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REGISTERED NUMBER: 01390490 (England and Wales)













Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 September 2023

for

Cleveland Land Services (Guisborough)
Limited

Cleveland Land Services (Guisborough)
Limited (Registered number: 01390490)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Cleveland Land Services (Guisborough)
Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: Mrs C Miller
J A Miller
B S Dunn
Mrs L D Miller
S Miller
A Miller



SECRETARY: A Miller



REGISTERED OFFICE: Park Farm
Dunsdale
Guisborough
TS14 6RQ



REGISTERED NUMBER: 01390490 (England and Wales)



AUDITORS: Anderson Barrowcliff LLP
Statutory Auditor
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX



BANKERS: Lloyds
Albert Road
Middlesbrough

Cleveland Land Services (Guisborough)
Limited (Registered number: 01390490)

Strategic Report
for the Year Ended 30 September 2023

The directors present their strategic report for the year ended 30 September 2023.

REVIEW OF BUSINESS
The results for the year and financial position of the company are as shown in the annexed financial statements and were considered satisfactory by the directors.

The turnover in the year amounted to £22,142,481 compared to £21,918,293 in 2022.

The company operates in a competitive industry and is subject to a number of external factors such as uncertainty in Government policy, climate change and overall economic conditions affecting such things as interest rates. The company mitigates these risks and uncertainties by retaining a diversified client base and delivering high quality products and services.

PRINCIPAL RISKS AND UNCERTAINTIES
By operating within a number of diverse sectors and for a wide range of customers, the directors believe that they have taken adequate steps to mitigate the risk and resulting problems of any over dependence on either a particular industry sector or major customer.

KEY PERFORMANCE INDICATORS
Given the straightforward nature of the business, the company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the entity and that all relevant financial information has been disclosed within the financial statements.

ON BEHALF OF THE BOARD:





J A Miller - Director


2 April 2024

Cleveland Land Services (Guisborough)
Limited (Registered number: 01390490)

Report of the Directors
for the Year Ended 30 September 2023

The directors present their report with the financial statements of the company for the year ended 30 September 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of sports field and play area construction (natural and synthetic), hard and soft landscaping, land drainage, civil engineering, plant hire and the provision of ancillary contracting services within the construction industry.

DIVIDENDS
An interim dividend of 25.75p per share was paid on 3 July 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 September 2023 will be £118,897.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

Mrs C Miller
J A Miller
B S Dunn
Mrs L D Miller
S Miller
A Miller

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Cleveland Land Services (Guisborough)
Limited (Registered number: 01390490)

Report of the Directors
for the Year Ended 30 September 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





J A Miller - Director


2 April 2024

Report of the Independent Auditors to the Members of
Cleveland Land Services (Guisborough)
Limited

Opinion
We have audited the financial statements of Cleveland Land Services (Guisborough) Limited (the 'company') for the year ended 30 September 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Cleveland Land Services (Guisborough)
Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the company's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial performance, management bias in significant accounting estimates and any significant one-off or unusual transactions.

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.


Report of the Independent Auditors to the Members of
Cleveland Land Services (Guisborough)
Limited


Auditors' responsibilities for the audit of the financial statements (continued)
Audit procedures performed by the engagement team included:

- Enquiry of management, those charged with governance and the entity's solicitors around actual and potential
litigation and claims.
- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other
adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the
normal course of business.
- Challenging estimates and judgements made by management in their significant accounting estimates.
- Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and
accuracy of revenue and also to ensure revenue has been recognised in the correct period.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Helen Wilson FCA (Senior Statutory Auditor)
for and on behalf of Anderson Barrowcliff LLP
Statutory Auditor
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

10 April 2024

Cleveland Land Services (Guisborough)
Limited (Registered number: 01390490)

