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Registered number: 03262195
Clay & Abbott Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
C B Jordan & Co
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03262195
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 544,757 557,719
Investments 6 313,295 313,295
858,052 871,014
CURRENT ASSETS
Stocks 7 37,832 253,587
Debtors 8 1,022,972 224,125
Cash at bank and in hand 1,298,341 384,441
2,359,145 862,153
Creditors: Amounts Falling Due Within One Year 9 (1,127,634 ) (457,852 )
NET CURRENT ASSETS (LIABILITIES) 1,231,511 404,301
TOTAL ASSETS LESS CURRENT LIABILITIES 2,089,563 1,275,315
PROVISIONS FOR LIABILITIES
Deferred Taxation (12,667 ) (12,090 )
NET ASSETS 2,076,896 1,263,225
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 2,076,796 1,263,125
SHAREHOLDERS' FUNDS 2,076,896 1,263,225
Page 1
Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Adrian Clay
Director
01/08/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Clay & Abbott Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03262195 . The registered office is Sutton House, 4 Coles Lane, Sutton Coldfield, West Midlands, B72 1NE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 25%
Plant & Machinery 25%
Motor Vehicles 25%
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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Page 4
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 3 3
Sales, marketing and distribution 10 9
13 12
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 10,000
As at 31 March 2024 10,000
Amortisation
As at 1 April 2023 10,000
As at 31 March 2024 10,000
...CONTINUED
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Page 5
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 April 2023 494,088 165,527 227,735 887,350
Additions - 3,928 - 3,928
As at 31 March 2024 494,088 169,455 227,735 891,278
Depreciation
As at 1 April 2023 - 158,676 170,955 329,631
Provided during the period - 2,694 14,196 16,890
As at 31 March 2024 - 161,370 185,151 346,521
Net Book Value
As at 31 March 2024 494,088 8,085 42,584 544,757
As at 1 April 2023 494,088 6,851 56,780 557,719
6. Investments
Listed
£
Cost
As at 1 April 2023 313,295
As at 31 March 2024 313,295
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 313,295
As at 1 April 2023 313,295
The market value at 31st March 2024 was £468,572.
Page 5
Page 6
7. Stocks
2024 2023
£ £
Materials 2,000 2,000
Work in progress 35,832 251,587
37,832 253,587
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 989,451 195,837
Prepayments and accrued income 33,521 28,288
1,022,972 224,125
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 293,816 214,875
Corporation tax 564,390 62,344
Other taxes and social security 18,750 20,544
VAT 41,451 3,090
Accruals and deferred income 128,081 80,992
Director's loan account 81,146 76,007
1,127,634 457,852
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 6