North Somerset Limited. Mr A Mackenzie, the Director, is the Director and shareholder of Claremont North Somerset Limited.
Included in Other creditors is £2,722 (2022 £2,521) in respect of an other loan which is secured by a charge dated 28 June 2017 against land at Purn House Farm, Bleadon, Weston-super-Mare.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,139,071
1,453,571
Other creditors
13,248
15,970
------------
------------
1,152,319
1,469,541
------------
------------
Included in Other creditors is £13,248 (2022 £15,970) in respect of an other loan which is secured by a charge dated 28 June 2017 against land at Purn House Farm, Bleadon, Weston-super-Mare.
Bank loans and overdrafts of £1,429,821 (2022 £1,429,821) are secured. Details are disclosed under "Creditors: amounts falling due within one year".
9. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2023
2022
£
£
Recognised in other operating income:
Government grants recognised directly in income
21,697
----
--------
During the year ended 31 March 2022, the company was the recipient of economic benefits as a result of participating in the UK Government's Job Retention Scheme and received £2,816. Following national restrictions and forced closures, during the ended 31 March 2022, the company received lockdown grants of £8,097, a Restart Grant of £8,000 and an Omicron Hotel and Leisure Grant of £2,667, from the UK Government. During the year ended 31 March 2022, interest of £117 was paid by the UK Government via a Business Interruption Payment in respect of a Bounce Back Loan, taken out during the ended 31 March 2021.
10. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. This reserve includes an undistributable reserve of £253,366 (2022 £390,280).
11. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Director's loan
( 466,956)
149,438
( 57,083)
( 374,601)
---------
---------
--------
---------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Director's loan
( 104,452)
208,234
( 570,738)
( 466,956)
---------
---------
---------
---------
12. Related party transactions
Mr A J Mackenzie has granted a personal guarantee to Lloyds Bank Plc for £520,000, together with associated interest and costs, in respect of the company's borrowings from Lloyds Bank Plc. Included within other debtors is money due from Claremont North Somerset Limited of £352,684 (2022 £490,000), a company in which Mr A J Mackenzie is the director and shareholder. Interest of 4% is paid on this loan. Included within other debtors is money due from Claremac Limited of £139,819 (2022 £Nil), a company in which Mr A J Mackenzie is the director and shareholder. Interest of Base plus 3.75% is paid on this loan. £1,313 was written off during the year in respect of money due from Claremont Wine Vaults Limited, a company in which Mr A J Mackenzie was the director and shareholder. As disclosed in Note 7, the company has an omnibus guarantee and set off arrangement with Lloyds Bank Plc and Claremont North Somerset Limited, a company in which Mr A J Mackenzie is the director and shareholder in respect of monies owed to the bank by both companies.