Statement of Comprehensive
Income
for the Year Ended 30 September 2023

2023 2022
Notes £    £   

TURNOVER 2 22,142,481 21,918,293

Cost of sales 18,321,499 18,559,781
GROSS PROFIT 3,820,982 3,358,512

Administrative expenses 2,727,651 2,527,190
1,093,331 831,322

Other operating income 3 58,095 58,136
OPERATING PROFIT 5 1,151,426 889,458

Interest receivable and similar income 11,143 1,265
1,162,569 890,723

Interest payable and similar expenses 6 42,763 29,449
PROFIT BEFORE TAXATION 1,119,806 861,274

Tax on profit 7 251,000 331,851
PROFIT FOR THE FINANCIAL YEAR 868,806 529,423

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

868,806
Prior year adjustment 380,311
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

909,734

Cleveland Land Services (Guisborough)
Limited (Registered number: 01390490)

Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 6,992,617 6,441,546
Investments 10 400 400
Investment property 11 120,462 120,462
7,113,479 6,562,408

CURRENT ASSETS
Stocks 12 145,882 72,883
Debtors 13 7,395,631 6,164,183
Cash at bank and in hand 1,067,706 1,879,664
8,609,219 8,116,730
CREDITORS
Amounts falling due within one year 14 5,969,995 6,027,875
NET CURRENT ASSETS 2,639,224 2,088,855
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,752,703

8,651,263

CREDITORS
Amounts falling due after more than one
year

15

(955,242

)

(854,711

)

PROVISIONS FOR LIABILITIES 20 (1,232,000 ) (981,000 )
NET ASSETS 7,565,461 6,815,552

CAPITAL AND RESERVES
Called up share capital 21 240,612 240,612
Retained earnings 22 7,324,849 6,574,940
SHAREHOLDERS' FUNDS 7,565,461 6,815,552

The financial statements were approved by the Board of Directors and authorised for issue on 2 April 2024 and were signed on its behalf by:





J A Miller - Director


Cleveland Land Services (Guisborough)
Limited (Registered number: 01390490)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2021 240,612 5,765,206 6,005,818
Prior year adjustment - 380,311 380,311
As restated 240,612 6,145,517 6,386,129

Changes in equity
Dividends - (100,000 ) (100,000 )
Total comprehensive income - 529,423 529,423
Balance at 30 September 2022 240,612 6,574,940 6,815,552

Changes in equity
Dividends - (118,897 ) (118,897 )
Total comprehensive income - 868,806 868,806
Balance at 30 September 2023 240,612 7,324,849 7,565,461

Cleveland Land Services (Guisborough)
Limited (Registered number: 01390490)

Cash Flow Statement
for the Year Ended 30 September 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 489,320 1,901,906
Interest paid (12,249 ) (15,960 )
Interest element of hire purchase payments
paid

(30,514

)

(13,489

)
Tax paid - 20,940
Net cash from operating activities 446,557 1,893,397

Cash flows from investing activities
Purchase of tangible fixed assets (1,746,618 ) (1,683,508 )
Sale of tangible fixed assets 279,769 132,730
Interest received 11,143 1,265
Net cash from investing activities (1,455,706 ) (1,549,513 )

Cash flows from financing activities
Loan repayments in year (120,000 ) (120,000 )
New HP loans in year 1,306,215 1,275,764
Capital repayments in year (870,127 ) (967,025 )
Equity dividends paid (118,897 ) (100,000 )
Net cash from financing activities 197,191 88,739

(Decrease)/increase in cash and cash equivalents (811,958 ) 432,623
Cash and cash equivalents at beginning of
year

2

1,879,664

1,447,041

Cash and cash equivalents at end of year 2 1,067,706 1,879,664

Cleveland Land Services (Guisborough)
Limited (Registered number: 01390490)

Notes to the Cash Flow Statement
for the Year Ended 30 September 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 1,119,806 861,274
Depreciation charges 1,060,888 946,185
Profit on disposal of fixed assets (145,110 ) (76,548 )
Finance costs 42,763 29,449
Finance income (11,143 ) (1,265 )
2,067,204 1,759,095
Increase in stocks (72,999 ) (42,774 )
Increase in trade and other debtors (1,231,448 ) (522,531 )
(Decrease)/increase in trade and other creditors (273,437 ) 708,116
Cash generated from operations 489,320 1,901,906

