Company Registration No. 04791012 (England and Wales)
CLARICE ELISE LIMITED
Unaudited Financial Statements
For The Year Ended 30 April 2023
Pages For Filing With Registrar
CLARICE ELISE LIMITED
Contents
Page
Accountants' Report
1
Balance Sheet
2 - 3
Notes To The Financial Statements
4 - 8
CLARICE ELISE LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Clarice Elise Limited For The Year Ended 30 April 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Clarice Elise Limited for the year ended 30 April 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Clarice Elise Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Clarice Elise Limited and state those matters that we have agreed to state to the Board of Directors of Clarice Elise Limited, as a body, in this report in accordance with technical guidelines. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clarice Elise Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Clarice Elise Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Clarice Elise Limited. You consider that Clarice Elise Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Clarice Elise Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Nicholas Hall
____________________________
Nicholas Hall
7, Johnston Road,
Woodford Green,
Essex,
IG8 0XA
17 January 2024
CLARICE ELISE LIMITED
Balance Sheet
As At 30 April 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment Properties
3
552,426
552,426
Investments
4
27,065
27,065
579,491
579,491
Current assets
Cash At Bank And In Hand
534
842
Creditors: amounts falling due within one year
5
(9,869)
(8,761)
Net current liabilities
(9,335)
(7,919)
Total assets less current liabilities
570,156
571,572
Creditors: amounts falling due after more than one year
6
(328,705)
(337,020)
Provisions for liabilities
(29,460)
(29,461)
Net assets
211,991
205,091
Capital and reserves
Called Up Share Capital
7
28,000
28,000
Revaluation Reserve
155,055
155,055
Profit And Loss Reserves
28,936
22,036
Total equity
211,991
205,091
In accordance with section 444 of the Companies Act 2006 all of the members of the company have consented to the preparation of filleted financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
CLARICE ELISE LIMITED
Balance Sheet (Continued)
As At 30 April 2023
- 3 -
For the financial year ended 30 April 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 17 January 2024 and are signed on its behalf by:
A.N. Hall
_______________________
A.N. Hall
Director
Company Registration No. 04791012
CLARICE ELISE LIMITED
Notes To The Financial Statements
For The Year Ended 30 April 2023
- 4 -
1
Accounting policies
Company information
Clarice Elise Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Johnston Road, Woodford Green, Essex, IG8 0XA
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 £.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
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 a t the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
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.
CLARICE ELISE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2023
1
Accounting policies
(Continued)
- 5 -
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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Cash at bank and in hand
Cash at bank and in hand 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.
1.6
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including Creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
CLARICE ELISE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2023
1
Accounting policies
(Continued)
- 6 -
1.7
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.
1.8
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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).
3
Investment property
2023
£
Fair value
At 1 May 2022 And 30 April 2023
552,426
CLARICE ELISE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2023
- 7 -
4
Fixed asset investments
2023
2022
£
£
Investments
27,065
27,065
Movements in fixed asset investments
Investments Other Than Loans
£
Cost or valuation
At 1 May 2022 & 30 April 2023
27,065
Carrying amount
At 30 April 2023
27,065
At 30 April 2022
27,065
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank Loans And Overdrafts
8,251
7,390
Taxation And Social Security
1,618
1,371
9,869
8,761
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank Loans And Overdrafts
256,266
264,517
Other Creditors
72,439
72,503
328,705
337,020
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary Shares of £1 each
1,000
1,000
CLARICE ELISE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2023
7
Called up share capital
(Continued)
- 8 -
Preference share capital
Issued and fully paid
27,000 5% Preference Shares of £1 each
27,000
27,000
Preference Shares Classified As Equity
27,000
27,000
Total equity share capital
28,000
28,000
8
Related party transactions
Included within Other Creditors is a long term directors' loan balance totalling £36,219 (2022: £36,251) owed to A.N. Hall as at 30 April 2023. The loan was provided interest free and is repayable on demand.
Included within Other Creditors is a long term directors' loan balance totalling £36,219 (2022: £36,251) owed to A.J. Hall as at 30 April 2023. The loan was provided interest free and is repayable on demand.