Company Registration No. 08464596 (England and Wales)
Clifford Tee + Gale Ltd.
Unaudited financial statements
for the year ended 31 March 2023
Pages for filing with the registrar
Clifford Tee + Gale Ltd.
Contents
Page
Accountants' report
Statement of financial position
1 - 2
Notes to the financial statements
5 - 12
Clifford Tee + Gale Ltd.
Statement of financial position
As at 31 March 2023
1
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
5
28,369
5,825
Current assets
Debtors
6
286,742
392,925
Cash at bank and in hand
7,647
3,318
294,389
396,243
Creditors: amounts falling due within one year
7
(837,374)
(698,977)
Net current liabilities
(542,985)
(302,734)
Total assets less current liabilities
(514,616)
(296,909)
Creditors: amounts falling due after more than one year
8
(4,950)
-
0
Net liabilities
(519,566)
(296,909)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(519,666)
(297,009)
Total equity
(519,566)
(296,909)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Clifford Tee + Gale Ltd.
Statement of financial position (continued)
As at 31 March 2023
2
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
David Ross
Director
Company Registration No. 08464596
Clifford Tee + Gale Ltd.
Statement of financial position (continued)
As at 31 March 2023
3
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
5
28,369
5,825
Current assets
Debtors
6
286,742
392,925
Cash at bank and in hand
7,647
3,318
294,389
396,243
Creditors: amounts falling due within one year
7
(837,374)
(698,977)
Net current liabilities
(542,985)
(302,734)
Total assets less current liabilities
(514,616)
(296,909)
Creditors: amounts falling due after more than one year
8
(4,950)
-
0
Net liabilities
(519,566)
(296,909)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(519,666)
(297,009)
Total equity
(519,566)
(296,909)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Clifford Tee + Gale Ltd.
Statement of financial position (continued)
As at 31 March 2023
4
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
David Ross
Director
Company Registration No. 08464596
Clifford Tee + Gale Ltd.
Notes to the financial statements
For the year ended 31 March 2023
5
1
Accounting policies
Company information

Clifford Tee + Gale Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Room AF 17, Spectrum House, Beehive Ring Road, Gatwick, RH6 0LG.

1.1
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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. The company entered a Company Voluntary Arrangement (CVA) with HMRC on 2 February 2024 to pay its overdue taxes amount to £1,052,914.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
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:

Leasehold improvements
Over the term of the lease
Plant and equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Clifford Tee + Gale Ltd.
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
6
1.5
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents 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. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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 statement of financial position 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 include 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

Clifford Tee + Gale Ltd.
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
7
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.

 

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

 

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

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

1.9
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 income statement 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Clifford Tee + Gale Ltd.
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
8
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

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

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Clifford Tee + Gale Ltd.
Notes to the financial statements (continued)
For the year ended 31 March 2023
9
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Other operating income

Other operating income represents government grants in relation to Coronavirus Job Retention Scheme.

4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
12
13
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
2,120
21,058
23,178
Additions
-
0
24,672
24,672
At 31 March 2023
2,120
45,730
47,850
Depreciation and impairment
At 1 April 2022
1,794
15,559
17,353
Depreciation charged in the year
82
2,046
2,128
At 31 March 2023
1,876
17,605
19,481
Carrying amount
At 31 March 2023
244
28,125
28,369
At 31 March 2022
326
5,499
5,825
Clifford Tee + Gale Ltd.
Notes to the financial statements (continued)
For the year ended 31 March 2023
10
6
Debtors
2023
2022
as restated
Amounts falling due within one year:
£
£
Corporation tax recoverable
69,831
110,739
Other debtors
214,295
279,570
284,126
390,309
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
2,616
2,616
Total debtors
286,742
392,925
7
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
145,257
186,165
Other taxation and social security
652,299
466,434
Other creditors
39,818
46,378
837,374
698,977
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
4,950
-
0
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
33,469
63,219
Clifford Tee + Gale Ltd.
Notes to the financial statements (continued)
For the year ended 31 March 2023
11
10
Events after the reporting date

The company entered into a Company Voluntary Arrangement (CVA) with HMRC on 2 February 2024 to pay its overdue taxes amounting to £1,052,914.

11
Related party transactions

Included within other debtors is an amount owed by David Ross, who is a director of the company. As at the balance sheet date, David Ross owed £91,718 (2022 restated: £76,910). This amount is non-interest bearing, unsecured and repayable on demand.

 

Also included within other debtors is an amount owed by Andrew Bidgood, who is a director of the company. As at the balance sheet date, Andrew Bidgood owed £122,578 (2022 restated: £124,692). This amount is non-interest bearing, unsecured and repayable on demand.

12
Prior period adjustment

During the preparation of the financial statements for the year ended 31 March 2023, the directors noted adjustments in relation to prior periods, regarding directors wages and the recognition of directors medical insurance. The effect of these re-statements are to recognise the net salary due to the directors which had not been recognised in the historic financial statements and to re-allocate directors private medical insurance from the directors loan account to the profit and loss account for historic periods.

 

The 2023 financial statements have reflected these changes in the comparative figures for the year ended 31 March 2022. The effect of these adjustments is outlined below.

Changes to the statement of financial position
As previously reported
Adjustment
As restated at 31 Mar 2022
£
£
£
Current assets
Debtors due within one year
532,060
(139,135)
392,925
Capital and reserves
Profit and loss reserves
(157,874)
(139,135)
(297,009)
Changes to the income statement
As previously reported
Adjustment
As restated
Period ended 31 March 2022
£
£
£
Administrative expenses
(908,548)
(139,135)
(1,047,683)
Loss for the financial period
(291,964)
(139,135)
(431,099)
Clifford Tee + Gale Ltd.
Notes to the financial statements (continued)
For the year ended 31 March 2023
12
Prior period adjustment (continued)
12
Reconciliation of changes in equity
1 April
31 March
2021
2022
£
£
Adjustments to prior year
Adjustment to Directors' Loan Account
-
(139,135)
Equity as previously reported
134,190
(157,774)
Equity as adjusted
134,190
(296,909)
Analysis of the effect upon equity
Profit and loss reserves
-
(139,135)
Reconciliation of changes in loss for the previous financial period
2022
£
Adjustments to prior year
Adjustment to Directors' Loan Account
(139,135)
Loss as previously reported
(291,964)
Loss as adjusted
(431,099)
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