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Company No: 04329312 (England and Wales)

FRANK CLARKE AND SONS LTD

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

FRANK CLARKE AND SONS LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

FRANK CLARKE AND SONS LTD

COMPANY INFORMATION

For the financial year ended 31 March 2024
FRANK CLARKE AND SONS LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Mr R J Clarke
Mr C A Clarke
Mr M E Clarke
SECRETARY Mr C A Clarke
REGISTERED OFFICE Blackbrook Gate 1
Blackbrook Business Park
Taunton
TA1 2PX
England
United Kingdom
COMPANY NUMBER 04329312 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
FRANK CLARKE AND SONS LTD

BALANCE SHEET

As at 31 March 2024
FRANK CLARKE AND SONS LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 3,270,251 3,298,972
3,270,251 3,298,972
Current assets
Stocks 5 180,969 148,749
Debtors 6 915,770 1,123,681
Cash at bank and in hand 148,467 30
1,245,206 1,272,460
Creditors: amounts falling due within one year 7 ( 1,341,094) ( 1,659,886)
Net current liabilities (95,888) (387,426)
Total assets less current liabilities 3,174,363 2,911,546
Creditors: amounts falling due after more than one year 8 ( 1,269,628) ( 1,453,176)
Provision for liabilities ( 423,052) ( 300,935)
Net assets 1,481,683 1,157,435
Capital and reserves
Called-up share capital 9 1,000 1,000
Profit and loss account 1,480,683 1,156,435
Total shareholders' funds 1,481,683 1,157,435

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 Frank Clarke and Sons Ltd (registered number: 04329312) were approved and authorised for issue by the Board of Directors on 23 August 2024. They were signed on its behalf by:

Mr C A Clarke
Director
Mr M E Clarke
Director
Mr R J Clarke
Director
FRANK CLARKE AND SONS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
FRANK CLARKE AND SONS LTD

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

Frank Clarke and Sons Ltd (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 Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Leasehold improvements 50 years straight line
not depreciated
Plant and machinery 15 % reducing balance
Vehicles 20 % reducing balance
Office equipment 4 years straight line
Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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. Prior year adjustment

In preparing these financial statements the directors have identified that current assets have been incorrectly understated in the accounts as at 31 March 2023. As a result, the comparative information in this set of financial statements has been adjusted to correct the error. The movement to the profit and loss account and the net assets for the year ended 31 March 2023 is an increase of £24,865.

In preparing these financial statements the directors have identified that the retained earnings at the end of the financial year had been overstated by £1. As a result, the comparative information in this set of financial statements has been adjusted to correct the error. The movement to the profit and loss account is £1 increase and to the net assets for the year ended 31 March 2023 is nil,

As previously reported Adjustment As restated
Year ended 31 March 2023 £ £ £
Cash at bank in hand (24,865) 24,895 30
Retained earnings at the end of the financial year 1,131,540 24,895 1,156,435

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 45 34

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 April 2023 968,557 3,060,013 203,137 0 4,231,707
Additions 30,918 383,593 86,800 1,029 502,340
Disposals 0 ( 159,300) ( 57,000) 0 ( 216,300)
At 31 March 2024 999,475 3,284,306 232,937 1,029 4,517,747
Accumulated depreciation
At 01 April 2023 1,463 861,914 69,358 0 932,735
Charge for the financial year 1,244 345,225 30,952 236 377,657
Disposals 0 ( 39,311) ( 23,585) 0 ( 62,896)
At 31 March 2024 2,707 1,167,828 76,725 236 1,247,496
Net book value
At 31 March 2024 996,768 2,116,478 156,212 793 3,270,251
At 31 March 2023 967,094 2,198,099 133,779 0 3,298,972

Included within the net book value of land and buildings above is £934,055 (2023 - £934,158) in respect of freehold land and buildings.

5. Stocks

2024 2023
£ £
Stocks 180,969 148,749

6. Debtors

2024 2023
£ £
Trade debtors 518,198 594,936
Prepayments and accrued income 18,455 64,540
VAT recoverable 21,511 66,584
Other debtors 357,606 397,621
915,770 1,123,681

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 68,037 76,087
Trade creditors 164,545 337,724
Amounts owed to directors 845,445 958,120
Accruals 14,730 47,568
Other taxation and social security 17,174 20,415
Obligations under finance leases and hire purchase contracts 221,903 216,537
Other creditors 9,260 3,435
1,341,094 1,659,886

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

2024 2023
£ £
Bank loans 955,335 1,019,974
Obligations under finance leases and hire purchase contracts 314,293 433,202
1,269,628 1,453,176

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary A shares of £ 1.00 each 1,000 1,000

10. Related party transactions

Other related party transactions

At the year end, the balance on the loan due to Birchen Tree Enterprises Ltd was £9,260 (2023 - £3,353), which is under normal trade terms with no interest being charged.
At the year end, the balance on the loan due from The Culm Valley Limited was £274,314 (2023 - £312,440), which is an interest free loan and repayable on demand.