Silverfin false false 31/07/2024 01/08/2023 31/07/2024 B Osborne 29/07/2016 J E Osborne 29/07/2016 28 April 2025 The principal activity of the Company during the financial year was that of the letting and operating of own real estate. 10301930 2024-07-31 10301930 bus:Director1 2024-07-31 10301930 bus:Director2 2024-07-31 10301930 2023-07-31 10301930 core:CurrentFinancialInstruments 2024-07-31 10301930 core:CurrentFinancialInstruments 2023-07-31 10301930 core:Non-currentFinancialInstruments 2024-07-31 10301930 core:Non-currentFinancialInstruments 2023-07-31 10301930 core:ShareCapital 2024-07-31 10301930 core:ShareCapital 2023-07-31 10301930 core:FurtherSpecificReserve1ComponentTotalEquity 2024-07-31 10301930 core:FurtherSpecificReserve1ComponentTotalEquity 2023-07-31 10301930 core:RetainedEarningsAccumulatedLosses 2024-07-31 10301930 core:RetainedEarningsAccumulatedLosses 2023-07-31 10301930 core:MoreThanFiveYears 2024-07-31 10301930 core:MoreThanFiveYears 2023-07-31 10301930 2023-08-01 2024-07-31 10301930 bus:FilletedAccounts 2023-08-01 2024-07-31 10301930 bus:SmallEntities 2023-08-01 2024-07-31 10301930 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 10301930 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 10301930 bus:Director1 2023-08-01 2024-07-31 10301930 bus:Director2 2023-08-01 2024-07-31 10301930 2022-08-01 2023-07-31 10301930 core:Non-currentFinancialInstruments 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Company No: 10301930 (England and Wales)

CLIFTON HARMONY LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

CLIFTON HARMONY LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

CLIFTON HARMONY LIMITED

BALANCE SHEET

As at 31 July 2024
CLIFTON HARMONY LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 1,125,000 1,115,000
1,125,000 1,115,000
Current assets
Debtors 4 812 1,812
Cash at bank and in hand 1,080 1,680
1,892 3,492
Creditors: amounts falling due within one year 5 ( 266,754) ( 262,354)
Net current liabilities (264,862) (258,862)
Total assets less current liabilities 860,138 856,138
Creditors: amounts falling due after more than one year 6 ( 745,276) ( 745,276)
Provision for liabilities 7 ( 18,529) ( 17,529)
Net assets 96,333 93,333
Capital and reserves
Called-up share capital 2 2
Fair value reserve 85,842 78,342
Profit and loss account 10,489 14,989
Total shareholders' funds 96,333 93,333

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Clifton Harmony Limited (registered number: 10301930) were approved and authorised for issue by the Board of Directors on 28 April 2025. They were signed on its behalf by:

J E Osborne
Director
B Osborne
Director
CLIFTON HARMONY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
CLIFTON HARMONY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Clifton Harmony Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Fairview, Sutton, Shepton Mallet, BA4 6QF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current liabilities of £264,862, and net assets of £96,333. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for property rental income in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Rental income received in advance of the period to which it relates is included as deferred income within othercreditors on the balance sheet, and rental income received in arrears of the period to which it relates is included as accrued income within other debtors on the balance sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 August 2023 1,115,000
Fair value movement 10,000
As at 31 July 2024 1,125,000

Valuation

The investment properties were revalued at 31 July 2024 by the directors on investment market value basis. The directors have considered the valuation of all investment properties at the balance sheet date and the conclusion was drawn that they are materially correct.

There has been no valuation of investment property by an independent valuer.

4. Debtors

2024 2023
£ £
Other debtors 812 1,812

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,488 1,800
Amounts owed to directors 261,571 257,751
Accruals and deferred income 3,695 2,803
266,754 262,354

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 745,276 745,276

Bank loans included above totalling £745,276 (2023 - £745,276) are secured by fixed charges against the properties to which the mortgages relate. The properties are held within investment properties on the balance sheet.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured) 745,276 745,276

7. Provision for liabilities

2024 2023
£ £
Deferred tax 18,529 17,529