Cliffsky Limited
Unaudited Financial Statements
For the year ended 30 September 2024
Pages for filing with registrar
Company Registration No. 03351612 (England and Wales)
CLIFFSKY LIMITED
Cliffsky Limited
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
51,750
Investment property
4
15,171,050
17,150,000
15,222,800
17,150,000
Current assets
Debtors
5
2,658,429
1,349,430
Cash at bank and in hand
117,329
8,770
2,775,758
1,358,200
Creditors: amounts falling due within one year
6
(350,997)
(572,570)
Net current assets
2,424,761
785,630
Total assets less current liabilities
17,647,561
17,935,630
Creditors: amounts falling due after more than one year
7
(244,175)
(29,521)
Provisions for liabilities
(3,966,236)
(4,252,478)
Net assets
13,437,150
13,653,631
Capital and reserves
Called up share capital
2
2
Non-distributable profits reserve
8
9,367,099
11,146,606
Distributable profit and loss reserves
4,070,049
2,507,023
Total equity
13,437,150
13,653,631
CLIFFSKY LIMITED
Cliffsky Limited
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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 and delivered 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 June 2025 and are signed on its behalf by:
J Read
Miss C M Read-Musgrave
Director
Director
Mrs L C Read-Farrell
Director
Company registration number 03351612 (England and Wales)
CLIFFSKY LIMITED
Cliffsky Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
Cliffsky Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3f Snetterton Business Park, Harling Road, Snetterton, Norfolk, NR16 2JU.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
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 current liabilities.
CLIFFSKY LIMITED
Cliffsky Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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 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.
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
CLIFFSKY LIMITED
Cliffsky Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023
Additions
51,750
At 30 September 2024
51,750
Depreciation and impairment
At 1 October 2023 and 30 September 2024
Carrying amount
At 30 September 2024
51,750
At 30 September 2023
4
Investment property
2024
£
Fair value
At 1 October 2023
17,150,000
Additions
85,496
Disposals
(2,064,446)
At 30 September 2024
15,171,050
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
167,976
41,082
Other debtors
126,093
71,206
294,069
112,288
CLIFFSKY LIMITED
Cliffsky Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
5
Debtors
(Continued)
- 6 -
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
2,364,360
1,237,142
Total debtors
2,658,429
1,349,430
6
Creditors: amounts falling due within one year
2024
2023
£
£
Loan
13,901
Trade creditors
274,546
65,954
Corporation tax
51,355
72,346
Other creditors
11,195
434,270
350,997
572,570
The loan is secured by a fixed charge over an asset of the company.
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Loan
219,885
Bank loans and overdrafts
24,290
29,521
244,175
29,521
The loan is secured by a fixed charge over an asset of the company.
8
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
11,146,606
8,665,931
Non distributable profits in the year
(1,779,507)
2,480,675
At the end of the year
9,367,099
11,146,606
CLIFFSKY LIMITED
Cliffsky Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
9
Parent company
The parent company of Cliffsky Limited is Snetterton Park Limited and its registered office is 18 Langton Place, Bury St Edmunds, Suffolk.
During the year a property was sold to the parent company for £1m.
10
Transactions with related parties
Reads Construction (Anglia) Retirement and Death Benefit Scheme
During the year Reads Construction (Anglia) Limited Retirement and Death Benefit Scheme, of which 3 of the directors of the company are trustees, lent the company £250,000. The balance on the loan as at 30 September 2024 was £233,785 (2023: £nil). Interest was charged on the loan at 2.6% above base rate, with £21,129 (2023: £nil) being charged in the year.
Wymondham Developments Ltd.
As at 30 September 2024 there is a loan balance of £79,978 (2023:£65,000) in debtors repayable to Wymondham Developments Ltd, a company which has 2 common directors with Cliffsky Ltd.
Foxmoor Property Consultants Ltd.
During the year £56,978 (net) of consultancy fees were charged by Foxmoor Property Consultants Ltd in respect of professional advice and commissions, a company which had 1 common director with Cliffsky Ltd but who has since resigned. At the year end £63,281 (2023: £1,512) is outstanding.
Loch Lane Developments Ltd.
During the year a property was sold to Loch Lane Developments Ltd for £55,000, a company which had 2 common directors with Cliffsky Ltd.
Reads Property Developments Ltd.
During the year labour of £17,529 was recharged by Reads Property Developments Ltd, a company which has 1 common director with Cliffsky Ltd. At the year end £3,901 (2023: £nil) was outstanding.