Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-31false14true2022-08-0113trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00520401 2022-08-01 2023-07-31 00520401 2021-08-01 2022-07-31 00520401 2023-07-31 00520401 2022-07-31 00520401 c:Director1 2022-08-01 2023-07-31 00520401 c:Director2 2022-08-01 2023-07-31 00520401 c:Director3 2022-08-01 2023-07-31 00520401 c:Director4 2022-08-01 2023-07-31 00520401 d:Buildings 2022-08-01 2023-07-31 00520401 d:Buildings 2023-07-31 00520401 d:Buildings 2022-07-31 00520401 d:Buildings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 00520401 d:PlantMachinery 2022-08-01 2023-07-31 00520401 d:PlantMachinery 2023-07-31 00520401 d:PlantMachinery 2022-07-31 00520401 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 00520401 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 00520401 d:FreeholdInvestmentProperty 2023-07-31 00520401 d:FreeholdInvestmentProperty 2022-07-31 00520401 d:CurrentFinancialInstruments 2023-07-31 00520401 d:CurrentFinancialInstruments 2022-07-31 00520401 d:Non-currentFinancialInstruments 2023-07-31 00520401 d:Non-currentFinancialInstruments 2022-07-31 00520401 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 00520401 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 00520401 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 00520401 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 00520401 d:ShareCapital 2023-07-31 00520401 d:ShareCapital 2022-07-31 00520401 d:RetainedEarningsAccumulatedLosses 2023-07-31 00520401 d:RetainedEarningsAccumulatedLosses 2022-07-31 00520401 c:FRS102 2022-08-01 2023-07-31 00520401 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 00520401 c:FullAccounts 2022-08-01 2023-07-31 00520401 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 00520401 d:HirePurchaseContracts d:WithinOneYear 2023-07-31 00520401 d:HirePurchaseContracts d:WithinOneYear 2022-07-31 00520401 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-07-31 00520401 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-07-31 00520401 2 2022-08-01 2023-07-31 00520401 6 2022-08-01 2023-07-31 00520401 e:PoundSterling 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure
                                                                                                                    Registered number: 00520401














CLIFFORD PYE LIMITED


UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

 
CLIFFORD PYE LIMITED
REGISTERED NUMBER:00520401

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,383,270
3,234,536

Investments
 5 
46,714
53,261

Investment property
 6 
210,000
210,000

  
3,639,984
3,497,797

Current assets
  

Stocks
  
482,780
353,745

Debtors: amounts falling due within one year
 7 
640,646
567,436

Bank & cash balances
  
240,307
305,330

  
1,363,733
1,226,511

Creditors: amounts falling due within one year
 8 
(805,451)
(807,484)

Net current assets
  
 
 
558,282
 
 
419,027

Total assets less current liabilities
  
4,198,266
3,916,824

Creditors: amounts falling due after more than one year
 9 
(262,193)
(179,793)

Provisions for liabilities
  

Deferred tax
  
(279,218)
(243,849)

  
 
 
(279,218)
 
 
(243,849)

Net assets
  
3,656,855
3,493,182


Capital and reserves
  

Called up share capital 
  
24,940
24,940

Profit and loss account
  
3,631,915
3,468,242

  
3,656,855
3,493,182


Page 1

 
CLIFFORD PYE LIMITED
REGISTERED NUMBER:00520401
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr E Pye
................................................
Mrs J Pye
Director
Director



................................................
Mr J Pye
Director



................................................
Mrs K Friend
Director


Date: 2 April 2024

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
CLIFFORD PYE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Clifford Pye Limited is a private company listed by shares and incorporated in England and Wales, registration number 00520401. The registered office is Dix's House, Holt Road, Cawston, Norfolk, NR10 4HS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented 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.

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
CLIFFORD PYE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
CLIFFORD PYE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.

Depreciation is provided on the following basis:

Land and buildings Freehold
-
Land nil depreciation / buildings 50 years straight line
Plant & machinery
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

Page 5

 
CLIFFORD PYE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Page 6

 
CLIFFORD PYE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not
Page 7

 
CLIFFORD PYE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 13).

Page 8

 
CLIFFORD PYE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Tangible fixed assets





Freehold property
Plant & machinery
Total

£
£
£



Cost or valuation


At 1 August 2022
2,685,822
2,651,368
5,337,190


Additions
-
465,249
465,249


Disposals
-
(148,021)
(148,021)



At 31 July 2023

2,685,822
2,968,596
5,654,418



Depreciation


At 1 August 2022
386,012
1,716,642
2,102,654


Charge for the year on owned assets
3,933
266,315
270,248


Disposals
-
(101,754)
(101,754)



At 31 July 2023

389,945
1,881,203
2,271,148



Net book value



At 31 July 2023
2,295,877
1,087,393
3,383,270



At 31 July 2022
2,299,810
934,726
3,234,536


5.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 August 2022
53,261


Revaluations
(6,547)



At 31 July 2023
46,714




Page 9

 
CLIFFORD PYE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 August 2022
210,000



At 31 July 2023
210,000

The 2023 valuations were made by the director, Mr J Pye, on an open market value for existing use basis.





7.


Debtors

2023
2022
£
£


Trade debtors
560,551
553,881

Other debtors
2,297
-

Prepayments and accrued income
77,798
13,555

640,646
567,436



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
170,468
169,914

Corporation tax
-
28,457

Other taxation and social security
12,110
24,962

Obligations under finance lease and hire purchase contracts
162,382
93,463

Other creditors
389,462
417,973

Accruals and deferred income
71,029
72,715

805,451
807,484


Page 10

 
CLIFFORD PYE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
262,193
179,793

262,193
179,793


Page 11

 
CLIFFORD PYE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
162,382
93,463

Between 1-5 years
262,193
179,793

424,575
273,256

Page 12

 
CLIFFORD PYE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


Page 13