Company Registration No. 04655870 (England and Wales)
CLIFFORDS WM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
CLIFFORDS WM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CLIFFORDS WM LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
960,169
1,058,904
Cash at bank and in hand
106,518
125,279
1,066,687
1,184,183
Creditors: amounts falling due within one year
4
(824,856)
(943,169)
Net current assets
241,831
241,014
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
241,830
241,013
Total equity
241,831
241,014

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 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.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
S Cruise
Director
Company registration number 04655870 (England and Wales)
CLIFFORDS WM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Cliffords WM Limited is a private company limited by shares incorporated in England and Wales. The registered office is Channels Bar & Restaurant, Belsteads Farm Lane, Little Waltham, Chelmsford, Essex, CM3 3PT.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet 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 based on the current financial position and cash flows. The company's current operations involve the management of a loan agreement with a tenant, which will be repaid in full in the next 12 months. After this time, the Directors will assess the continued viability of the company, with one of the options available being to cease operations. Thus the directors continue continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for the sub-letting of premises and related services net of VAT and trade discounts.

1.4
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 Section 1A to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.

CLIFFORDS WM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from related companies, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.6
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.7

Management charges

Key management staff and directors of the former Cliffords Limited Group now split their time between a number of the demerged companies, which all remain under common control.

 

The related employment costs are initially borne by Cliffords Limited then re-charged to each of the relevant companies on an estimated time spent basis by way of a Management Charge. These accounts include this Company’s proportion of the Management Charges which are treated as a cost in the profit and loss account.

2
Employees

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

2024
2023
Number
Number
Total
3
3
CLIFFORDS WM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
19,903
62,396
Other debtors
940,266
936,035
960,169
998,431
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
-
0
60,473
Total debtors
960,169
1,058,904
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
41
36
Taxation and social security
2,374
-
0
Other creditors
822,441
943,133
824,856
943,169
5
Financial commitments, guarantees and contingent liabilities

Operating lease commitments are guaranteed by Cliffords Limited, the former parent company.

6
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Total commitments
112,000
536,487
7
Related party transactions
CLIFFORDS WM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
7
Related party transactions
(Continued)
- 5 -

Included within other debtors was £783,259 (2023: £771,070) owed by companies under common control.

 

Included within other creditors was £818,941 (2023: £928,833) owed to companies under common control.

 

8
Parent company

For this year and the previous period the ultimate parent company was Stubbings Investment Holdings Limited, a company registered in England and Wales.

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