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Clatums Trading Limited
Unaudited financial statements
31 August 2024
Company Registration Number 12145999
Clatums Trading Limited
Financial statements
year ended 31 August 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Clatums Trading Limited
Statement of financial position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
39,167
29,167
Tangible assets
6
109,281
118,335
---------
---------
148,448
147,502
Current assets
Stocks
219,928
295,870
Debtors
7
97,292
28,220
Cash at bank and in hand
93,151
108,544
---------
---------
410,371
432,634
Creditors: amounts falling due within one year
8
189,380
220,214
---------
---------
Net current assets
220,991
212,420
---------
---------
Total assets less current liabilities
369,439
359,922
Creditors: amounts falling due after more than one year
9
32,939
68,437
---------
---------
Net assets
336,500
291,485
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
336,400
291,385
---------
---------
Shareholders funds
336,500
291,485
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Clatums Trading Limited
Statement of financial position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 23 May 2025 , and are signed on behalf of the board by:
Mr B Grainger
Director
Company registration number: 12145999
Clatums Trading Limited
Notes to the financial statements
year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Rufford Hills Farm, Rufford, Newark, Nottinghamshire, NG22 9DQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Intangible assets
Goodwill
£
Cost
At 1 September 2023
29,167
Additions
Acquisitions through business combinations
10,000
--------
At 31 August 2024
39,167
--------
Amortisation
At 1 September 2023 and 31 August 2024
--------
Carrying amount
At 31 August 2024
39,167
--------
At 31 August 2023
29,167
--------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 September 2023
24,380
125,217
10,891
160,488
Additions
2,119
3,908
16,447
22,474
Disposals
( 806)
( 970)
( 1,776)
--------
---------
--------
---------
At 31 August 2024
25,693
129,125
26,368
181,186
--------
---------
--------
---------
Depreciation
At 1 September 2023
7,657
31,304
3,192
42,153
Charge for the year
2,750
24,065
3,519
30,334
Disposals
( 299)
( 283)
( 582)
--------
---------
--------
---------
At 31 August 2024
10,108
55,369
6,428
71,905
--------
---------
--------
---------
Carrying amount
At 31 August 2024
15,585
73,756
19,940
109,281
--------
---------
--------
---------
At 31 August 2023
16,723
93,913
7,699
118,335
--------
---------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
4,680
20,100
Other debtors
92,612
8,120
--------
--------
97,292
28,220
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
80,540
111,008
Corporation tax
42,668
40,149
Social security and other taxes
15,415
JRS repayable
6,471
Other creditors
40,757
52,586
---------
---------
189,380
220,214
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,064
19,064
Other creditors
23,875
49,373
--------
--------
32,939
68,437
--------
--------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr B Grainger
( 8,467)
92,427
( 93,458)
( 9,498)
-------
--------
--------
-------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr B Grainger
7,170
145,173
( 160,810)
( 8,467)
-------
---------
---------
-------