Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-313No description of principal activity32024-01-01falsetruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00540100 2024-01-01 2024-12-31 00540100 2023-01-01 2023-12-31 00540100 2024-12-31 00540100 2023-12-31 00540100 c:Director3 2024-01-01 2024-12-31 00540100 c:Director4 2024-01-01 2024-12-31 00540100 d:Buildings 2024-01-01 2024-12-31 00540100 d:Buildings 2024-12-31 00540100 d:Buildings 2023-12-31 00540100 d:Buildings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00540100 d:PlantMachinery 2024-01-01 2024-12-31 00540100 d:PlantMachinery 2024-12-31 00540100 d:PlantMachinery 2023-12-31 00540100 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00540100 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00540100 d:CurrentFinancialInstruments 2024-12-31 00540100 d:CurrentFinancialInstruments 2023-12-31 00540100 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 00540100 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 00540100 d:ShareCapital 2024-12-31 00540100 d:ShareCapital 2023-12-31 00540100 d:RetainedEarningsAccumulatedLosses 2024-12-31 00540100 d:RetainedEarningsAccumulatedLosses 2023-12-31 00540100 c:OrdinaryShareClass1 2024-01-01 2024-12-31 00540100 c:OrdinaryShareClass1 2024-12-31 00540100 c:OrdinaryShareClass1 2023-12-31 00540100 c:FRS102 2024-01-01 2024-12-31 00540100 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 00540100 c:FullAccounts 2024-01-01 2024-12-31 00540100 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 00540100 2 2024-01-01 2024-12-31 00540100 6 2024-01-01 2024-12-31 00540100 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 00540100 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 00540100 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number:
00540100













CLAN FARMS LIMITED




UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
CLAN FARMS LIMITED
 

CONTENTS



Page
Statement of financial position
 
1 - 2
Notes to the financial statements
 
3 - 9


 
CLAN FARMS LIMITED
REGISTERED NUMBER:00540100

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
282,859
232,637

Investments
 5 
50
50

  
282,909
232,687

Current assets
  

Stocks
  
77,337
163,487

Debtors: amounts falling due within one year
 6 
86,971
181,558

Cash at bank and in hand
 7 
775,459
516,419

  
939,767
861,464

Creditors: amounts falling due within one year
 8 
(149,083)
(132,515)

Net current assets
  
 
 
790,684
 
 
728,949

Total assets less current liabilities
  
1,073,593
961,636

Provisions for liabilities
  

Deferred tax
 9 
(6,102)
(7,498)

  
 
 
(6,102)
 
 
(7,498)

Net assets
  
1,067,491
954,138


Capital and reserves
  

Called up share capital 
 10 
4,000
4,000

Profit and loss account
  
1,063,491
950,138

  
1,067,491
954,138


Page 1

 
CLAN FARMS LIMITED
REGISTERED NUMBER:00540100
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the Year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A J Sands
................................................
S Donald
Director
Director


Date: 27 March 2025


The notes on pages 6 to 12 form part of these financial statements.

Page 2

 
CLAN FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Clan Farms Limited is a private company limited by shares registered in England and Wales, registration number 00540100. The registered office is Old Hall Farm, Witton, North Walsham, Norfolk, NR28 9QQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Page 3

 
CLAN FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Current and deferred taxation

The tax expense for the Year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
CLAN FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Land and buildings freehold
-
Nil - 7% straight line
Plant & machinery
-
10-25% reducing balance basis

 
2.9

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.10

Stocks

Stocks are stated at the lower of cost and expected selling price less costs to sell after making due allowance for obselete and slow-moving stocks.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income statement.

 
2.11

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
CLAN FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 6

 
CLAN FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Freehold property
Plant & machinery
Total

£
£
£



Cost or valuation


At 1 January 2024
236,338
296,719
533,057


Additions
57,578
-
57,578



At 31 December 2024

293,916
296,719
590,635



Depreciation


At 1 January 2024
33,694
266,726
300,420


Charge for the Year on owned assets
1,768
5,588
7,356



At 31 December 2024

35,462
272,314
307,776



Net book value



At 31 December 2024
258,454
24,405
282,859



At 31 December 2023
202,644
29,993
232,637


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2024
50



At 31 December 2024
50




Page 7

 
CLAN FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Debtors

2024
2023
£
£


Trade debtors
72,946
43,444

Other debtors
5,440
132,007

Prepayments and accrued income
8,585
6,107

86,971
181,558



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
775,459
516,419

775,459
516,419



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
52,332
25,318

Corporation tax
37,915
15,700

Other taxation and social security
4,594
7,089

Other creditors
38,543
42,825

Accruals and deferred income
15,699
41,583

149,083
132,515



9.


Deferred taxation




2024


£






At beginning of year
(7,498)


Charged to profit or loss
1,396



At end of year
(6,102)

Page 8

 
CLAN FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
9.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(6,102)
(7,498)

(6,102)
(7,498)


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



4,000 (2023 - 4,000) Ordinary shares shares of £1.00 each
4,000
4,000



11.


Director's benefits: Advances, credit and guarantees

At 31 December 2024, the company owes the following amounts to the directors:
A J Sands £5,874 (2023: £5,562)
S Donald £13,264 (2023: £13,264)
Interest is chargeable on these loans at the discretion of the directors. The balances are repayable on demand. 



Page 9