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 1,067,706 1,879,664
Year ended 30 September 2022
30.9.22 1.10.21
£    £   
Cash and cash equivalents 1,879,664 1,447,041


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.10.22 Cash flow At 30.9.23
£    £    £   
Net cash
Cash at bank and in hand 1,879,664 (811,958 ) 1,067,706
1,879,664 (811,958 ) 1,067,706
Debt
Finance leases (1,061,564 ) (436,088 ) (1,497,652 )
Debts falling due within 1 year (120,000 ) - (120,000 )
Debts falling due after 1 year (320,000 ) 120,000 (200,000 )
(1,501,564 ) (316,088 ) (1,817,652 )
Total 378,100 (1,128,046 ) (749,946 )

Cleveland Land Services (Guisborough)
Limited (Registered number: 01390490)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. ACCOUNTING POLICIES

General information and basis of preparing the financial statements
Cleveland Land Services (Guisborough) Limited is a private limited company by shares incorporated in England and Wales. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and its principal activities are set out in the Report of the Directors on page 3.

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" (FRS102) and the Companies Act 2006 The financial statements have been prepared on the going concern basis under the historic cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £.

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

Preparation of consolidated financial statements
The company has taken the exemption under Section 402 of the Companies Act 2006 not to prepare consolidated financial statements, as the subsidiary is not material for the purpose of giving a true and fair view. These financial statements present information about the company as a single undertaking.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Hire of plant and equipment
When the outcome of a transaction can be estimated reliably, turnover from hire of plant and equipment is recognised in the period the hire of plant and equipment related.

Construction contracts
Where the outcome of a construction can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. The stage of completion is measured using the contract costs incurred for work performed as a proportion of the estimated total costs; except where this would not be representative of the stages of completion.

Where the outcome cannot be estimated reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Interest receivable
Interest income is recognised using the effective interest method.

Cleveland Land Services (Guisborough)
Limited (Registered number: 01390490)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

1. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Plant and machinery - 15% to 33% on reducing balance
Fixtures and fittings - 50% on reducing balance
Motor vehicles - 33% on reducing balance
Portable Buildings - 25% on reducing balance

The directors consider that freehold buildings are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result the corresponding depreciation would not be material and therefore is not charged in the profit and loss account. The directors perform annual impairment reviews in accordance with the requirements of FRS 102 section 17 and section 24 to ensure that the recoverable amount is not lower than the carrying value.

Investment property
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Work in progress on contract work is valued on the basis of cost plus attributable profit to date - provision being made for losses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Cleveland Land Services (Guisborough)
Limited (Registered number: 01390490)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

1. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the scheme are charged to the profit and loss account in the period in which they relate. These contributions are invested seperately from the company's assets.


Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Amounts recoverable on contracts
Amounts recoverable on contracts are stated at cost plus attributable profit to the extent that such profit is reasonably certain and after making provision for any foreseeable losses in completing contracts, less payments on account received.

Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, which are described above, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Cleveland Land Services (Guisborough)
Limited (Registered number: 01390490)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Hire of plant and equipment 3,077,777 2,577,766
Contract revenue 19,064,704 19,340,527
22,142,481 21,918,293

All activities are performed in the United Kingdom.

3. OTHER OPERATING INCOME
2023 2022
£    £   
Rents received 49,447 47,547
Sundry receipts 8,648 10,589
58,095 58,136

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,609,697 3,289,297
Social security costs 416,299 384,730
Other pension costs 245,772 240,323
4,271,768 3,914,350

The average number of employees during the year was as follows:
2023 2022

Direct 63 57
Administration 23 24
86 81

2023 2022
£    £   
Directors' remuneration 679,872 576,604
Directors' pension contributions to money purchase schemes 164,220 176,965

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Cleveland Land Services (Guisborough)
Limited (Registered number: 01390490)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 147,331 143,907
Pension contributions to money purchase schemes 55,450 -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 597,799 523,665
Depreciation - assets on hire purchase contracts 463,089 422,520
Profit on disposal of fixed assets (145,110 ) (76,548 )
Auditors remuneration 14,150 12,330

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 33 10
Loan Interest 12,216 15,940
Interest on corporation tax
underpayment - 10
Hire purchase 30,514 13,489
42,763 29,449

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
Corporation tax adjustment for previous years - (20,940 )

Deferred taxation 251,000 352,791
Tax on profit 251,000 331,851

UK corporation tax has been charged at 25% (2022 - 19%).

