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Company registration number: 01205253







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024


CLIFTONGRADE LIMITED






































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CLIFTONGRADE LIMITED
 


 
COMPANY INFORMATION


Directors
Mr I R Walter 
Mr K D Walter 




Registered number
01205253



Registered office
No.2 Myrtle Yard, Newport Road
Somerton

Cowes

Isle of Wight

PO31 8PE




Accountants
Menzies LLP
Chartered Accountants

3000A Parkway

Whiteley

Hampshire

PO15 7FX




Bankers
Barclays Bank plc
PO Box 29

Newport

Isle of Wight

Hampshire

PO30 1XU





 


CLIFTONGRADE LIMITED
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7


 


CLIFTONGRADE LIMITED
REGISTERED NUMBER:01205253



STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,200,489
1,358,239

Investment property
 5 
1,295,000
1,295,000

  
2,495,489
2,653,239

Current assets
  

Stocks
  
570,533
833,361

Debtors
 6 
365,216
364,769

Cash at bank and in hand
  
4,498,505
3,698,820

  
5,434,254
4,896,950

Creditors: amounts falling due within one year
 7 
(761,378)
(262,589)

Net current assets
  
 
 
4,672,876
 
 
4,634,361

Total assets less current liabilities
  
7,168,365
7,287,600

Provisions for liabilities
  

Deferred tax
  
(221,950)
(270,588)

  
 
 
(221,950)
 
 
(270,588)

Net assets
  
6,946,415
7,017,012

Page 1

 


CLIFTONGRADE LIMITED
REGISTERED NUMBER:01205253


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
6,945,415
7,016,012

  
6,946,415
7,017,012


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






................................................
Mr K D Walter
Director

Date: 10 January 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 


CLIFTONGRADE LIMITED
 


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

1.


General information

Cliftongrade Limited is a private company limited by shares registered in England and Wales. The situation of its registered office and trading address is No. 2 Myrtle Yard, Newport Road, Somerton, Cowes, Isle of Wight, PO31 8PE.
The Company's presentation currency is GB Pounds (£) rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 


CLIFTONGRADE LIMITED
 


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

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2% cost of buildings
Plant and machinery
-
15% written down value
Motor vehicles
-
25% written down value
Fixtures and fittings
-
15% written down value

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.7

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 


CLIFTONGRADE LIMITED
 


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

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes
Page 5

 


CLIFTONGRADE LIMITED
 


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

2.Accounting policies (continued)


2.13
Financial instruments (continued)

a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2023 - 16).


4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 June 2023
372,535
2,345,731
407,089
67,996
3,193,351


Additions
-
1,495
29,000
10,175
40,670


Disposals
-
(25,552)
-
(43,526)
(69,078)



At 31 May 2024

372,535
2,321,674
436,089
34,645
3,164,943



Depreciation


At 1 June 2023
119,339
1,379,942
273,187
62,644
1,835,112


Charge for the year on owned assets
5,312
144,725
40,726
3,444
194,207


Disposals
-
(23,096)
-
(41,769)
(64,865)



At 31 May 2024

124,651
1,501,571
313,913
24,319
1,964,454



Net book value



At 31 May 2024
247,884
820,103
122,176
10,326
1,200,489



At 31 May 2023
253,196
965,789
133,902
5,352
1,358,239

Page 6

 


CLIFTONGRADE LIMITED
 


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

5.


Investment property


Freehold investment property

£



Valuation


At 1 June 2023
1,295,000



At 31 May 2024
1,295,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.







6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
-
73,875

-
73,875

Due within one year

Trade debtors
256,750
200,240

Other debtors
-
20,502

Prepayments and accrued income
108,466
70,152

365,216
364,769



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
147,397
183,877

Corporation tax
174,764
-

Other taxation and social security
417,789
62,893

Other creditors
2,209
691

Accruals and deferred income
19,219
15,128

761,378
262,589


Page 7