Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-05-01No description of principal activity2217falsetruefalse 12078018 2023-05-01 2024-04-30 12078018 2022-05-01 2023-04-30 12078018 2024-04-30 12078018 2023-04-30 12078018 c:Director1 2023-05-01 2024-04-30 12078018 d:PlantMachinery 2023-05-01 2024-04-30 12078018 d:PlantMachinery 2024-04-30 12078018 d:PlantMachinery 2023-04-30 12078018 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 12078018 d:FurnitureFittings 2023-05-01 2024-04-30 12078018 d:FurnitureFittings 2024-04-30 12078018 d:FurnitureFittings 2023-04-30 12078018 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 12078018 d:OfficeEquipment 2023-05-01 2024-04-30 12078018 d:OfficeEquipment 2024-04-30 12078018 d:OfficeEquipment 2023-04-30 12078018 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 12078018 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 12078018 d:FreeholdInvestmentProperty 2023-05-01 2024-04-30 12078018 d:FreeholdInvestmentProperty 2024-04-30 12078018 d:FreeholdInvestmentProperty 2023-04-30 12078018 d:FreeholdInvestmentProperty 2 2023-05-01 2024-04-30 12078018 d:CurrentFinancialInstruments 2024-04-30 12078018 d:CurrentFinancialInstruments 2023-04-30 12078018 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 12078018 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 12078018 d:ShareCapital 2024-04-30 12078018 d:ShareCapital 2023-04-30 12078018 d:RetainedEarningsAccumulatedLosses 2024-04-30 12078018 d:RetainedEarningsAccumulatedLosses 2023-04-30 12078018 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 12078018 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 12078018 c:FRS102 2023-05-01 2024-04-30 12078018 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 12078018 c:FullAccounts 2023-05-01 2024-04-30 12078018 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 12078018 f:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 12078018










GEORGE AND DRAGON CLEY LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
GEORGE AND DRAGON CLEY LTD
REGISTERED NUMBER:12078018

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
51,913
49,902

Investment property
 5 
2,036,439
1,563,000

  
2,088,352
1,612,902

Current assets
  

Stocks
  
5,935
9,580

Debtors: amounts falling due within one year
 6 
20,286
34,339

Cash at bank and in hand
 7 
41,539
18,163

  
67,760
62,082

Creditors: amounts falling due within one year
 8 
(2,197,422)
(1,618,507)

Net current liabilities
  
 
 
(2,129,662)
 
 
(1,556,425)

Total assets less current liabilities
  
(41,310)
56,477

Provisions for liabilities
  

Deferred tax
 9 
(14,895)
(43,524)

  
 
 
(14,895)
 
 
(43,524)

Net (liabilities)/assets
  
(56,205)
12,953


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(56,305)
12,853

  
(56,205)
12,953


Page 1

 
GEORGE AND DRAGON CLEY LTD
REGISTERED NUMBER:12078018
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

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 P B Smithers
Director

Date: 29 January 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
GEORGE AND DRAGON CLEY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

George and Dragon Cley Ltd is a private company limited by shares and incorporated in England and Wales with registration number 12078018. The registered office is 17 Old Millers Wharf, Fishergate,  Norwich,  Norfolk,  NR3 1GS.

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

Going concern

At 30 April 2024 the Company's current liabilities exceeded its current assets by £2,129,662. The company meets its financing requirements through an informal loan facility provided by its parent company Black Orange Investment Ltd. At the period end the loan amounted to £2,055,044. The directors have received assurances from Black Orange Investments Ltd that the parent company will continue to provide financial support to the company to allow it to meet its liabilities as they fall due and continue to trade.
On this basis, the directors have considered a period of twelve months from the of approval of the financial statements and believe that the current and future sources of funding or support will be more than adequate for the company's needs.  As such, the financial statements have been prepared on a going concern bases.

Page 3

 
GEORGE AND DRAGON CLEY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

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 4

 
GEORGE AND DRAGON CLEY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Fixtures and fittings
-
25%
Office equipment
-
20%

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.

Page 5

 
GEORGE AND DRAGON CLEY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Investment property

Investment property is carried at fair value determined annually by 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.

 
2.9

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. 

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

  
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.

Page 6

 
GEORGE AND DRAGON CLEY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 22 (2023 - 17).


4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2023
36,420
50,466
596
87,482


Additions
22,800
4,453
-
27,253



At 30 April 2024

59,220
54,919
596
114,735



Depreciation


At 1 May 2023
7,438
30,023
119
37,580


Charge for the year on owned assets
11,844
13,279
119
25,242



At 30 April 2024

19,282
43,302
238
62,822



Net book value



At 30 April 2024
39,938
11,617
358
51,913



At 30 April 2023
28,982
20,443
477
49,902

Page 7

 
GEORGE AND DRAGON CLEY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
1,563,000


Additions at cost
545,143


Revaluation movement
(71,704)



At 30 April 2024
2,036,439

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





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
1,965,206
1,420,062

1,965,206
1,420,062

Page 8

 
GEORGE AND DRAGON CLEY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Debtors

2024
2023
£
£


Trade debtors
12,252
27,567

Prepayments and accrued income
8,034
6,772

20,286
34,339



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
41,539
18,163



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
18,068
49,764

Amounts owed to group undertakings
2,055,044
1,506,091

Other taxation and social security
38,604
35,001

Other creditors
1,380
308

Accruals and deferred income
84,326
27,343

2,197,422
1,618,507


Page 9

 
GEORGE AND DRAGON CLEY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Deferred taxation




2024


£






At beginning of year
(43,524)


Charged to profit or loss
28,629



At end of year
(14,895)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(14,895)
(43,524)

(14,895)
(43,524)


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £4,968 (2023 - £555) . Contributions totalling £592 (2023 - £308) were payable to the fund at the reporting date and are included in creditors.


11.


Controlling party

The company is a wholly owned subsidiary of Black Orange Inv Limited. Copies of the financial statements of the parent company are publicly available from Companies House, Cardiff, CF4 3UZ.

 
Page 10