Clarets Go Large Limited
Unaudited Financial Statements
For the year ended 31 May 2024
Pages for Filing with Registrar
Company Registration No. 10158750 (England and Wales)
Clarets Go Large Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
Clarets Go Large Limited
Balance Sheet
As at 31 May 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
35,000,506
20,713,880
Current assets
Debtors
6
7,898,876
4,515,801
Cash at bank and in hand
16,144,031
31,002,386
24,042,907
35,518,187
Creditors: amounts falling due within one year
7
(71,323)
(100,876)
Net current assets
23,971,584
35,417,311
Net assets
58,972,090
56,131,191
Capital and reserves
Called up share capital
8
6,612,253
6,612,253
Profit and loss reserves
52,359,837
49,518,938
Total equity
58,972,090
56,131,191
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 and signed by the director and authorised for issue on 26 February 2025
M L Garlick
Director
Company Registration No. 10158750
Clarets Go Large Limited
Statement of Changes in Equity
For the year ended 31 May 2024
Page 2
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2022
6,612,253
50,464,909
57,077,162
Year ended 31 May 2023:
Loss and total comprehensive income for the year
-
(945,971)
(945,971)
Balance at 31 May 2023
6,612,253
49,518,938
56,131,191
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
2,840,899
2,840,899
Balance at 31 May 2024
6,612,253
52,359,837
58,972,090
Clarets Go Large Limited
Notes to the Financial Statements
For the year ended 31 May 2024
Page 3
1
Accounting policies
Company information
Clarets Go Large Limited is a private company limited by shares, domiciled and incorporated in England and Wales. The registered office is 12 Brook House, Chapel Place, Rivington Street, London, United Kingdom, EC2A 3SJ.
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 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. The principal accounting policies adopted are set out below.
1.2
Fixed asset investments
Interests in subsidiaries, other investments and associates 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.
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.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments. Interest has not been accrued on some of these balances due to the terms attached.
1.4
Financial instruments
Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.5
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.
Clarets Go Large Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 4
1.6
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
3
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,101,698
369,152
Interest receivable from group companies
264,520
Total interest revenue
1,366,218
369,152
Other income from investments
Dividends received
538,559
524,089
Total income
1,904,777
893,241
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
831,048
Other investments other than loans
35,000,505
19,882,832
35,000,506
20,713,880
Clarets Go Large Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
4
Fixed asset investments
(Continued)
Page 5
Movements in fixed asset investments
Shares in subsidiaries and associates
Other investments
Total
£
£
£
Cost or valuation
At 1 June 2023
831,048
19,882,832
20,713,880
Additions
-
16,114,088
16,114,088
Valuation changes
-
1,564,417
1,564,417
Disposals
(831,047)
(2,560,832)
(3,391,879)
At 31 May 2024
1
35,000,505
35,000,506
Carrying amount
At 31 May 2024
1
35,000,505
35,000,506
At 31 May 2023
831,048
19,882,832
20,713,880
5
Subsidiaries
Details of the company's subsidiaries at 31 May 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Alison Garlick Equestrian
England & Wales
Ordinary
100.00
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
7,898,876
4,515,801
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
15,692
7,923
Other creditors
-
80,203
Accruals and deferred income
55,631
12,750
71,323
100,876
Clarets Go Large Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 6
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
66,122,530
66,122,530
6,612,253
6,612,253
9
Related party transactions
At the balance sheet date, the company is owed £6,992,771 (2023: £4,497,751) by companies under common control and common directorship. Interest of £264,520 (2023: £nil) was charged on these balances during the year. The amounts are repayable on demand.
At the balance sheet date, the company is owed £550,550 (2023: £115,200) by a company owned by M Garlick.
During the year, the company made donations of £11,550 (2023: £35,100) to a charity in which the director is a trustee.
The company has taken the available exemption relating to disclosure of balances with wholly owned subsidiaries.
10
Ultimate controlling party
The ultimate controlling party is M Garlick by virtue of his majority shareholding.