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Registered number: 01109337
Clive Holmes Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Artema Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 01109337
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 417,585 397,351
417,585 397,351
CURRENT ASSETS
Stocks 5 84,558 335,047
Debtors 6 626,763 695,908
Cash at bank and in hand 1,642,055 1,249,836
2,353,376 2,280,791
Creditors: Amounts Falling Due Within One Year 7 (750,793 ) (762,042 )
NET CURRENT ASSETS (LIABILITIES) 1,602,583 1,518,749
TOTAL ASSETS LESS CURRENT LIABILITIES 2,020,168 1,916,100
PROVISIONS FOR LIABILITIES
Deferred Taxation (99,017 ) (87,221 )
NET ASSETS 1,921,151 1,828,879
CAPITAL AND RESERVES
Called up share capital 8 96 96
Share premium account 40,094 40,094
Capital redemption reserve 70 70
Profit and Loss Account 1,880,891 1,788,619
SHAREHOLDERS' FUNDS 1,921,151 1,828,879
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For the year ending 31 May 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Hand
Director
06/11/2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Clive Holmes Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01109337 . The registered office is The Island, 41 Mill Road, Christchurch, Dorset, BH23 2JY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% reducing balance
Plant & Machinery 5 years straight line
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 5 years straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 65 (2023: 73)
65 73
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 June 2023 330,939 268,488 80,481 227,022
Additions 22,675 87,850 - 1,018
As at 31 May 2024 353,614 356,338 80,481 228,040
Depreciation
As at 1 June 2023 148,705 231,796 18,376 195,892
Provided during the period 19,637 26,168 15,526 4,684
As at 31 May 2024 168,342 257,964 33,902 200,576
Net Book Value
As at 31 May 2024 185,272 98,374 46,579 27,464
As at 1 June 2023 182,234 36,692 62,105 31,130
Computer Equipment Total
£ £
Cost
As at 1 June 2023 787,710 1,694,640
Additions 2,474 114,017
As at 31 May 2024 790,184 1,808,657
...CONTINUED
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Depreciation
As at 1 June 2023 702,520 1,297,289
Provided during the period 27,768 93,783
As at 31 May 2024 730,288 1,391,072
Net Book Value
As at 31 May 2024 59,896 417,585
As at 1 June 2023 85,190 397,351
5. Stocks
2024 2023
£ £
Stock 320 88,126
Work in progress 84,238 246,921
84,558 335,047
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 494,840 511,693
Prepayments and accrued income 65,107 104,397
Other debtors 66,816 79,818
626,763 695,908
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 86,121 212,443
Corporation tax 79,906 83,582
Other taxes and social security 55,651 58,724
VAT 187,712 133,151
Other creditors - 9,226
Accruals and deferred income 340,155 264,916
Directors' loan accounts 1,248 -
750,793 762,042
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 96 96
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9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 95,437 120,103
Later than one year and not later than five years 135,938 204,742
Later than five years - 48,483
231,375 373,328
10. Share-based payments
On 29 February 2016, the Company established an approved EMI scheme, 10,000 share options were granted to 2 employees at an exercise price of £8.02. The rules of the scheme state that the employee must remain an eligible employee.
During the year, no share options were exercised (2023 - 1,265) and 6,240 were outstanding at the year end (2023 - 6,240). There were no share options that lapsed.
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