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Registration number: 00643178

Martin Clifton Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Martin Clifton Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 13

 

Martin Clifton Limited

Company Information

Directors

Mr A M Clifton

Mr A T Clifton

Mrs J A Clifton

Company secretary

Mrs J A Clifton

Registered office

Priory Lands
Appledore
Ashford
Kent
TN26 2DP

Accountants

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Martin Clifton Limited

(Registration number: 00643178)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,998,538

8,319,351

Investment property

5

1,501,500

1,430,000

 

9,500,038

9,749,351

Current assets

 

Stocks

6

1,148,246

1,132,028

Debtors

7

782,133

1,170,041

Investments

8

41

41

Cash at bank and in hand

 

-

342,189

 

1,930,420

2,644,299

Creditors: Amounts falling due within one year

9

(898,757)

(677,790)

Net current assets

 

1,031,663

1,966,509

Total assets less current liabilities

 

10,531,701

11,715,860

Creditors: Amounts falling due after more than one year

9

(1,571,157)

(2,541,263)

Provisions for liabilities

(495,197)

(549,031)

Net assets

 

8,465,347

8,625,566

Capital and reserves

 

Called up share capital

5,000

5,000

Capital redemption reserve

1,492

1,492

Other reserves

598,118

544,493

Retained earnings

7,860,737

8,074,581

Shareholders' funds

 

8,465,347

8,625,566

 

Martin Clifton Limited

(Registration number: 00643178)
Balance Sheet as at 30 June 2024 (continued)

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 

.........................................
Mr A M Clifton
Director

   
     
 

Martin Clifton Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Capital redemption reserve
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 1 July 2023

5,000

1,492

544,493

8,074,581

8,625,566

Loss for the year

-

-

-

(160,219)

(160,219)

Other comprehensive income

-

-

53,625

(53,625)

-

Total comprehensive income

-

-

53,625

(213,844)

(160,219)

At 30 June 2024

5,000

1,492

598,118

7,860,737

8,465,347

Share capital
£

Capital redemption reserve
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 1 July 2022

5,000

1,492

588,053

7,112,882

7,707,427

Profit for the year

-

-

-

918,139

918,139

Other comprehensive income

-

-

(43,560)

43,560

-

Total comprehensive income

-

-

(43,560)

961,699

918,139

At 30 June 2023

5,000

1,492

544,493

8,074,581

8,625,566

 

Martin Clifton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Priory Lands
Appledore
Ashford
Kent
TN26 2DP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Martin Clifton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Land

Not depreciated

Freehold Buildings

50 years straight line

Plant and Machinery

15% on reducing balance

Fixtures and Fittings

15% on reducing balance

Office Equipment

15% on reducing balance

Motor Vehicles

25% on reducing balance

Tractors and Harvesters

25% on reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Martin Clifton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Martin Clifton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 10).

 

Martin Clifton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Tractors and Harvesters
 £

Total
£

Cost or valuation

At 1 July 2023

6,875,281

717,195

1,310,272

32,835

132,753

2,150,346

11,218,682

Additions

-

30,902

10,141

442

-

-

41,485

At 30 June 2024

6,875,281

748,097

1,320,413

33,277

132,753

2,150,346

11,260,167

Depreciation

At 1 July 2023

146,143

562,612

797,295

28,425

77,917

1,286,939

2,899,331

Charge for the year

26,772

27,823

77,467

675

13,709

215,852

362,298

At 30 June 2024

172,915

590,435

874,762

29,100

91,626

1,502,791

3,261,629

Carrying amount

At 30 June 2024

6,702,366

157,662

445,651

4,177

41,127

647,555

7,998,538

At 30 June 2023

6,729,138

154,583

512,977

4,410

54,836

863,407

8,319,351

Included within the net book value of land and buildings above is £6,702,366 (2023 - £6,729,138) in respect of freehold land and buildings.
 

 

Martin Clifton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

5

Investment properties

2024
£

At 1 July

1,430,000

Fair value adjustments

71,500

At 30 June

1,501,500

The fair value of the investment properties are based on market data on property price changes and assessing similar properties in the area.

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Raw materials and consumables

1,148,246

1,132,028

7

Debtors

Current

2024
£

2023
£

Trade debtors

375,685

960,774

Prepayments

60,177

52,443

Other debtors

346,271

156,824

 

782,133

1,170,041

8

Current asset investments

2024
£

2023
£

Shares in group undertakings

41

41

 

Martin Clifton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

761,461

239,000

Trade creditors

 

61,862

181,621

Taxation and social security

 

2,703

166,649

Accruals and deferred income

 

72,731

87,027

Other creditors

 

-

3,493

 

898,757

677,790

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

1,571,157

2,541,263

2024
£

2023
£

Due after more than five years

After more than five years by instalments

1,091,157

1,585,263

-

-

Creditors include bank loans repayable by instalments of £1,091,156.75 (2023 - £1,585,263.19) due after more than five years.

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,571,157

2,541,263

 

Martin Clifton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

10

Loans and borrowings (continued)

Current loans and borrowings

2024
£

2023
£

Bank borrowings

120,000

239,000

Bank overdrafts

638,429

-

Directors current account

3,032

-

761,461

239,000

Bank borrowings

The third Barclays Treasury Loan is denominated in GBP with a nominal interest rate of 1.55% above Barclays Base Rate%, and the final instalment is due on 31 May 2028. The carrying amount at year end is £1,691,157 (2023 - £2,041,157).

There is a charge over land at Horsehead Bridge and south of White Kemp Sewer, Ivychurch, New Romney, Kent, TN25 4AU.
There is also a charge over Little Cheyne Court Farm, Ivychurch, New Romney, Kent, TN25 4AU.

The fourth Barclays Treasury Loan is denominated in GBP with a nominal interest rate of 1.55% above Barclays Base Rate%, and the final instalment is due on 31 January 2024. The carrying amount at year end is £Nil (2023 - £739,106).

There is a charge over land at Horsehead Bridge and south of White Kemp Sewer, Ivychurch, New Romney, Kent, TN25 4AU.
There is also a charge over Little Cheyne Court Farm, Ivychurch, New Romney, Kent, TN25 4AU.

This Loan was repaid in full during the year to 30th June 2024.

 

Martin Clifton Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

97,820

121,320

Contributions paid to money purchase schemes

120,000

120,000

217,820

241,320

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

2

2