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Registration number: 12923082

Prepared for the registrar

Clifton Investment Management Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Clifton Investment Management Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Clifton Investment Management Limited

Company Information

Directors

T J Beardsmore

B T Beardsmore

Registered office

10 Charlton Park Gate
Cheltenham
GL53 7DJ

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Clifton Investment Management Limited

(Registration number: 12923082)
Balance Sheet as at 31 March 2023

Note

31 March 2023
£

31 March 2022
£

Fixed assets

 

Tangible assets

4

3,997

-

Investments

5

3

206,028

Other financial assets

6

924,443

655,695

 

928,443

861,723

Current assets

 

Debtors

7

3,654,430

50,000

Debtors: Amounts falling due after more than one year

 

-

100,000

Cash at bank and in hand

 

435,062

1,264,369

 

4,089,492

1,414,369

Creditors: Amounts falling due within one year

8

(580,689)

(1,541,562)

Net current assets/(liabilities)

 

3,508,803

(127,193)

Total assets less current liabilities

 

4,437,246

734,530

Deferred tax liabilities

 

(999)

-

Net assets

 

4,436,247

734,530

Capital and reserves

 

Called up share capital

4

4

Profit and loss account

4,436,243

734,526

Shareholders' funds

 

4,436,247

734,530

For the financial 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.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 November 2023 and signed on its behalf by:
 


T J Beardsmore
Director

 

Clifton Investment Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
10 Charlton Park Gate
Cheltenham
GL53 7DJ

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements

No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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 and after eliminating sales within the company.

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 the profit and loss account, except that a charge 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Clifton Investment Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the statement of financial position 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

Fixtures and fittings

25% straight line

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.

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

 

Clifton Investment Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022- 2).

 

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost

Additions

4,082

4,082

At 31 March 2023

4,082

4,082

Depreciation

Charge for the period

85

85

At 31 March 2023

85

85

Carrying amount

At 31 March 2023

3,997

3,997

 

Clifton Investment Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

5

Investments

2023
£

2022
£

Investments in subsidiaries

3

3

Investments in associates

-

206,025

3

206,028


 

Subsidiaries

£

Carrying amount

At 31 March 2023

3

At 31 March 2022

3

Associates

£

Cost

At 1 April 2022

206,025

Disposals

(206,025)

At 31 March 2023

-

Provision

Carrying amount

At 31 March 2023

-

At 31 March 2022

206,025

 

Clifton Investment Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

RBC One Limited

Barrington house
Kingsditch Lane
Cheltenham
GL51 9NN

England

Ordinary A

50%

50%

Associates

Calbarrie Compliance Services Limited

Barrington House
Kingsditch Lane
Cheltenham
GL51 9NN

Ordinary

0%

12.5%

 

England

     

Subsidiary undertakings

RBC One Limited

The principal activity of RBC One Limited is activities of head office.

Associates

Calbarrie Compliance Services Limited

The principal activity of Calbarrie Compliance Services Limited is electrical installation.

 

Clifton Investment Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Non-current financial assets

Cost or valuation

At 1 April 2022

655,695

Revaluations

(34,865)

Additions

418,668

Disposals

(115,055)

At 31 March 2023

924,443

Impairment

Carrying amount

At 31 March 2023

924,443

At 31 March 2022

655,695

 

7

Debtors

Note

31 March 2023
 £

31 March 2022
 £

Amounts owed by related parties

11

140,368

-

Other debtors

 

100,000

150,000

Accrued income

 

3,414,062

-

   

3,654,430

150,000

Less non-current portion

 

-

(100,000)

Total current trade and other debtors

 

3,654,430

50,000

 

8

Creditors

Note

31 March 2023
 £

31 March 2022
 £

Due within one year

 

Loans and borrowings

9

-

3,209

Amounts due to related parties

11

510,000

1,440,000

Social security and other taxes

 

4,312

7,924

Accrued expenses

 

2,050

1,500

Corporation tax liability

64,327

88,929

 

580,689

1,541,562

 

9

Loans and borrowings

31 March 2023
£

31 March 2022
£

Current loans and borrowings

Other borrowings

-

3,209

 

Clifton Investment Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

10

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Fixed asset timing differences

999

2022

No deferred tax assets or liabilities were recognised in the period ending 31 March 2022.

 

11

Related party transactions

Summary of transactions with all subsidiaries

During the year the company charged RBC One Limited, a 50% subsidiary, £319,690 (2022 - £187,740) of management charges which were paid in full during the period. At 31 March 2023 the company owed RBC One limited £510,000 (2022 - £940,000) for amounts advanced to the company during the period. The loan is unsecured, repayable on demand and no interest is payable.

Summary of transactions with all associates

During the year the company charged Calbarrie Compliance Services Limited £nil (2022 - £272,000) of management charges and paid £15,605 (2022 - £nil) in management charges which were fully paid within the year. At 31 March 2023 the company owed Calbarrie Compliance Services Limited £nil (2022 - £500,000). The loan is unsecured, repayable on demand and no interest is payable.

Summary of transactions with other related parties

At 31 March 2023 T Beardsmore owed the company £140,368 (2022 - the company owed T Beardsmore £3,209) in the form of a director's loan account. The loan is unsecured, repayable on demand and interest is payable at 2.25%.