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Registration number: 00643178

Martin Clifton Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Martin Clifton Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 13

 

Martin Clifton Limited

Company Information

Directors

Mr A M Clifton

Mr A T Clifton

Mrs J A Clifton

Company secretary

Mrs J A Clifton

Registered office

Priory Lands
Appledore
Ashford
Kent
TN26 2DP

Accountants

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Martin Clifton Limited

(Registration number: 00643178)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

8,319,351

7,799,297

Investment property

5

1,430,000

1,430,000

 

9,749,351

9,229,297

Current assets

 

Stocks

6

1,132,028

1,029,937

Debtors

7

1,170,041

1,266,837

Investments

8

41

41

Cash at bank and in hand

 

342,189

287,692

 

2,644,299

2,584,507

Creditors: Amounts falling due within one year

9

(677,790)

(715,050)

Net current assets

 

1,966,509

1,869,457

Total assets less current liabilities

 

11,715,860

11,098,754

Creditors: Amounts falling due after more than one year

9

(2,541,263)

(2,974,410)

Provisions for liabilities

(549,031)

(416,917)

Net assets

 

8,625,566

7,707,427

Capital and reserves

 

Called up share capital

5,000

5,000

Capital redemption reserve

1,492

1,492

Other reserves

544,493

588,053

Retained earnings

8,074,581

7,112,882

Shareholders' funds

 

8,625,566

7,707,427

 

Martin Clifton Limited

(Registration number: 00643178)
Balance Sheet as at 30 June 2023 (continued)

For the financial year ending 30 June 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 October 2023 and signed on its behalf by:
 

.........................................
Mr A M Clifton
Director

   
     
 

Martin Clifton Limited

Statement of Changes in Equity for the Year Ended 30 June 2023

Share capital
£

Capital redemption reserve
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 1 July 2022

5,000

1,492

588,053

7,112,882

7,707,427

Profit for the year

-

-

-

918,139

918,139

Transfer between reserves

-

-

(43,560)

43,560

-

Total comprehensive income

-

-

(43,560)

961,699

918,139

At 30 June 2023

5,000

1,492

544,493

8,074,581

8,625,566

Share capital
£

Capital redemption reserve
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 1 July 2021

5,000

1,492

296,573

6,091,582

6,394,647

Profit for the year

-

-

-

1,312,780

1,312,780

Transfer between reserves

-

-

291,480

(291,480)

-

Total comprehensive income

-

-

291,480

1,021,300

1,312,780

At 30 June 2022

5,000

1,492

588,053

7,112,882

7,707,427

 

Martin Clifton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Priory Lands
Appledore
Ashford
Kent
TN26 2DP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Martin Clifton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Land

Not depreciated

Freehold Buildings

50 years straight line

Plant and Machinery

15% on reducing balance

Fixtures and Fittings

15% on reducing balance

Office Equipment

15% on reducing balance

Motor Vehicles

25% on reducing balance

Tractors and Harvesters

25% on reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Martin Clifton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Martin Clifton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 10).

 

Martin Clifton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Tractors and Harvesters
 £

Total
£

Cost or valuation

At 1 July 2022

6,631,500

717,195

1,263,272

31,603

138,847

1,940,346

10,722,763

Additions

243,781

-

84,000

1,232

86,490

500,000

915,503

Disposals

-

-

(37,000)

-

(92,584)

(290,000)

(419,584)

At 30 June 2023

6,875,281

717,195

1,310,272

32,835

132,753

2,150,346

11,218,682

Depreciation

At 1 July 2022

119,372

535,333

733,967

27,710

88,758

1,418,326

2,923,466

Charge for the year

26,771

27,279

79,861

715

18,078

140,922

293,626

Eliminated on disposal

-

-

(16,533)

-

(28,919)

(272,309)

(317,761)

At 30 June 2023

146,143

562,612

797,295

28,425

77,917

1,286,939

2,899,331

Carrying amount

At 30 June 2023

6,729,138

154,583

512,977

4,410

54,836

863,407

8,319,351

At 30 June 2022

6,512,128

181,862

529,305

3,893

50,089

522,020

7,799,297

Included within the net book value of land and buildings above is £6,729,138 (2022 - £6,512,128) in respect of freehold land and buildings.
 

 

Martin Clifton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

5

Investment properties

2023
£

At 1 July

1,430,000

At 30 June

1,430,000

The fair value of the investment properties are based on market data on property price changes and assessing similar properties in the area.

There has been no valuation of investment property by an independent valuer.

6

Stocks

2023
£

2022
£

Raw materials and consumables

1,132,028

1,029,937

7

Debtors

Current

2023
£

2022
£

Trade debtors

960,774

1,086,979

Prepayments

52,443

96,873

Other debtors

156,824

82,985

 

1,170,041

1,266,837

8

Current asset investments

2023
£

2022
£

Shares in group undertakings

41

41

 

Martin Clifton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

239,000

257,498

Trade creditors

 

181,621

267,097

Taxation and social security

 

166,648

109,504

Accruals and deferred income

 

87,027

77,659

Other creditors

 

3,494

3,292

 

677,790

715,050

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

2,541,263

2,974,410

2023
£

2022
£

Due after more than five years

After more than five years by instalments

1,585,263

2,018,410

-

-

Creditors include bank loans repayable by instalments of £1,585,263.19 (2022 - £2,018,410.20) due after more than five years.

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

2,541,263

2,974,410

 

Martin Clifton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

10

Loans and borrowings (continued)

2023
£

2022
£

Current loans and borrowings

Bank borrowings

239,000

239,000

Directors current account

-

18,498

239,000

257,498

Bank borrowings

The third Barclays Treasury Loan is denominated in GBP with a nominal interest rate of 1.55% above Barclays Base Rate%, and the final instalment is due on 31 May 2028. The carrying amount at year end is £2,041,157 (2022 - £2,360,578).

There is a charge over land at Horsehead Bridge and south of White Kemp Sewer, Ivychurch, New Romney, Kent, TN25 4AU.
There is also a charge over Little Cheyne Court Farm, Ivychurch, New Romney, Kent, TN25 4AU.

The fourth Barclays Treasury Loan is denominated in GBP with a nominal interest rate of 1.55% above Barclays Base Rate%, and the final instalment is due on 31 January 2024. The carrying amount at year end is £739,106 (2022 - £852,832).

There is a charge over land at Horsehead Bridge and south of White Kemp Sewer, Ivychurch, New Romney, Kent, TN25 4AU.
There is also a charge over Little Cheyne Court Farm, Ivychurch, New Romney, Kent, TN25 4AU.

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

121,320

159,069

Contributions paid to money purchase schemes

120,000

40,000

241,320

199,069

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

2

1

 

Martin Clifton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

11

Related party transactions (continued)

Loans from related parties

2023

Key management
£

Total
£

At start of period

18,498

18,498

Repaid

(18,498)

(18,498)

At end of period

-

-

2022

Key management
£

Total
£

At start of period

34,115

34,115

Repaid

(15,617)

(15,617)

At end of period

18,498

18,498

Terms of loans from related parties

There is no interest charged on the loans owed to key management and the loans are repayable on demand.