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REGISTERED NUMBER: 00255893 (England and Wales)












T CLARK & SON LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






T CLARK & SON LIMITED (REGISTERED NUMBER: 00255893)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


T CLARK & SON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: J G U Clark
A B Buckle
M G Southern



SECRETARY: J G U Clark



REGISTERED OFFICE: Midanbury House
Woodmill Lane
Midanbury
Southampton
Hampshire
SO18 2NN



REGISTERED NUMBER: 00255893 (England and Wales)



SENIOR STATUTORY AUDITOR: James Flood FCA



AUDITORS: Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR

T CLARK & SON LIMITED (REGISTERED NUMBER: 00255893)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £ £
FIXED ASSETS
Tangible assets 4 205,102 205,709
Investments 5 100,623 100,623
Investment property 6 21,545,250 21,545,250
21,850,975 21,851,582

CURRENT ASSETS
Stocks 6,780 7,834
Debtors 7 787,049 719,929
Cash at bank 545,670 847,823
1,339,499 1,575,586
CREDITORS
Amounts falling due within one year 8 (2,182,736 ) (335,865 )
NET CURRENT (LIABILITIES)/ASSETS (843,237 ) 1,239,721
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,007,738

23,091,303

CREDITORS
Amounts falling due after more than one
year

9

(13,406

)

(2,034,487

)

PROVISIONS FOR LIABILITIES 12 (3,695,892 ) (3,697,680 )
NET ASSETS 17,298,440 17,359,136

CAPITAL AND RESERVES
Called up share capital 27,910 27,910
Share premium 106,179 106,179
Revaluation reserve 16,210,694 16,210,694
Retained earnings 953,657 1,014,353
SHAREHOLDERS' FUNDS 17,298,440 17,359,136

T CLARK & SON LIMITED (REGISTERED NUMBER: 00255893)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





J G U Clark - Director


T CLARK & SON LIMITED (REGISTERED NUMBER: 00255893)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

T Clark & Son Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards 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 £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover
Rental income is accounted for on an accrual basis.

Maintenance charges are invoiced quarterly in arrears, however adjustments are made in the financial statements to account for this income on an accruals basis.

Work in progress represents fees receivable, on contracts in progress that have not been invoiced at the balance sheet date.

All income is recognised net of value added tax.

T CLARK & SON LIMITED (REGISTERED NUMBER: 00255893)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 10% Reducing balance
Office furniture and equipment - 10% Reducing balance and Straight line over 3 years
Motor vehicles - 25% Reducing balance

Freehold land and buildings are recognised at cost and not depreciated as, in the directors' opinion, the depreciation charge and accumulated depreciation is immaterial due to a high residual value as a result of the company adopting a policy and practice of regular maintenance and repair, the charges for which are recognised in the profit and loss account.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

Fixed asset investments
Other investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the income statement.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of the fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the statement of income and retained earnings, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment properties
Investment properties are income generating buildings. The investment properties are shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


T CLARK & SON LIMITED (REGISTERED NUMBER: 00255893)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial assets
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

T CLARK & SON LIMITED (REGISTERED NUMBER: 00255893)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Office
furniture
Freehold Plant and and Motor
property machinery equipment vehicles Totals
£ £ £ £ £
COST
At 1 April 2023 219,130 16,859 38,058 12,840 286,887
Additions - - 22 - 22
At 31 March 2024 219,130 16,859 38,080 12,840 286,909
DEPRECIATION
At 1 April 2023 16,606 14,775 37,632 12,165 81,178
Charge for year - 209 252 168 629
At 31 March 2024 16,606 14,984 37,884 12,333 81,807
NET BOOK VALUE
At 31 March 2024 202,524 1,875 196 507 205,102
At 31 March 2023 202,524 2,084 426 675 205,709

5. FIXED ASSET INVESTMENTS
Other
investments
£
COST
At 1 April 2023
and 31 March 2024 100,623
NET BOOK VALUE
At 31 March 2024 100,623
At 31 March 2023 100,623

6. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 April 2023
and 31 March 2024 21,545,250
NET BOOK VALUE
At 31 March 2024 21,545,250
At 31 March 2023 21,545,250

If investment properties had not been revalued, they would be included at the historical cost of £1,900,540 (2023: £1,900,540).

Investment properties were valued on an open market basis on 31 March 2024 by the directors.

T CLARK & SON LIMITED (REGISTERED NUMBER: 00255893)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. DEBTORS
2024 2023
£ £
Amounts falling due within one year:
Trade debtors 387,501 386,389
Other debtors 302,339 161,351
689,840 547,740

Amounts falling due after more than one year:
Trade debtors 97,209 172,189

Aggregate amounts 787,049 719,929

Included within other debtors is an amount of £10 (2023: £10) held in a discretionary trust which was established for the benefit of the families of all of the company's officers and employees.

Included within trade debtors falling due after more than one year are amounts owed to the company by The Clark Family Trust of £97,209 (2023:£172,189).

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 1,943,750 25,000
Trade creditors 110,163 117,808
Taxation and social security 21,207 79,201
Other creditors 107,616 113,856
2,182,736 335,865

Bank loans totalling £1,943,750 are due to mature in October 2024 and so are presented as creditors falling due within one year. This has resulted in the company's financial statements showing a net current liability position.

The intention of the directors is to renew the facility and therefore this will return the balance sheet to a net current asset position by 31 March 2025.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans - 1,943,750
Other creditors 13,406 90,737
13,406 2,034,487

10. LEASING AGREEMENTS

At the balance sheet date the company had future commitments under operating leases which totalled £12,338 (2023: £79).

T CLARK & SON LIMITED (REGISTERED NUMBER: 00255893)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 1,943,750 1,968,750

Legal charges in respect of bank loans totalling £1,943,750 have been secured against twenty eight investment properties. These investment properties have a combined value of £5,233,270.

12. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 3,695,892 3,697,680

Deferred tax
£
Balance at 1 April 2023 3,697,680
Accelerated capital allowance (1,788 )
Balance at 31 March 2024 3,695,892

At the balance sheet date, a provision for tax totalling £3,697,016 (2023: £3,697,016) was included in respect of the estimated tax that would arise were the company to sell its investment properties for their fair value.

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Flood FCA (Senior Statutory Auditor)
for and on behalf of Hopper Williams & Bell Limited

14. CONTINGENT LIABILITIES

A contingent liability exists in respect of a performance bond for £10,000 (2023: £10,000) given in favour of Southampton City Council for road charges. No liability is expected to crystallise as a result of this bond.

15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date, the directors owed the company a cumulative balance of £250,976 (2023: £231,171). During the year, the directors were advanced amounts totalling £93,477 (2023: £93,608), and repaid amounts totalling £73,672 (2023: £100,042).

No interest has been charged on the loan owed to the company by the directors as the amounts owed to the directors (in association with their pension schemes, estates of family members, and companies in which they are shareholders) is in excess of the balance they owe to the company.

The directors' advances are repayable on demand.

The directors consider that all family balances are recoverable.

T CLARK & SON LIMITED (REGISTERED NUMBER: 00255893)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


16. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the Board of Trustees of the T Clark & Son Limited Remuneration Trust, by virtue of the Trust's holding of the entire issued Ordinary and 'A' Ordinary share capital of the company. The Board of Trustees is comprised of J G U Clark, A B Buckle and M G Southern .