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REGISTERED NUMBER: 05649011 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

FOR

CLOVERLAIT LIMITED

CLOVERLAIT LIMITED (REGISTERED NUMBER: 05649011)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


CLOVERLAIT LIMITED

COMPANY INFORMATION
for the Year Ended 31 January 2023







DIRECTORS: B A King
Mrs S R K King





SECRETARY: Mrs S R K King





REGISTERED OFFICE: Manor Farm
Collingbourne Kingston
Marlborough
Wiltshire
SN8 3SD





REGISTERED NUMBER: 05649011 (England and Wales)





ACCOUNTANTS: Evans & Co
Manchester House
High Street
Stalbridge
Sturminster Newton
Dorset
DT10 2LL

CLOVERLAIT LIMITED (REGISTERED NUMBER: 05649011)

ABRIDGED BALANCE SHEET
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 7,090 16,615
Tangible assets 6 6,452,956 6,449,487
Investments 7 - 150
Biological assets 8 313,200 368,200
6,773,246 6,834,452

CURRENT ASSETS
Stocks 424,550 387,550
Debtors 389,406 487,494
Cash at bank and in hand 84,552 41,370
898,508 916,414
CREDITORS
Amounts falling due within one year 79,032 187,479
NET CURRENT ASSETS 819,476 728,935
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,592,722

7,563,387

CREDITORS
Amounts falling due after more than one
year

(4,277,308

)

(4,413,552

)

PROVISIONS FOR LIABILITIES (51,166 ) (92,971 )
NET ASSETS 3,264,248 3,056,864

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 3,264,246 3,056,862
SHAREHOLDERS' FUNDS 3,264,248 3,056,864

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

CLOVERLAIT LIMITED (REGISTERED NUMBER: 05649011)

ABRIDGED BALANCE SHEET - continued
31 January 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 January 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 29 August 2023 and were signed on its behalf by:





B A King - Director


CLOVERLAIT LIMITED (REGISTERED NUMBER: 05649011)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Cloverlait 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Basic payment scheme (BPS) entitlements are initially recognised at cost. Cost for originally granted BPS entitlements is the fair value on transition to FRS 102 and has been recognised through a debit to intangible assets and a credit to deferred income. Both purchased and granted entitlements are subsequently measured at cost less accumulated amortisation and impairment losses. For granted BPS, deferred income is released to the profit and loss at the same rate at which the intangible asset is amortised.
The amortisation method and rate is as follows:
Granted entitlements: 8 years straight line
Purchased entitlements: 3 years straight line

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - at varying rates on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 15% on reducing balance

Biological assets
Biological assets held for continuing use within the business are classified as fixed assets. Such assets are measured at cost less accumulated depreciation and impairment.
Assets within the classification comprise a dairy herd.
Depreciation is charged to write off the cost of assets less estimated selling price over their estimated useful economic life.
The depreciation rate used for the dairy herd is 20% straight line.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.


CLOVERLAIT LIMITED (REGISTERED NUMBER: 05649011)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 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 balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 3 ) .

5. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 February 2022
and 31 January 2023 41,610
AMORTISATION
At 1 February 2022 24,995
Amortisation for year 9,525
At 31 January 2023 34,520
NET BOOK VALUE

At 31 January 2023 7,090
At 31 January 2022 16,615

CLOVERLAIT LIMITED (REGISTERED NUMBER: 05649011)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

6. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 February 2022 6,653,603
Additions 79,321
Disposals (11,650 )
At 31 January 2023 6,721,274
DEPRECIATION
At 1 February 2022 204,116
Charge for year 70,632
Eliminated on disposal (6,430 )
At 31 January 2023 268,318
NET BOOK VALUE
At 31 January 2023 6,452,956
At 31 January 2022 6,449,487

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 February 2022 75,024
Transfer to ownership (9,300 )
At 31 January 2023 65,724
DEPRECIATION
At 1 February 2022 12,440
Charge for year 8,380
Transfer to ownership (2,581 )
At 31 January 2023 18,239
NET BOOK VALUE
At 31 January 2023 47,485
At 31 January 2022 62,584

CLOVERLAIT LIMITED (REGISTERED NUMBER: 05649011)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

7. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 February 2022 150
Disposals (150 )
At 31 January 2023 -
NET BOOK VALUE
At 31 January 2023 -
At 31 January 2022 150

8. BIOLOGICAL ASSETS
Dairy
herd
£   
COST
At 1 February 2022 422,400
Additions 93,434
Disposals (155,034 )
At 31 January 2023 360,800
DEPRECIATION
At 1 February 2022 54,200
Charge for year 18,040
Eliminated on disposal (24,640 )
At 31 January 2023 47,600
NET BOOK VALUE
At 31 January 2023 313,200
At 31 January 2022 368,200

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 3,895,734 3,968,243

The loans are secured against the land and buildings owned by the company.

CLOVERLAIT LIMITED (REGISTERED NUMBER: 05649011)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2023 and 31 January 2022:

2023 2022
£    £   
B A King and Mrs S R K King
Balance outstanding at start of year 281,169 333,846
Amounts advanced 13,150 27,828
Amounts repaid (92,962 ) (80,505 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 201,357 281,169

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £40,000 were paid to the directors .