Company registration number 03024824 (England and Wales)
CLOPTON ESTATE LIMITED
Unaudited Financial Statements
For The Year Ended 30 April 2024
Pages For Filing With Registrar
Clopton Estate Limited
CLOPTON ESTATE LIMITED
Contents
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
Clopton Estate Limited
CLOPTON ESTATE LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Clopton Estate Limited For The Year Ended 30 April 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Clopton Estate Limited for the year ended 30 April 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Clopton Estate Limited, as a body, in accordance with the terms of our engagement letter dated 6 September 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Clopton Estate Limited and state those matters that we have agreed to state to the board of directors of Clopton Estate Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clopton Estate Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Clopton Estate Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Clopton Estate Limited. You consider that Clopton Estate Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Clopton Estate Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chavereys Limited
14 January 2025
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Clopton Estate Limited
CLOPTON ESTATE LIMITED
Balance Sheet
As At 30 April 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,880,057
2,838,574
Investment property
4
2,409,081
2,378,207
Investments
5
4,051,921
4,315,075
9,341,059
9,531,856
Current assets
Stocks
976,037
852,555
Debtors
6
1,162,328
1,155,515
Cash at bank and in hand
556,139
1,449,844
2,694,504
3,457,914
Creditors: amounts falling due within one year
7
(3,609,649)
(4,037,075)
Net current liabilities
(915,145)
(579,161)
Total assets less current liabilities
8,425,914
8,952,695
Creditors: amounts falling due after more than one year
8
(316,675)
(1,000,000)
Provisions for liabilities
(124,270)
(118,005)
Net assets
7,984,969
7,834,690
Capital and reserves
Called up share capital
37,404
37,404
Capital redemption reserve
(5,016,827)
(5,016,827)
Profit and loss reserves
12,964,392
12,814,113
Total equity
7,984,969
7,834,690
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Clopton Estate Limited
CLOPTON ESTATE LIMITED
Balance Sheet (Continued)
As At 30 April 2024
30 April 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 14 January 2025 and are signed on its behalf by:
Mr EM Hollingsworth
Director
Company registration number 03024824 (England and Wales)
Clopton Estate Limited
CLOPTON ESTATE LIMITED
Notes To The Financial Statements
For The Year Ended 30 April 2024
- 4 -
1
Accounting policies
Company information
Clopton Estate Limited is a private company limited by shares incorporated in England and Wales. The registered office is Clopton Hall, Wickhambrook, Newmarket, Suffolk, England, CB8 8PQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard 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 £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Buildings
2% - 10% straight line
Plant and machinery
15% - 25% reducing balance
Freehold land is not depreciated.
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 credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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 profit or loss.
Clopton Estate Limited
CLOPTON ESTATE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
1
Accounting policies
(Continued)
- 5 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Clopton Estate Limited
CLOPTON ESTATE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
1
Accounting policies
(Continued)
- 6 -
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
3,391,290
1,206,899
4,598,189
Additions
21,484
177,420
198,904
Disposals
(442,285)
(442,285)
At 30 April 2024
3,412,774
942,034
4,354,808
Depreciation and impairment
At 1 May 2023
1,024,733
734,882
1,759,615
Depreciation charged in the year
5,059
110,216
115,275
Eliminated in respect of disposals
(400,139)
(400,139)
At 30 April 2024
1,029,792
444,959
1,474,751
Carrying amount
At 30 April 2024
2,382,982
497,075
2,880,057
At 30 April 2023
2,366,557
472,017
2,838,574
Clopton Estate Limited
CLOPTON ESTATE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
- 7 -
4
Investment property
2024
£
Fair value
At 1 May 2023
2,378,208
Additions
30,873
At 30 April 2024
2,409,081
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2,121,041
2,121,041
Other investments other than loans
1,930,880
2,194,034
4,051,921
4,315,075
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 May 2023
2,121,041
2,194,034
4,315,075
Additions
-
144,339
144,339
Valuation changes
-
92,507
92,507
Disposals
-
(500,000)
(500,000)
At 30 April 2024
2,121,041
1,930,880
4,051,921
Carrying amount
At 30 April 2024
2,121,041
1,930,880
4,051,921
At 30 April 2023
2,121,041
2,194,034
4,315,075
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
97,239
16,976
Amounts owed by group undertakings
421,609
424,217
Other debtors
423,028
484,379
Prepayments and accrued income
220,452
229,943
1,162,328
1,155,515
Clopton Estate Limited
CLOPTON ESTATE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
65,859
94,093
Amounts owed to group undertakings
3,402,796
3,402,796
Corporation tax
2,926
438,579
Government grants
2,943
Other creditors
40,393
48,105
Accruals and deferred income
94,732
53,502
3,609,649
4,037,075
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
300,000
1,000,000
Other creditors
16,675
316,675
1,000,000