Cleveland Land Services (Guisborough)
Limited (Registered number: 01390490)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,119,806 861,274
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

279,952

163,642

Effects of:
Expenses not deductible for tax purposes 3,574 5,581
Over/under provision of tax in current and prior years (23,287 ) (8,698 )
Research and development relief - (20,940 )
year
Capital allowances super-deduction (9,239 ) (43,135 )
Deferred tax change in rate - 235,401
Total tax charge 251,000 331,851

8. DIVIDENDS
2023 2022
£    £   
Interim 118,897 100,000

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 October 2022 1,104,917 12,472,740 117,038
Additions - 1,534,994 -
Disposals - (308,401 ) -
At 30 September 2023 1,104,917 13,699,333 117,038
DEPRECIATION
At 1 October 2022 - 7,586,846 114,072
Charge for year - 886,256 1,482
Eliminated on disposal - (204,639 ) -
At 30 September 2023 - 8,268,463 115,554
NET BOOK VALUE
At 30 September 2023 1,104,917 5,430,870 1,484
At 30 September 2022 1,104,917 4,885,894 2,966

Cleveland Land Services (Guisborough)
Limited (Registered number: 01390490)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

9. TANGIBLE FIXED ASSETS - continued

Motor Portable
vehicles Buildings Totals
£    £    £   
COST
At 1 October 2022 1,461,545 25,218 15,181,458
Additions 211,624 - 1,746,618
Disposals (278,615 ) - (587,016 )
At 30 September 2023 1,394,554 25,218 16,341,060
DEPRECIATION
At 1 October 2022 1,014,032 24,962 8,739,912
Charge for year 173,085 65 1,060,888
Eliminated on disposal (247,718 ) - (452,357 )
At 30 September 2023 939,399 25,027 9,348,443
NET BOOK VALUE
At 30 September 2023 455,155 191 6,992,617
At 30 September 2022 447,513 256 6,441,546

Included in the cost of freehold property is freehold land of £233,000 (2022 - £233,000) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 October 2022 2,672,157 175,369 2,847,526
Additions 1,185,180 164,170 1,349,350
Disposals (29,580 ) (22,060 ) (51,640 )
Transfer to ownership (1,501,206 ) (90,949 ) (1,592,155 )
At 30 September 2023 2,326,551 226,530 2,553,081
DEPRECIATION
At 1 October 2022 906,618 88,315 994,933
Charge for year 398,996 64,093 463,089
Eliminated on disposal (1,017 ) (15,790 ) (16,807 )
Transfer to ownership (930,237 ) (71,301 ) (1,001,538 )
At 30 September 2023 374,360 65,317 439,677
NET BOOK VALUE
At 30 September 2023 1,952,191 161,213 2,113,404
At 30 September 2022 1,765,539 87,054 1,852,593

Cleveland Land Services (Guisborough)
Limited (Registered number: 01390490)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

10. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 October 2022
and 30 September 2023 400
NET BOOK VALUE
At 30 September 2023 400
At 30 September 2022 400

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Park Farm (Guisborough) Limited
Registered office: England and Wales
Nature of business: Dormant
%
Class of shares: holding
Ordinary shares 100.00
Ordinary non voting A shares 100.00
2023 2022
£    £   
Aggregate capital and reserves 518 518

11. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2022
and 30 September 2023 120,462
NET BOOK VALUE
At 30 September 2023 120,462
At 30 September 2022 120,462

The company acquired freehold properties in 2014 and 2013 as a long term investment. The directors have not carried out a formal valuation of these properties as they believe that the cost at 30 September 2023 accurately reflects the fair value on the open market of the properties in their current condition.

