Claremont North Somerset Ltd 05990907 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is rental of commercial property. Digita Accounts Production Advanced 6.30.9574.0 true true 05990907 2023-04-01 2024-03-31 05990907 2024-03-31 05990907 core:CurrentFinancialInstruments 2024-03-31 05990907 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05990907 core:PlantMachinery 2024-03-31 05990907 1 2024-03-31 05990907 bus:SmallEntities 2023-04-01 2024-03-31 05990907 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05990907 bus:FilletedAccounts 2023-04-01 2024-03-31 05990907 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05990907 bus:RegisteredOffice 2023-04-01 2024-03-31 05990907 bus:Director1 2023-04-01 2024-03-31 05990907 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05990907 core:PlantMachinery 2023-04-01 2024-03-31 05990907 countries:EnglandWales 2023-04-01 2024-03-31 05990907 1 2023-04-01 2024-03-31 05990907 2023-03-31 05990907 core:PlantMachinery 2023-03-31 05990907 1 2023-03-31 05990907 2022-04-01 2023-03-31 05990907 2023-03-31 05990907 core:CurrentFinancialInstruments 2023-03-31 05990907 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05990907 core:PlantMachinery 2023-03-31 05990907 1 2023-03-31 05990907 1 2022-04-01 2023-03-31 05990907 1 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 05990907

Claremont North Somerset Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Claremont North Somerset Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Claremont North Somerset Ltd

(Registration number: 05990907)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

56

74

Investment property

5

476,248

800,000

 

476,304

800,074

Current assets

 

Debtors

6

1,349

7,250

Cash at bank and in hand

 

65

6,762

 

1,414

14,012

Creditors: Amounts falling due within one year

7

(359,417)

(357,050)

Net current liabilities

 

(358,003)

(343,038)

Total assets less current liabilities

 

118,301

457,036

Provisions for liabilities

-

(51,568)

Net assets

 

118,301

405,468

Capital and reserves

 

Called up share capital

2,900

2,900

Profit and loss account

115,401

402,568

Shareholders' funds

 

118,301

405,468

For the financial 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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 26 November 2024
 

 

Claremont North Somerset Ltd

(Registration number: 05990907)
Statement of Financial Position as at 31 March 2024 (continued)


Mr A J Mackenzie
Director

 

Claremont North Somerset Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Tallford House
38 Walliscote Road
Weston-super-Mare
Somerset
BS23 1LP

Principal activity

The principal activity of the company is rental of commercial property.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

 

Claremont North Somerset Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

The current 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 statement of financial position 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

Plant and Machinery

25% reducing balance

Impairment

 

Claremont North Somerset Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Claremont North Somerset Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

1,400

1,400

At 31 March 2024

1,400

1,400

Depreciation

At 1 April 2023

1,326

1,326

Charge for the year

18

18

At 31 March 2024

1,344

1,344

Carrying amount

At 31 March 2024

56

56

At 31 March 2023

74

74

5

Investment properties

2024
£

At 1 April

800,000

Fair value adjustments

(323,752)

At 31 March

476,248

The investment properties have been valued by the Director, based on open market value.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

At 31 March 2024

Freehold property
£

Aggregate cost

476,248

 

(476,248)

At 31 March 2023

Aggregate cost

476,248

 

(476,248)

 

Claremont North Somerset Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

-

6,870

Prepayments

1,349

380

1,349

7,250

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

-

345

Accruals and deferred income

2,633

2,064

Other creditors

356,784

354,641

359,417

357,050

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

This reserve includes an undistributable reserve of £Nil (2023 £272,184).

9

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Director's loan

(1,957)

2,580

(2,355)

(1,732)

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Director's loan

(3,736)

5,493

(3,714)

(1,957)

 

 

Claremont North Somerset Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

9

Related party transactions (continued)

Other transactions with the director

Included within creditors is money due to Claremont Somerset Limited of £355,052 (2023 - £352,684), a company in which, Mr A J Mackenzie is the director and controlling shareholder. Interest is paid on this loan.

The company has an omnibus guarantee and set off arrangement with Lloyds Bank Plc and Claremont Somerset Limited, a company in which Mr A J Mackenzie is the Director and majority shareholder, in respect of monies owed to the bank.