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Registration number: 03891519

Claremont Somerset Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Claremont Somerset Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Claremont Somerset Ltd

(Registration number: 03891519)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

24,187

27,874

Investment property

5

2,000,150

2,989,425

 

2,024,337

3,017,299

Current assets

 

Debtors

6

358,706

500,383

Cash at bank and in hand

 

21,711

218,857

 

380,417

719,240

Creditors: Amounts falling due within one year

7

(94,209)

(416,449)

Net current assets

 

286,208

302,791

Total assets less current liabilities

 

2,310,545

3,320,090

Creditors: Amounts falling due after more than one year

7

(219,058)

(1,152,319)

Provisions for liabilities

(20,459)

(60,743)

Net assets

 

2,071,028

2,107,028

Capital and reserves

 

Called up share capital

5,000

5,000

Profit and loss account

2,066,028

2,102,028

Shareholders' funds

 

2,071,028

2,107,028

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 Somerset Ltd

(Registration number: 03891519)
Statement of Financial Position as at 31 March 2024 (continued)


Mr A J Mackenzie
Director

 

Claremont 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 and development of investment 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 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

15% reducing balance

Fixtures and Fittings

20% reducing balance

 

Claremont Somerset Ltd

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

2

Accounting policies (continued)

Equipment

33% straight line

Impairment

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 2 (2023 - 2).

 

Claremont Somerset Ltd

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

24,507

61,788

8,572

94,867

Additions

-

-

1,338

1,338

Disposals

-

-

(7,529)

(7,529)

At 31 March 2024

24,507

61,788

2,381

88,676

Depreciation

At 1 April 2023

21,476

37,620

7,897

66,993

Charge for the year

606

3,625

794

5,025

Eliminated on disposal

-

-

(7,529)

(7,529)

At 31 March 2024

22,082

41,245

1,162

64,489

Carrying amount

At 31 March 2024

2,425

20,543

1,219

24,187

At 31 March 2023

3,031

24,168

675

27,874

5

Investment properties

2024
£

At 1 April

2,989,425

Additions

72,306

Disposals

(1,061,581)

At 31 March

2,000,150

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

 

Claremont Somerset Ltd

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

5

Investment properties (continued)

Investment properties held at valuation

In respect of investment properties 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

1,922,300

 

(1,922,300)

At 31 March 2023

Aggregate cost

2,683,487

 

(2,683,487)

6

Debtors

2024
£

2023
£

Trade debtors

950

3,185

Other debtors

355,052

492,503

Prepayments

2,704

4,695

358,706

500,383

 

Claremont Somerset Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

7,500

7,500

Trade creditors

 

651

784

Taxation and social security

 

32,376

11,019

Accruals and deferred income

 

10,551

19,823

Other creditors

 

43,131

377,323

 

94,209

416,449

Included in Other creditors is £2,940 (2023 £2,722) in respect of a loan which is secured by a charge dated 28 June 2017 against land at Purn House Farm, Bleadon, Weston-super-Mare.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

208,750

1,139,071

Other non-current financial liabilities

 

10,308

13,248

 

219,058

1,152,319

Creditors include bank loans of £200,000 (2023 - £1,122,821) which are secured, as follows:

A fixed and floating charge dated 19 July 2013 over the undertaking and all property and assets present and future, including goodwill, uncalled capital, buildings, fixtures, fixed plant and machinery.

An omnibus guarantee and set off arrangement dated 19 July 2013 among Lloyds Bank Plc, the company and Claremont North Somerset Limited. Mr A Mackenzie, the Director, is the Director and shareholder of Claremont North Somerset Limited.

A first legal charge dated 18 July 2013 over Purn Farm, Bridgwater Road, Bleadon and over Claremont Wine Vaults, 1-3 Birnbeck Road, Weston-super-Mare.

A personal guarantee from the Director for £520,000 together with associated interest and costs.Subsequent to the year end, all bank debt was repaid by the company, and the director was released from his obligations under this guarantee.

 

Claremont Somerset Ltd

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

7

Creditors (continued)

Included in Other creditors is £10,308 (2023 £13,248) in respect of a loan which is secured by a charge dated 28 June 2017 against land at Purn House Farm, Bleadon, Weston-super-Mare.

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

This reserve includes an undistributable reserve of £64,196 (2023 £253,366).

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

208,750

1,139,071

Current loans and borrowings

2024
£

2023
£

Bank borrowings

7,500

7,500

10

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

(374,601)

435,883

(100,077)

(38,795)

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Director's loan

(466,956)

149,438

(57,083)

(374,601)

 

Claremont Somerset Ltd

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

10

Related party transactions (continued)

 

Other transactions with the director

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

Included within other debtors is money due from Claremac Limited of £Nil (2023 £139,819), a company in which Mr A J Mackenzie is the director and shareholder. Interest was paid on this loan.

As disclosed in Note 8, the company has an omnibus guarantee and set off arrangement with Lloyds Bank Plc and Claremont North Somerset Limited, a company in which Mr A J Mackenzie is the director and shareholder in respect of monies owed to the bank by both companies.

Mr A J Mackenzie granted a personal guarantee to Lloyds Bank Plc for £520,000, together with associated interest and costs, in respect of the company's borrowings from Lloyds Bank Plc. Subsequent to the year end, all bank debt was repaid by the company, and the director was released from his obligations under this guarantee.