12. STOCKS
2023 2022
£    £   
Stocks 60,569 29,002
Farm produce 11,715 7,282
Work-in-progress 73,598 36,599
145,882 72,883

Cleveland Land Services (Guisborough)
Limited (Registered number: 01390490)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 5,840,771 5,241,939
Amounts recoverable on contract 1,220,847 748,662
Other debtors 5,560 10,709
Related party balances 111,180 -
Prepayments 217,273 162,873
7,395,631 6,164,183

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 16) 120,000 120,000
Hire purchase contracts (see note 17) 742,410 526,853
Trade creditors 3,838,661 3,927,848
Amounts owed to group undertakings 518 518
Social security and other taxes 120,341 161,022
VAT 99,758 376,890
Other creditors 31,922 136,205
Provisions 280,978 186,395
Accruals and deferred income 735,407 592,144
5,969,995 6,027,875

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 16) 200,000 320,000
Hire purchase contracts (see note 17) 755,242 534,711
955,242 854,711

16. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans - less than 1 yr 120,000 120,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 120,000 120,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 80,000 200,000

Cleveland Land Services (Guisborough)
Limited (Registered number: 01390490)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

17. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 742,410 526,853
Between one and five years 755,242 534,711
1,497,652 1,061,564

18. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 320,000 440,000
Hire purchase contracts 1,497,652 1,061,564
1,817,652 1,501,564

The bank overdraft is secured by an unlimited debenture dated 30 July 2004 incorporating a fixed and floating charge.

Included in bank loans are:

A bank loan for £600,000 repayable over 6 years with repayments commencing 13 months after draw down of the loan in May 2020. Interest is charged at a rate of 1.36% plus base rate with the 1st year being interest free. This is secured by an unlimited debenture and a 1st Legal Charge over the freehold land and property at Park Farm.

The hire purchase contracts are secured over the assets to which they relate.

Cleveland Land Services (Guisborough)
Limited (Registered number: 01390490)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

19. FINANCIAL INSTRUMENTS

The carrying amounts of the company's financial instruments are as follows:

2023 2022
£ £
Financial liabilities
Measured at amortised cost
- Bank loans (see notes 16 & 18) 320,000 440,000
- Hire purchase contracts (see note 17 & 18) 1,497,652 1,061,564
1,817,652 1,501,564

The expenses attributable to the company's financial instruments are summarised as follows:

2023 2022
£ £
Expenses
Financial liabilities measured at amortised cost
- Bank loan interest 12,216 15,940
- Hire purchase interest 30,514 13,489
42,730 29,429

20. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 981,000 680,000
Transferred from/(to) profit and loss account 251,000 301,000
1,232,000 981,000

Deferred
tax
£   
Balance at 1 October 2022 981,000
Provided during year 251,000
Balance at 30 September 2023 1,232,000

21. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
240,612 Ordinary £1 240,612 240,612

Cleveland Land Services (Guisborough)
Limited (Registered number: 01390490)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

22. RESERVES
Retained
earnings
£   

At 1 October 2022 6,574,940
Profit for the year 868,806
Dividends (118,897 )
At 30 September 2023 7,324,849

Retained earnings
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

23. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss in the period in which they relate. The charge for the year was £245,772 (2022: £240,323). The amount outstanding at 30 September 2023 was £143,142 (2022: £21,581).

24. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 367,296 337,750

25. RELATED PARTY DISCLOSURES







Sales



Purchases
Outstanding
balances due
to/(from) the
Company
£ £ £

Other related parties
At 30 September 2023 103,150 10,500 111,180
At 30 September 2022 - - -

Outstanding balances due to the Company are unsecured and undertaken on normal commercial terms.

Key management personnel compensation in the year totalled £679,872 (2022: £576,604).

26. CONTROLLING PARTY

Mrs C Miller, a director of the company controls the company by virtue of a controlling interest of 100% of the issued share capital.