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Company No: 12017273 (England and Wales)

THE CULM VALLEY LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

THE CULM VALLEY LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

THE CULM VALLEY LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
THE CULM VALLEY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS C A Clarke
R J Clarke
M E Clarke
REGISTERED OFFICE Homeleigh Croyle
Kentisbeare
Cullompton
EX15 2AN
United Kingdom
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 2024
THE CULM VALLEY LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 600,607 587,911
600,607 587,911
Current assets
Stocks 4 8,718 10,325
Debtors 5 5,647 4,791
Cash at bank and in hand 184,103 154,745
198,468 169,861
Creditors: amounts falling due within one year 6 ( 342,845) ( 367,910)
Net current liabilities (144,377) (198,049)
Total assets less current liabilities 456,230 389,862
Creditors: amounts falling due after more than one year 7 ( 11,667) ( 21,667)
Provision for liabilities ( 28,593) ( 19,082)
Net assets 415,970 349,113
Capital and reserves
Called-up share capital 8 60 60
Profit and loss account 415,910 349,053
Total shareholders' funds 415,970 349,113

For the financial year ending 31 March 2024 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 21 August 2024. They were signed on its behalf by:

C A Clarke
Director
THE CULM VALLEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
THE CULM VALLEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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 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.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

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

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 44 19

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2023 506,492 35,993 82,363 624,848
Additions 0 27,403 23,721 51,124
At 31 March 2024 506,492 63,396 106,084 675,972
Accumulated depreciation
At 01 April 2023 10,130 10,338 16,469 36,937
Charge for the financial year 10,130 12,301 15,996 38,427
At 31 March 2024 20,260 22,639 32,466 75,365
Net book value
At 31 March 2024 486,232 40,757 73,618 600,607
At 31 March 2023 496,362 25,655 65,894 587,911

4. Stocks

2024 2023
£ £
Stocks 8,718 10,325

5. Debtors

2024 2023
£ £
Other debtors 5,647 4,791

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 16,568 10,734
Amounts owed to related parties 272,425 312,440
Taxation and social security 32,286 28,964
Other creditors 11,566 5,772
342,845 367,910

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

2024 2023
£ £
Bank loans 11,667 21,667

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
60 Ordinary shares of £ 1.00 each 60 60

9. Related party transactions

Other related party transactions

2024 2023
£ £
Frank Clarke & Sons Ltd 272,425 312,400

At the year end, the balance on the loan due to Frank Clarke & Sons Ltd was £272,425 (2023 - £312,400), which is
repayable on demand and no interest being charged.