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REGISTRAR OF COMPANIES

Registration number: 00401534

Claremont Properties (Newcastle) Limited

Unaudited Financial Statements

30 September 2024

image-name

 

Claremont Properties (Newcastle) Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Claremont Properties (Newcastle) Limited
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Claremont Properties (Newcastle) Limited for the year ended 30 September 2024 as set out on pages 2 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Claremont Properties (Newcastle) Limited, as a body, in accordance with the terms of our engagement letter dated 22 October 2021. Our work has been undertaken solely to prepare for your approval the accounts of Claremont Properties (Newcastle) Limited and state those matters that we have agreed to state to the Board of Directors of Claremont Properties (Newcastle) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Claremont Properties (Newcastle) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Claremont Properties (Newcastle) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Claremont Properties (Newcastle) Limited. You consider that Claremont Properties (Newcastle) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Claremont Properties (Newcastle) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

7 May 2025

 

Claremont Properties (Newcastle) Limited

(Registration number: 00401534)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

717,418

705,839

Investment property

5

511,590

511,590

 

1,229,008

1,217,429

Current assets

 

Stocks

1,443,080

1,079,552

Debtors

6

385,445

61,889

Investments

7

994

975

 

1,829,519

1,142,416

Creditors: Amounts falling due within one year

8

(925,627)

(949,949)

Net current assets

 

903,892

192,467

Total assets less current liabilities

 

2,132,900

1,409,896

Creditors: Amounts falling due after more than one year

8

(1,609,612)

(974,965)

Provisions for liabilities

(151,077)

(129,935)

Net assets

 

372,211

304,996

Capital and reserves

 

Allotted, called up and fully paid share capital

12,298

12,298

Share premium reserve

3,213

3,213

Other reserves

17,239

17,239

Non-distributable reserve

 

300,481

300,481

Profit and loss account

38,980

(28,235)

Total equity

 

372,211

304,996

 

Claremont Properties (Newcastle) Limited

(Registration number: 00401534)
Balance Sheet as at 30 September 2024 (continued)

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 May 2025 and signed on its behalf by:
 

.........................................

R N H Field

Director

.........................................

J R Field

Director

 

Claremont Properties (Newcastle) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The principal place of business is:
Hay Close
Calthwaite
PENRITH
CA11 9PX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, 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.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

 

Claremont Properties (Newcastle) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

10% reducing balance basis; land not depreciated

Plant and equipment

10% reducing balance basis

Motor vehicles

25% reducing balance basis

Furniture, fittings and office equipment

15% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Current asset investments are recorded at cost less impairment.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Claremont Properties (Newcastle) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

Hire purchase agreements

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Claremont Properties (Newcastle) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Claremont Properties (Newcastle) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 October 2023

528,168

798,632

30,157

33,658

1,390,615

Additions

-

123,844

-

1,747

125,591

Disposals

-

(54,219)

-

(391)

(54,610)

At 30 September 2024

528,168

868,257

30,157

35,014

1,461,596

Depreciation

At 1 October 2023

224,557

424,271

13,193

22,755

684,776

Charge for the year

25,862

39,997

4,241

1,694

71,794

Eliminated on disposal

-

(12,235)

-

(157)

(12,392)

At 30 September 2024

250,419

452,033

17,434

24,292

744,178

Carrying amount

At 30 September 2024

277,749

416,224

12,723

10,722

717,418

At 30 September 2023

303,611

374,361

16,964

10,903

705,839

5

Investment properties

£

At 1 October 2023

511,590

At 30 September 2024

511,590

Within investment properties are two dwellings and two furnished holiday lets. At the year end the directors have reviewed the valuation of the investment properties and have adjusted where necessary based on the open market valuation.

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

 

Claremont Properties (Newcastle) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

47,199

23,689

Amounts owed by group undertakings and undertakings in which the company has a participating interest

310,107

-

Other debtors

28,139

38,200

385,445

61,889

7

Current asset investments

2024
£

2023
£

Other investments

994

975

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

612,289

312,683

Trade creditors

 

274,110

173,368

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

-

437,578

Taxation and social security

 

820

809

Corporation tax liability

 

4,448

-

Other creditors

 

33,960

25,511

 

925,627

949,949

Due after one year

 

Loans and borrowings

9

1,605,923

970,624

Other creditors

 

3,689

4,341

 

1,609,612

974,965

2024
£

2023
£

After more than five years by instalments

1,449,049

839,431

1,449,049

839,431

 

Claremont Properties (Newcastle) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

35,385

23,542

Bank overdrafts

315,526

189,250

Hire purchase agreements

37,334

33,832

Other borrowings

224,044

66,059

612,289

312,683

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

35,385

23,542

Bank overdrafts

315,526

189,250

Hire purchase agreements

37,334

33,832

388,245

246,624

Bank borrowings and overdrafts are secured by fixed and floating charges over the company's assets.

Hire purchase agreements are secured on the assets to which they relate.

 

Claremont Properties (Newcastle) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

1,580,257

923,958

Hire purchase agreements

25,666

46,666

1,605,923

970,624

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

1,580,257

923,958

Hire purchase agreements

25,666

46,666

1,605,923

970,624

Bank borrowings are secured by fixed and floating charges over the company's assets.

Hire purchase agreements are secured on the assets to which they relate.

 

Claremont Properties (Newcastle) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

10

Related party transactions

Transactions with directors

2024

At 1 October 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 September 2024
£

J R Field

Loan

23,806

3,580

(27,434)

-

-

48

-

               
         

 

2023

At 1 October 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 September 2023
£

J R Field

Loan

37,759

45,059

(59,679)

-

-

667

23,806

               
         

 

Interest has been charged on advances to directors at 2% to 5 April 2023 and 2.25% thereafter.The advances were repayable on demand.

11

Off-balance sheet arrangements

Provision of security
The company has provided security in respect of certain liabilities of parent company, Claremont Properties (Holdings) Limited, by way of charge over Hay Close farm.

12

Reserves

A reconciliation of the opening and closing non-distributable reserve for the current year is as follows:

Non-distributable reserve
£

Brought forward

300,481

Transfer

-

Other movement

-

Deferred tax

-

Carried forward

300,481