Silverfin false 31/03/2023 01/04/2022 31/03/2023 R J Clarke 24/05/2019 C A Clarke 24/05/2019 M E Clarke 24/05/2019 10 October 2023 The principal activity of the company is public house and bar. 12017273 2023-03-31 12017273 bus:Director1 2023-03-31 12017273 bus:Director2 2023-03-31 12017273 bus:Director3 2023-03-31 12017273 2022-03-31 12017273 core:CurrentFinancialInstruments 2023-03-31 12017273 core:CurrentFinancialInstruments 2022-03-31 12017273 core:Non-currentFinancialInstruments 2023-03-31 12017273 core:Non-currentFinancialInstruments 2022-03-31 12017273 core:ShareCapital 2023-03-31 12017273 core:ShareCapital 2022-03-31 12017273 core:RetainedEarningsAccumulatedLosses 2023-03-31 12017273 core:RetainedEarningsAccumulatedLosses 2022-03-31 12017273 core:LandBuildings 2022-03-31 12017273 core:PlantMachinery 2022-03-31 12017273 core:FurnitureFittings 2022-03-31 12017273 core:LandBuildings 2023-03-31 12017273 core:PlantMachinery 2023-03-31 12017273 core:FurnitureFittings 2023-03-31 12017273 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-03-31 12017273 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-03-31 12017273 bus:OrdinaryShareClass1 2023-03-31 12017273 2022-04-01 2023-03-31 12017273 bus:FullAccounts 2022-04-01 2023-03-31 12017273 bus:SmallEntities 2022-04-01 2023-03-31 12017273 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 12017273 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12017273 bus:Director1 2022-04-01 2023-03-31 12017273 bus:Director2 2022-04-01 2023-03-31 12017273 bus:Director3 2022-04-01 2023-03-31 12017273 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 12017273 core:PlantMachinery 2022-04-01 2023-03-31 12017273 core:FurnitureFittings 2022-04-01 2023-03-31 12017273 2021-04-01 2022-03-31 12017273 core:LandBuildings 2022-04-01 2023-03-31 12017273 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 12017273 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 12017273 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12017273 (England and Wales)

THE CULM VALLEY LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

THE CULM VALLEY LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

THE CULM VALLEY LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
THE CULM VALLEY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTORS R J Clarke
C A Clarke
M E Clarke
REGISTERED OFFICE Homeleigh Croyle
Kentisbeare
Cullompton
EX15 2AN
United Kingdom
BUSINESS ADDRESS The Culm Valley Inn
Riverside
Culmstock
Cullompton
EX15 3JJ
COMPANY NUMBER 12017273 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
THE CULM VALLEY LIMITED

BALANCE SHEET

As at 31 March 2023
THE CULM VALLEY LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 587,911 530,511
587,911 530,511
Current assets
Stocks 4 10,325 11,151
Debtors 5 4,791 2,099
Cash at bank and in hand 154,745 211,203
169,861 224,453
Creditors: amounts falling due within one year 6 ( 367,910) ( 473,639)
Net current liabilities (198,049) (249,186)
Total assets less current liabilities 389,862 281,325
Creditors: amounts falling due after more than one year 7 ( 21,667) ( 31,667)
Provision for liabilities ( 19,082) ( 4,565)
Net assets 349,113 245,093
Capital and reserves
Called-up share capital 8 60 60
Profit and loss account 349,053 245,033
Total shareholders' funds 349,113 245,093

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 financial statements of The Culm Valley Limited (registered number: 12017273) were approved and authorised for issue by the Board of Directors on 10 October 2023. They were signed on its behalf by:

R J Clarke
Director
C A Clarke
Director
M E Clarke
Director
THE CULM VALLEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
THE CULM VALLEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Culm Valley Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Homeleigh Croyle, Kentisbeare, Cullompton, EX15 2AN, United Kingdom. The principal place of business is The Culm Valley Inn, Riverside, Culmstock, Cullompton, EX15 3JJ.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

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 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.

Employee benefits

Defined contribution schemes
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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.

Land and buildings 50 years straight line
Plant and machinery 25 % reducing balance
Fixtures and fittings 20 % reducing balance

Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation of each asset on a reducing balance basis over its expected useful life, as above.

Leases

The Company as lessee
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 stocks 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 19 14

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2022 506,492 20,022 19,486 546,000
Additions 0 15,971 62,877 78,848
At 31 March 2023 506,492 35,993 82,363 624,848
Accumulated depreciation
At 01 April 2022 0 6,975 8,514 15,489
Charge for the financial year 10,130 3,363 7,955 21,448
At 31 March 2023 10,130 10,338 16,469 36,937
Net book value
At 31 March 2023 496,362 25,655 65,894 587,911
At 31 March 2022 506,492 13,047 10,972 530,511

4. Stocks

2023 2022
£ £
Stocks 10,325 11,151

5. Debtors

2023 2022
£ £
Prepayments 820 277
Other debtors 3,971 1,822
4,791 2,099

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 10,734 25,225
Amounts owed to related parties 312,440 358,321
Amounts owed to directors 249 249
Accruals 4,111 18,076
Taxation and social security 28,964 60,428
Other creditors 1,412 1,340
367,910 473,639

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 21,667 31,667

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
60 Ordinary shares of £ 1.00 each 60 60