Company Registration No. 09386512 (England and Wales)
Clemens & Tanner Ltd
Unaudited accounts
for the year ended 31 January 2024
Clemens & Tanner Ltd
Unaudited accounts
Contents
Clemens & Tanner Ltd
Company Information
for the year ended 31 January 2024
Directors
Martin Roger Clemens
Nicholas Roger Clemens
Benjamin John David Tanner
Company Number
09386512 (England and Wales)
Registered Office
First Floor
129 High Street
Guildford
Surrey
GU1 3AA
United Kingdom
Clemens & Tanner Ltd
Statement of financial position
as at 31 January 2024
Tangible assets
11,929
15,905
Cash at bank and in hand
29,014
55,206
Creditors: amounts falling due within one year
(19,582)
(24,500)
Net current assets
395,135
398,697
Total assets less current liabilities
407,064
414,602
Creditors: amounts falling due after more than one year
(13,333)
(23,333)
Provisions for liabilities
Deferred tax
(2,958)
(2,342)
Net assets
390,773
388,927
Called up share capital
129
129
Share premium
166,609
166,609
Profit and loss account
224,035
222,189
Shareholders' funds
390,773
388,927
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by
Nicholas Roger Clemens
Director
Company Registration No. 09386512
Clemens & Tanner Ltd
Notes to the Accounts
for the year ended 31 January 2024
Clemens & Tanner Ltd is a private company, limited by shares, registered in England and Wales, registration number 09386512. The registered office is First Floor, 129 High Street, Guildford, Surrey, GU1 3AA, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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:
All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.
Current and deferred taxation
The tax expense for the year comprises current and deferred tax, Tax is recognised in the Statement of Income and Retained Earnings, 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 reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Clemens & Tanner Ltd
Notes to the Accounts
for the year ended 31 January 2024
Tangible fixed assets and depreciation
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.
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.
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 the Statement of Income and Retained Earnings.
Depreciation is provided on the following basis:
Plant & machinery
25% straight line
Motor vehicles
25% reducing balance
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. In preparing these financial statements, the directors have made the following judgements:
Determine whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Other key sources of estimation uncertainty:
Tangible fixed assets (note 4)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Clemens & Tanner Ltd
Notes to the Accounts
for the year ended 31 January 2024
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 February 2023
72,540
39,600
112,140
At 31 January 2024
72,540
39,600
112,140
At 1 February 2023
72,540
23,695
96,235
Charge for the year
-
3,976
3,976
At 31 January 2024
72,540
27,671
100,211
At 31 January 2024
-
11,929
11,929
At 31 January 2023
-
15,905
15,905
Amounts falling due within one year
Other debtors
385,703
367,991
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,000
10,000
Loans from directors
9,479
9,479
The company has entered into a coronavirus bounce back loan agreement for a facility of £50,000 which was fully drawn down on 19 May 2020. The loan bears interest at 2.5% pa. The loan is unsecured and repayable in monthly instalments from June 2021, with the final instalment due in May 2026.
7
Creditors: amounts falling due after more than one year
2024
2023
8
Average number of employees
During the year the average number of employees was 3 (2023: 3).