Company registration number 06744320 (England and Wales)
CLARETON (BITTERNE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
CLARETON (BITTERNE) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
CLARETON (BITTERNE) LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mrs. H Challis
Mr. D Challis
Secretary
Mr. D Challis
Company number
06744320
Registered office
West End House
2 St James Close
Poole
Dorset
BH15 1JL
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
CLARETON (BITTERNE) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
370,000
Investments
4
100
100
100
370,100
Current assets
Debtors
5
54,828
Cash at bank and in hand
1,137
9,310
55,965
9,310
Creditors: amounts falling due within one year
Loans and overdrafts
11,068
Taxation and social security
1,833
Other creditors
6
37,823
51,937
37,823
64,838
Net current assets/(liabilities)
18,142
(55,528)
Total assets less current liabilities
18,242
314,572
Creditors: amounts falling due after more than one year
Other creditors
7
300,548
-
(300,548)
Net assets
18,242
14,024
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
17,242
13,024
Total equity
18,242
14,024
CLARETON (BITTERNE) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 by the board of directors and authorised for issue on 10 November 2023 and are signed on its behalf by:
Mrs. H Challis
Mr. D Challis
Director
Director
Company Registration No. 06744320
CLARETON (BITTERNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Clareton (Bitterne) Limited is a private company limited by shares incorporated in England and Wales. The registered office is West End House, 2 St James Close, Poole, Dorset, BH15 1JL.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 pound.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.3
Fixed asset investments
Interests in subsidiaries, 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.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
CLARETON (BITTERNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
CLARETON (BITTERNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Investment property
2023
£
Fair value
At 1 April 2022
370,000
Disposals
(370,000)
At 31 March 2023
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
54,828
6
Other creditors falling due within one year
2023
2022
£
£
Trade creditors
1,020
Other creditors
35,930
51,187
Accruals and deferred income
873
750
37,823
51,937
CLARETON (BITTERNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
7
Other creditors falling due after one year
2023
2022
£
£
Bank loans
300,548
8
Related party transactions
The company has not disclosed any transactions with group companies as per FRS 102 parra 33.1A.