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COMPANY REGISTRATION NUMBER: 00663409
Clive Eyre Limited
Filleted Unaudited Financial Statements
31 March 2024
Clive Eyre Limited
Financial Statements
Year ended 31 March 2024
Contents
Pages
Officers and professional advisers
1
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3 to 4
Notes to the financial statements
5 to 8
Clive Eyre Limited
Officers and Professional Advisers
Director
Mr M Eyre
Company secretary
Mr M Eyre
Registered office
Cowlishaw Works
Sharrow Vale Road
Sheffield
S11 8XD
Accountants
Hebblethwaites
Chartered accountants
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
Clive Eyre Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Clive Eyre Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Clive Eyre Limited for the year ended 31 March 2024, which comprise the statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Clive Eyre Limited in accordance with the terms of our engagement letter dated 2 August 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Clive Eyre Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clive Eyre Limited and its director for our work or for this report.
It is your duty to ensure that Clive Eyre 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 Clive Eyre Limited. You consider that Clive Eyre 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 Clive Eyre 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.
Hebblethwaites Chartered accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
18 February 2025
Clive Eyre Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
1,883,000
1,865,760
Current assets
Debtors
6
46,807
34,873
Cash at bank and in hand
66,622
84,166
---------
---------
113,429
119,039
Creditors: amounts falling due within one year
7
44,019
30,638
---------
---------
Net current assets
69,410
88,401
------------
------------
Total assets less current liabilities
1,952,410
1,954,161
Creditors: amounts falling due after more than one year
8
16,737
51,419
Provisions
44,000
44,000
------------
------------
Net assets
1,891,673
1,858,742
------------
------------
Clive Eyre Limited
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
34,000
34,000
Revaluation reserve
1,444,014
1,444,014
Profit and loss account
413,659
380,728
------------
------------
Shareholders funds
1,891,673
1,858,742
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 February 2025 , and are signed on behalf of the board by:
Mr M Eyre
Director
Company registration number: 00663409
Clive Eyre Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cowlishaw Works, Sharrow Vale Road, Sheffield, S11 8XD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be requires to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
1,865,000
10,075
23,657
1,898,732
Additions
23,139
23,139
Disposals
( 23,657)
( 23,657)
------------
--------
--------
------------
At 31 March 2024
1,865,000
10,075
23,139
1,898,214
------------
--------
--------
------------
Depreciation
At 1 April 2023
9,315
23,657
32,972
Charge for the year
114
5,785
5,899
Disposals
( 23,657)
( 23,657)
------------
--------
--------
------------
At 31 March 2024
9,429
5,785
15,214
------------
--------
--------
------------
Carrying amount
At 31 March 2024
1,865,000
646
17,354
1,883,000
------------
--------
--------
------------
At 31 March 2023
1,865,000
760
1,865,760
------------
--------
--------
------------
6. Debtors
2024
2023
£
£
Other debtors
46,807
34,873
--------
--------
Included within debtors as above are balances totalling £8,817 which will not become receivable until more than twelve months after the 31st of March 2024.
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
8,519
8,519
Corporation tax
7,997
5,051
Social security and other taxes
2,897
3,193
Other creditors
24,606
13,875
--------
--------
44,019
30,638
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
16,737
24,516
Other creditors
26,903
--------
--------
16,737
51,419
--------
--------
9. Director's advances, credits and guarantees
A loan account exists as between the company and the director. At 31 March 2023, the director was indebted to the company, in this regard, in the sum of £26,771. Further advances to the director during the year, in the sum of £2,119, have resulted in a closing debtor balance of £28,890 owing to the company. There are no formal repayment terms being applied to this loan and interest is being charged.