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REGISTERED NUMBER: 00117238 (England and Wales)















A.A. CLARK LIMITED

Unaudited Financial Statements

for the Year Ended 31 December 2023






A.A. CLARK LIMITED (REGISTERED NUMBER: 00117238)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


A.A. CLARK LIMITED

Company Information
for the year ended 31 December 2023







Directors: C R Denton
P Newton





Registered office: C/O Cooper Parry
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA





Registered number: 00117238 (England and Wales)





Accountants: Cooper Parry Advisory Limited
250 Fowler Avenue
Farnborough
Hampshire
GU14 7JP

A.A. CLARK LIMITED (REGISTERED NUMBER: 00117238)

Balance Sheet
31 December 2023

2023 2022
Notes £ £
Fixed assets
Tangible assets 4 609 -
Investment property 5 4,350,000 4,350,000
4,350,609 4,350,000

Current assets
Debtors 6 2,854,175 2,111,772
Cash at bank 132,944 917,090
2,987,119 3,028,862
Creditors
Amounts falling due within one year 7 (2,437,859 ) (2,453,643 )
Net current assets 549,260 575,219
Total assets less current liabilities 4,899,869 4,925,219

Provisions for liabilities (49,847 ) (49,847 )
Net assets 4,850,022 4,875,372

Capital and reserves
Called up share capital 8 3,003,550 3,003,550
Revaluation reserve 9 2,921,065 2,921,065
Retained earnings (1,074,593 ) (1,049,243 )
Shareholders' funds 4,850,022 4,875,372

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:




P Newton - Director


A.A. CLARK LIMITED (REGISTERED NUMBER: 00117238)

Notes to the Financial Statements
for the year ended 31 December 2023


1. Statutory information

A.A. Clark Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Accounting convention
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Turnover
Turnover represents the invoiced value, net of value added tax, of rental income receivable, spread over the life of the lease, accounting for rent free periods where appropriate.

Other operating income is comprised of management charges. Management charges are recognised at point of invoice.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over
their useful lives on the following bases:

Plant and machinery 25% straight line

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

A.A. CLARK LIMITED (REGISTERED NUMBER: 00117238)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued

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 of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets classified as receivable within one year are not amortised.

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.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified 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. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Leases
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Retirement benefits

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

A.A. CLARK LIMITED (REGISTERED NUMBER: 00117238)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3. Employees and directors

The average number of employees during the year was 2 (2022 - 3 ) .

4. Tangible fixed assets
Plant and
machinery
£
Cost
At 1 January 2023 1,262
Additions 812
At 31 December 2023 2,074
Depreciation
At 1 January 2023 1,262
Charge for year 203
At 31 December 2023 1,465
Net book value
At 31 December 2023 609
At 31 December 2022 -

5. Investment property
Total
£
Fair value
At 1 January 2023
and 31 December 2023 4,350,000
Net book value
At 31 December 2023 4,350,000
At 31 December 2022 4,350,000

6. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 22,238 19,980
Amounts owed by group undertakings 2,831,937 2,091,792
2,854,175 2,111,772

Amounts owed by group undertakings are unsecured, interest free and have no fixed date of repayment. However, the amount may not be recoverable within 12 months.

A.A. CLARK LIMITED (REGISTERED NUMBER: 00117238)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 80,701 75,847
Taxation and social security 30,966 51,613
Other creditors 2,326,192 2,326,183
2,437,859 2,453,643

Included in creditors is a balance of £2,316,525 (2022 - £2,316,525) relating to a loan from a director. The loan is secured by a fixed and floating charge over the company's assets and is repayable on three months notice.

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
3,000,050 Ordinary £1 3,000,050 3,000,050
7,000 Deferred shares £0.50 3,500 3,500
3,003,550 3,003,550

In the event of winding up the shareholders of the Ordinary shares have a right to repayment of capital in priority to any repayment of capital of the Deferred shares. The Deferred shares have no voting or dividend rights and do not participate in the distribution of any surplus on winding up.

9. Reserves
Revaluation
reserve
£
At 1 January 2023
and 31 December 2023 2,921,065

10. Related party disclosures

Included in creditors is a balance of £2,316,525 (2022 - £2,316,525) relating to a loan from a director. The loan is secured by a fixed and floating charge over the company's assets and is repayable on three months notice. Interest payable on the loan during the 31 December 2023 amounted to £297,000 (2022 - £223,329).

The company has an overdraft facility of £100,000. The overdraft facility is guaranteed by a shareholder in the company's ultimate parent.

Parent company

The immediate and ultimate parent company at the year end is Aureole Windsor Limited, a company whose registered office is 250,Fowler Avenue, Farnborough, Hampshire, GU14 7JP.

11. Non distribution reserve

The non-distributable reserve on investment properties at 31 December 2023 amounted to £2,921,065 (2022 - £2,921,065).

12. Operating lease commitments

Lessee
The lease is in respect of ground rent only, being £9,250 (2022: £9,250) per annum. The lease is held in the name of fellow subsidiary, Nimbus Securities Limited.

A.A. CLARK LIMITED (REGISTERED NUMBER: 00117238)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


13. Contingent asset

In accordance with the sale agreement in connection with the former subsidiary company, Windsor Vehicle Leasing Limited, there is an earn out arrangement based on future profits generated. The final position has yet to be determined, but a reasonable estimate of the amount receivable as the earn out receipt has been recognised in these financial statements. This is based on the current position and negotiations with the buyer and as the amount is now likely to be received and can be quantified, has been recognised.