REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
CLIFFORD HOLDCO LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
6-8 Bath Street |
Bristol |
BS1 6HL |
BANKERS: |
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 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Investments | 8 |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
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 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
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 |
Amounts owed by group undertakings |
Prepayments and accrued income |
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 |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 52,835 | 43,830 |
Other creditors |
Directors' current accounts | 754,944 | 1,223,761 |
Accruals and deferred income |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
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. |