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Registered number: 06306227









GEORGE CLAREMONT LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GEORGE CLAREMONT LIMITED
REGISTERED NUMBER: 06306227

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
3,214

  
-
3,214

Current assets
  

Debtors: amounts falling due within one year
 5 
1,420,318
2,074,629

Cash at bank and in hand
 6 
4,115,121
3,216,307

  
5,535,439
5,290,936

Creditors: amounts falling due within one year
 7 
(39,535)
(509,038)

Net current assets
  
 
 
5,495,904
 
 
4,781,898

Total assets less current liabilities
  
5,495,904
4,785,112

  

Net assets
  
5,495,904
4,785,112


Capital and reserves
  

Called up share capital 
  
101
101

Profit and loss account
  
5,495,803
4,785,011

  
5,495,904
4,785,112


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.



Page 2

 
GEORGE CLAREMONT LIMITED
REGISTERED NUMBER: 06306227
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


Edward Christopher Corbett
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
GEORGE CLAREMONT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

George Claremont 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.
On 16 February 2023 the trade and assets of George Claremont Limited (formerly Corbett & Co International Construction Lawyers Limited) were acquired by Howard Kennedy LLP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 4

 
GEORGE CLAREMONT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.5

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
GEORGE CLAREMONT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 12).

Page 6

 
GEORGE CLAREMONT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings
Computer Equipment
Total

£
£
£





At 1 January 2023
49,515
46,982
96,497


Disposals
(49,515)
(46,982)
(96,497)



At 31 December 2023

-
-
-





At 1 January 2023
49,515
43,767
93,282


Charge for the year on owned assets
-
62
62


Disposals
(49,515)
(43,829)
(93,344)



At 31 December 2023

-
-
-



Net book value



At 31 December 2023
-
-
-



At 31 December 2022
-
3,215
3,215


5.


Debtors

2023
2022
£
£


Trade debtors
227,717
1,510,575

Other debtors
1,179,723
523,583

Prepayments and accrued income
12,878
40,471

1,420,318
2,074,629



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,115,121
3,216,307

4,115,121
3,216,307


Page 7

 
GEORGE CLAREMONT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
649
210,828

Corporation tax
-
79,425

Other taxation and social security
-
42,900

Other creditors
36,886
30,661

Accruals and deferred income
2,000
145,224

39,535
509,038



8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
4,115,121
4,115,121




Financial assets measured at fair value through profit or loss comprise...


9.


Related party transactions

Included in other debtors is £485,000 (2022: £485,000) owed by Gerald House Limited, a company in which Mr E Corbett is a director and shareholder. The loan is interest free and repayable on demand.

 
Page 8