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REGISTERED NUMBER: 02127035 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 May 2024

for

CLIFFORD HOLDCO LIMITED

CLIFFORD HOLDCO LIMITED (REGISTERED NUMBER: 02127035)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CLIFFORD HOLDCO LIMITED

Company Information
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: H M W Clifford
S A Clifford



SECRETARY: S A Clifford



REGISTERED OFFICE: Courtlands
Corsham Road
Thingley
Corsham
Wiltshire
SN13 9QJ



REGISTERED NUMBER: 02127035 (England and Wales)



ACCOUNTANTS: Gravita
Chartered Accountants
6-8 Bath Street
Bristol
BS1 6HL



BANKERS: Lloyds Bank plc
Citymark
150 Fountainbridge
Edinburgh
EH3 9PE

CLIFFORD HOLDCO LIMITED (REGISTERED NUMBER: 02127035)

Balance Sheet
31 MAY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 7,341 8,636
Investments 5 240,000 240,000
Investment property 6 8,475,000 8,475,000
8,722,341 8,723,636

CURRENT ASSETS
Debtors 7 66,079 93,773
Investments 8 1,068 1,068
67,147 94,841
CREDITORS
Amounts falling due within one year 9 (2,527,957 ) (3,016,860 )
NET CURRENT LIABILITIES (2,460,810 ) (2,922,019 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,261,531

5,801,617

PROVISIONS FOR LIABILITIES (237,211 ) (237,211 )
NET ASSETS 6,024,320 5,564,406

CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Fair value reserve 2,406,668 2,406,668
Retained earnings 3,597,652 3,137,738
SHAREHOLDERS' FUNDS 6,024,320 5,564,406

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CLIFFORD HOLDCO LIMITED (REGISTERED NUMBER: 02127035)

Balance Sheet - continued
31 MAY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2025 and were signed on its behalf by:





H M W Clifford - Director


CLIFFORD HOLDCO LIMITED (REGISTERED NUMBER: 02127035)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MAY 2024


1. COMPANY INFORMATION

Clifford Holdco Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's principal activities and nature of its operations are that of a group holding company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

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 on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Preparation of consolidated financial statements
The financial statements contain information about Clifford Holdco Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
It is considered that there are no significant judgements or estimates within the accounts that would require disclosure.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

CLIFFORD HOLDCO LIMITED (REGISTERED NUMBER: 02127035)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12' Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

CLIFFORD HOLDCO LIMITED (REGISTERED NUMBER: 02127035)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 June 2023
and 31 May 2024 11,039
DEPRECIATION
At 1 June 2023 2,403
Charge for year 1,295
At 31 May 2024 3,698
NET BOOK VALUE
At 31 May 2024 7,341
At 31 May 2023 8,636

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 240,000
NET BOOK VALUE
At 31 May 2024 240,000
At 31 May 2023 240,000

CLIFFORD HOLDCO LIMITED (REGISTERED NUMBER: 02127035)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2024


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 8,475,000
NET BOOK VALUE
At 31 May 2024 8,475,000
At 31 May 2023 8,475,000

Investment properties with a net book value of £8,475,000 (2023 - £8,475,000) have been pledged as security for liabilities of the company and its subsidiary, Bathwick Car and Van Hire Limited.

The company's investment properties were revalued during 2017 by Fairhurst Estates Limited. The valuation was prepared on the basis of market value (MV), as defined in the RICS Valuation - Global Standards 2017, published by The Royal Institution of Chartered Surveyors. A further desktop valuation of the company's investment properties was performed by Fairhurst Estates Limited in March 2018 and this indicated that the total valuation remained unchanged from that assessed in 2017. The directors have undertaken a formal assessment of the fair value of the company's investment properties as at 31 May 2024 and are of the opinion that the March 2018 valuation at £8,475,000 continues to be a reasonable assessment of fair value at that date.

The historic cost equivalent of investment property held by the company at the year end date was £5,986,495 (2023 - £5,986,495).

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,223 56,089
Amounts owed by group undertakings 23,428 12,239
Prepayments and accrued income 37,428 25,445
66,079 93,773

8. CURRENT ASSET INVESTMENTS

2024 2023
£ £
Listed investments 1,068 1,068

CLIFFORD HOLDCO LIMITED (REGISTERED NUMBER: 02127035)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2024


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 275,828 318,259
Trade creditors 15,356 45,058
Amounts owed to group undertakings 1,200,000 1,200,000
Tax 128,348 94,804
Social security and other taxes 593 665
VAT 52,835 43,830
Other creditors 222 1,552
Directors' current accounts 754,944 1,223,761
Accruals and deferred income 99,831 88,931
2,527,957 3,016,860

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 72,125 72,125
Between one and five years 288,500 288,500
In more than five years 3,327,075 3,399,200
3,687,700 3,759,825

11. SECURED DEBTS

The company and a related party, Bathwick Car and Van Hire Limited, are party to an Omnibus Guarantee and Set-Off Agreement in favour of the company's bankers. As at 31 May 2024 the combined potential liability was £609,843 (2023 : £577,521).

12. RELATED PARTY DISCLOSURES

Bathwick Car and Van Hire Limited is not a wholly owned subsidiary of the company. At the year end date the company was owed £23,428 (2023 - £12,238) by Bathwick Car and Van Hire Limited.

Bathwick Car and Van Hire Limited operates its trade from property owned by the company. No rental charge was made for the use of this property during the year and Bathwick Car and Van Hire Limited did not pay any utility costs.

At the year end date the company owed the directors the sum of £754,943 (2023 - £1,223,761).

13. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors, Mr H M W Clifford and Mrs S A Clifford, by virtue of their combined 100% interest in the ordinary share capital of the company's parent entity, Clifford Parentco Limited.