Clowance Farm Limited
Unaudited Financial Statements
For the year ended 31 July 2024
Pages for Filing with Registrar
Company Registration No. 12763648 (England and Wales)
Clowance Farm Limited
Company Information
Directors
E Morris
S Morris
Company number
12763648
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Clowance Farm Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Clowance Farm Limited
Balance Sheet
As at 31 July 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,256,204
3,335,062
Current assets
Debtors
4
30,697
3,247
Cash at bank and in hand
40,406
36,055
71,103
39,302
Creditors: amounts falling due within one year
5
(3,506,779)
(3,483,196)
Net current liabilities
(3,435,676)
(3,443,894)
Net liabilities
(179,472)
(108,832)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(179,572)
(108,932)
Total equity
(179,472)
(108,832)

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 31 July 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.

The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
S Morris
Director
Company Registration No. 12763648
Clowance Farm Limited
Notes to the Financial Statements
For the year ended 31 July 2024
Page 2
1
Accounting policies
Company information

Clowance Farm Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 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. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the balance sheet date the company has net liabilities of £179,472 (2023 - £108,832).

 

At the time of approving the financial statements, the directors has a reasonable expectations that the company has a adequate resources to continue in operational existence for the foreseeable future and for a period of at least twelve months following the approval of these financial statements. The net current liability position is due to working capital loans provided by related parties who continue to support the company. Thus, the directors adopted the going concern basis in preparation of the financial statements.

1.3
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.

1.4
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:

Freehold land and buildings
50 years straight line
Plant and equipment
5 years straight line

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.

Clowance Farm Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2024
1
Accounting policies
(Continued)
Page 3
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.7
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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.

Clowance Farm Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2024
1
Accounting policies
(Continued)
Page 4
1.10
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.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2023
3,443,389
107,536
3,550,925
Additions
11,501
24
11,525
At 31 July 2024
3,454,890
107,560
3,562,450
Depreciation and impairment
At 1 August 2023
178,438
37,425
215,863
Depreciation charged in the year
68,988
21,395
90,383
At 31 July 2024
247,426
58,820
306,246
Carrying amount
At 31 July 2024
3,207,464
48,740
3,256,204
At 31 July 2023
3,264,951
70,111
3,335,062
Clowance Farm Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2024
Page 5
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
25,708
-
0
Other debtors
1,408
1,498
Prepayments and accrued income
3,581
1,749
30,697
3,247
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,772
2,177
Corporation tax
3,455
-
0
Other creditors
3,479,036
3,479,036
Accruals and deferred income
22,516
1,983
3,506,779
3,483,196
6
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary of £1 each
100
100
7
Related party transactions

At the year end the company owed £526,219 (2023 : £526,219) to the directors of the company and £2,952,817 (2023: £2,952,817) to a company owned by one of the directors.

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