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Cloverleaf Development Company Limited
Unaudited financial statements
31 March 2024
Company Registration Number 04409518
Cloverleaf Development Company Limited
Financial statements
year ended 31 March 2024
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 5
Cloverleaf Development Company Limited
Balance sheet
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
7,196
9,293
Current assets
Stocks
21,600
Debtors
6
3,845
328
Cash at bank and in hand
83,686
57,116
--------
--------
87,531
79,044
Creditors: amounts falling due within one year
7
200,759
230,180
---------
---------
Net current liabilities
113,228
151,136
---------
---------
Total assets less current liabilities
( 106,032)
( 141,843)
Creditors: amounts falling due after more than one year
8
21,153
24,806
---------
---------
Net liabilities
( 127,185)
( 166,649)
---------
---------
Capital and reserves
Called up share capital
150
150
Profit and loss account
( 127,335)
( 166,799)
---------
---------
Shareholders deficit
( 127,185)
( 166,649)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Cloverleaf Development Company Limited
Balance sheet (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 16 October 2024 , and are signed on behalf of the board by:
J E Foreman
Director
Company registration number: 04409518
Cloverleaf Development Company Limited
Notes to the financial statements
year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is The Woodyard, High Street, Wellingore, Lincoln, LN5 0HW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
6,570
16,665
1,237
24,472
-------
--------
-------
--------
Depreciation
At 1 April 2023
5,202
9,634
343
15,179
Charge for the year
205
1,758
134
2,097
-------
--------
-------
--------
At 31 March 2024
5,407
11,392
477
17,276
-------
--------
-------
--------
Carrying amount
At 31 March 2024
1,163
5,273
760
7,196
-------
--------
-------
--------
At 31 March 2023
1,368
7,031
894
9,293
-------
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
2,800
Other debtors
1,045
328
-------
----
3,845
328
-------
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,615
3,577
Trade creditors
382
928
Social security and other taxes
9,267
5,583
Other creditors
187,495
220,092
---------
---------
200,759
230,180
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
21,153
24,806
--------
--------
9. Related party transactions
The company was under the control of Mr J E & Mrs P Foreman throughout the current and previous year as they jointly own 67% of the issued share capital.