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REGISTERED NUMBER: 05062249 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

CLOVERMEAD LTD

CLOVERMEAD LTD (REGISTERED NUMBER: 05062249)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CLOVERMEAD LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: Mr. P M Keegan
Mrs. C Keegan





SECRETARY: Mrs. C Keegan





REGISTERED OFFICE: 1st Floor, Commerce House
1 Raven Road
South Woodford
London
E18 1HB





REGISTERED NUMBER: 05062249 (England and Wales)

CLOVERMEAD LTD (REGISTERED NUMBER: 05062249)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 170 227
Investment property 5 900,000 720,000
900,170 720,227

CURRENT ASSETS
Debtors 6 250,046 250,044
Cash at bank 20,467 5,870
270,513 255,914
CREDITORS
Amounts falling due within one year 7 204,262 180,296
NET CURRENT ASSETS 66,251 75,618
TOTAL ASSETS LESS CURRENT
LIABILITIES

966,421

795,845

CREDITORS
Amounts falling due after more than one
year

8

(587,217

)

(591,384

)

PROVISIONS FOR LIABILITIES (77,067 ) (42,107 )
NET ASSETS 302,137 162,354

CAPITAL AND RESERVES
Called up share capital 500 500
Fair value reserve 328,547 183,507
Retained earnings (26,910 ) (21,653 )
SHAREHOLDERS' FUNDS 302,137 162,354

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CLOVERMEAD LTD (REGISTERED NUMBER: 05062249)

BALANCE SHEET - continued
30 NOVEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





Mrs. C Keegan - Director


CLOVERMEAD LTD (REGISTERED NUMBER: 05062249)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Clovermead Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 05062249 and the registered office address is 1st Floor, Commerce House, 1 Raven Road, South Woodford, London, E18 1HB.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rents receivable.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 its financial instruments.

Financial instruments are recognised 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 includes trade and other debtors, 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that as a result of one or more events that occurred after an initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

CLOVERMEAD LTD (REGISTERED NUMBER: 05062249)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset in its entirety to an unrelated third party.

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 trade and other creditors and preference shares classed 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.

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

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire

Equity Instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 December 2022
and 30 November 2023 1,698
DEPRECIATION
At 1 December 2022 1,471
Charge for year 57
At 30 November 2023 1,528
NET BOOK VALUE
At 30 November 2023 170
At 30 November 2022 227

CLOVERMEAD LTD (REGISTERED NUMBER: 05062249)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 December 2022 720,000
Revaluations 180,000
At 30 November 2023 900,000
NET BOOK VALUE
At 30 November 2023 900,000
At 30 November 2022 720,000

Fair value at 30 November 2023 is represented by:
£
Valuation in 2022 405,615
Cost 494,385
900,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£ £
Cost 494,385 450,246

Investment property was valued on an open market basis on 30 November 2023 by the director, Mr P Keegan .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Other debtors 250,046 250,044

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 4,583 5,000
Trade creditors 1,080 2,340
Other creditors 198,599 172,956
204,262 180,296

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans 587,217 591,384

CLOVERMEAD LTD (REGISTERED NUMBER: 05062249)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 591,800 596,384

The loan of £550,967 (2022: £550,967) is secured against the freehold property at 17-19 St Johns Road, Watford, WD17 1PW.