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COMPANY REGISTRATION NUMBER: 04932890
CLEMCO LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 October 2023
CLEMCO LIMITED
STATEMENT OF FINANCIAL POSITION
31 October 2023
2023
2022
Note
£
£
£
£
Fixed Assets
Tangible assets
6
168,887
124,761
Current Assets
Stocks
248,300
22,750
Debtors
7
205,150
98,387
Cash at bank and in hand
297,810
473,062
----------
----------
751,260
594,199
Creditors: amounts falling due within one year
8
298,864
116,534
----------
----------
Net Current Assets
452,396
477,665
----------
----------
Total Assets Less Current Liabilities
621,283
602,426
Creditors: amounts falling due after more than one year
9
200,000
200,000
----------
----------
Net Assets
421,283
402,426
----------
----------
CLEMCO LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2023
2023
2022
Note
£
£
£
£
Capital and Reserves
Called up share capital
1,000
1,000
Profit and loss account
420,283
401,426
----------
----------
Shareholders Funds
421,283
402,426
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
E M A Clements
Director
Company registration number: 04932890
CLEMCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Golden Beach Holiday Park, Roman Bank, Ingoldmells, Skegness, PE25 1LJ, Lincolnshire.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Property improvements
-
2% straight line
Plant and machinery
-
25% reducing balance
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured 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 the stock to its present location and condition.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 4 ).
5. Intangible Assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
100,000
----------
Amortisation
At 1 November 2022 and 31 October 2023
100,000
----------
Carrying amount
At 31 October 2023
----------
At 31 October 2022
----------
6. Tangible Assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 November 2022
154,232
44,396
198,628
Additions
60,000
60,000
Disposals
( 4,265)
( 4,265)
----------
----------
----------
At 31 October 2023
154,232
100,131
254,363
----------
----------
----------
Depreciation
At 1 November 2022
30,577
43,290
73,867
Charge for the year
3,084
12,777
15,861
Disposals
( 4,252)
( 4,252)
----------
----------
----------
At 31 October 2023
33,661
51,815
85,476
----------
----------
----------
Carrying amount
At 31 October 2023
120,571
48,316
168,887
----------
----------
----------
At 31 October 2022
123,655
1,106
124,761
----------
----------
----------
7. Debtors
2023
2022
£
£
Trade debtors
85,275
9,251
Other debtors
119,875
89,136
----------
---------
205,150
98,387
----------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
165,861
19,131
Social security and other taxes
12,617
10,046
Other creditors
120,386
87,357
----------
----------
298,864
116,534
----------
----------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
200,000
200,000
----------
----------