Company registration number 00292509 (England and Wales)
BENJAMIN CLOKE ESTATES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BENJAMIN CLOKE ESTATES LIMITED
COMPANY INFORMATION
Directors
H G Cloke
C J Daniels
C T Daniels
A P Van Hensbergen
Secretary
H G Cloke
Company number
00292509
Registered office
Shorehill Farm
Shorehill Lane
Knatts Valley
Sevenoaks
Kent
United Kingdom
TN15 6XL
Accountants
Azets
2nd Floor
Regis House
45 King William Street
London
United Kingdom
EC4R 9AN
BENJAMIN CLOKE ESTATES LIMITED
CONTENTS
Page
Directors' report
1
Statement of comprehensive income
2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
BENJAMIN CLOKE ESTATES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of property investment.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

H G Cloke
C J Daniels
C T Daniels
A P Van Hensbergen
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
C J Daniels
Director
20 August 2024
BENJAMIN CLOKE ESTATES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
2024
2023
Notes
£
£
Turnover
254,280
232,975
Cost of sales
(116,518)
(80,232)
Gross profit
137,762
152,743
Administrative expenses
(7,013)
(6,422)
Profit on sale of investment property
3
28,145
-
0
Operating profit
158,894
146,321
Interest receivable and similar income
24,362
2,210
Fair value gains and losses on investment properties
6
83,433
173,394
Profit before taxation
266,689
321,925
Tax on profit
5
(79,329)
(56,013)
Profit for the financial year
187,360
265,912

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BENJAMIN CLOKE ESTATES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
6
2,510,358
2,470,258
Current assets
Debtors
7
10,972
8,534
Cash at bank and in hand
680,857
599,762
691,829
608,296
Creditors: amounts falling due within one year
8
(71,306)
(61,185)
Net current assets
620,523
547,111
Total assets less current liabilities
3,130,881
3,017,369
Provisions for liabilities
(108,850)
(68,298)
Net assets
3,022,031
2,949,071
Capital and reserves
Called up share capital
9
11,000
11,000
Fair value reserve
1,097,873
1,032,435
Profit and loss reserve
1,913,158
1,905,636
Total equity
3,022,031
2,949,071

For the financial year ended 31 March 2024 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.

The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
C J Daniels
Director
Company Registration No. 00292509
BENJAMIN CLOKE ESTATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Share capital
Fair value reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
11,000
859,041
1,920,918
2,790,959
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
173,394
92,518
265,912
Dividends
-
-
(107,800)
(107,800)
Balance at 31 March 2023
11,000
1,032,435
1,905,636
2,949,071
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
83,433
103,927
187,360
Dividends
-
-
(114,400)
(114,400)
Transfers
-
(17,995)
17,995
-
Balance at 31 March 2024
11,000
1,097,873
1,913,158
3,022,031
BENJAMIN CLOKE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Company information

Benjamin Cloke Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Shorehill Farm, Shorehill Lane, Knatts Valley, Sevenoaks, Kent, United Kingdom, TN15 6XL.

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, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue is measured as the value of the consideration received or receivable and is recognised as follows:

Rents Receivable

Rental income from investment property is recognised in the income statement on an accruals basis.

Lease Premiums

Lease premiums are recognised in the income statement upon completion.

Interest Income

Interest income is recognised using the effective interest method.

 

Dilapidations receivable and insurance claims

Dilapidations receivable and insurance claims are recognised as turnover when the amounts have been agreed with the tenant and it is probable the amounts will be settled at the agreed amount.

1.3
Investment properties

Investment property is carried at fair value and any revaluation surpluses are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

 

Purchases and sales of investment properties are accounted for by reference to the date that contracts are exchanged or become unconditional.

1.4
Cash at bank and in hand

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.

BENJAMIN CLOKE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.5
Financial instruments

Financial instruments are recognised in the company's balance sheet 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 and cash and bank balances, 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans 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.

1.6
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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. 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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

BENJAMIN CLOKE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2
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.

Key sources of estimation uncertainty

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of investment property

The company uses valuations performed by the directors for the basis of the fair value of its investment properties. The investment property valuation as at 31 March 2024, reflect matters such as tenure and tenancy details, prevailing market yields and comparable market transactions.

Bad debt provision

All trade debtors balances are reviewed for probability of recovery, with specific provisions being made in relation to those debts.

3
Exceptional item
2024
2023
£
£
Expenditure
Profit on sale of investment property
28,145
-
4
Employees

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

2024
2023
Number
Number
Total
4
4
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
38,778
28,221
BENJAMIN CLOKE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Taxation
(Continued)
- 8 -
Deferred tax
Change in deferred tax on unrealised surpluses
40,551
27,792
Total tax charge
79,329
56,013

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
266,689
321,925
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
66,672
61,166
Chargeable gains in excess of proceeds of sale
(7,036)
-
0
Deferred tax movement on investment property
40,551
27,792
Fair value movement on investment property
(20,858)
(32,945)
Taxation charge for the year
79,329
56,013
6
Investment property
2024
£
Fair value
At 1 April 2023
2,470,258
Disposals
(43,333)
Revaluations
83,433
At 31 March 2024
2,510,358
Cost or valuation at 31 March 2024 is represented by:
2024
2023
£
£
Cost
1,412,485
1,437,823
Current year revaluation
83,433
173,994
Prior year revaluation
1,014,440
858,441
Carrying amount
2,510,358
2,470,258
BENJAMIN CLOKE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,700
8,534
Other debtors
1,272
-
0
10,972
8,534
8
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
38,779
28,197
Other creditors
32,527
32,988
71,306
61,185
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
11,000
11,000
11,000
11,000

Called up share capital - represents the nominal value of shares that have been issued.

10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Stonefield Estates, Limited

During the year, the company incurred a management charge of £12,500 (2023: £11,500) from Stonefield Estates, Limited, a company in which Mr H G Cloke, Mr C J Daniels and Ms C T Daniels are directors.

11
Directors' transactions

Dividends totalling £10,722 (2023 - £12,495) were paid in the year in respect of shares held by the company's directors.

During the year, the company was charged office rent of £1,380 (2023: £1,380) by Mr H G Cloke, a director of the company.

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