| CLM Enterprises Limited |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
over 50 years |
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Leasehold land and buildings |
over the lease term |
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Plant and machinery |
25% per annum reducing balance |
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Fixtures, fittings, tools and equipment |
25% per annum reducing balance |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2024 |
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2023 |
| Number |
Number |
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Average number of persons employed by the company |
8 |
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0 |
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Expressed as full time equivalents the average number |
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of persons employed was |
3 |
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0 |
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| 3 |
Tangible fixed assets |
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Fixtures and fittings |
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Motor vehicles |
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Total |
| £ |
£ |
£ |
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Cost |
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At 1 January 2024 |
4,565 |
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1,871 |
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6,436 |
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At 31 December 2024 |
4,565 |
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1,871 |
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6,436 |
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Depreciation |
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At 1 January 2024 |
4,136 |
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1,757 |
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5,893 |
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Charge for the year |
107 |
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29 |
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136 |
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At 31 December 2024 |
4,243 |
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1,786 |
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6,029 |
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Net book value |
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At 31 December 2024 |
322 |
|
85 |
|
407 |
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At 31 December 2023 |
429 |
|
114 |
|
543 |
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| 4 |
Debtors |
2024 |
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2023 |
| £ |
£ |
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Trade debtors |
42,068 |
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5,645 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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- |
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8,012 |
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Other debtors |
530 |
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252 |
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Prepayments and accrued income |
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229 |
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- |
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42,827 |
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13,909 |
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| 5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
| £ |
£ |
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Trade creditors |
- |
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2,406 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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212,621 |
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212,025 |
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Accruals and deferred income |
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1,150 |
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- |
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Taxation and social security costs |
10,200 |
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1,213 |
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Other creditors |
3,550 |
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595 |
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227,521 |
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216,239 |
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| 6 |
Pension commitments |
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The company contributes to a defined contributions pension scheme on behalf of its employees.The assets of the scheme are held separately from those of the company in independently administrated funds. The pension cost charge represents contributions payable by the company to the fund and amounted to £NIL before inter company recharges (2023: £NIL). Contributions totaling £NIL (2023: £NIL) were payable to the fund at the balance sheet date and are included in creditors falling due within one year. |
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| 7 |
Related party transactions |
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Christian Life Ministries. |
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Martin Storey, a Trustee, received gross remuneration from the parent charity of £58,301 (2023: £54,468) and pension contributions of £2,915 (2023:£2,723) during the year in his employed capacity of Senior Pastor of the charity. His wife, Esther Storey, received gross remuneration of £47,336 (2023: £36,356) and pension contributions of £2,367 (2023:£1,818) during the year in her part‑time employed capacity of Senior Pastor of the charity. |
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Matthew Davis, a Trustee of the charity, received gross remuneration of £44,027 (2023: £36,554) and pension contributions of £2,201 (2023: £1,828) during the year in his employed capacity of General Manager of the charity. |
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G N Ruck received remuneration from the parent charity of £39,498 (2023: £36,874) and pension contributions of £1,975 (2023: £1,844) during the year in his part-time employed capacity of Finance Manager of the charity. |
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At 31 December 2024 CLM Enterprises Limited owed the church £596 (2023: the church owed CLM Enterprises Limited £8,012). |
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CLME Ventures Ltd |
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M D Storey, M J Davis, and G N Ruck are all directors of CLME Ventures Limited. CLME Ventures is a 100% controlled subsidiary undertaking of Christian Life Ministries (through the church's 100% ownership of CLM Enterprises Limited). At 31 December 2024 CLM Enterprises Limited owed CLME Ventures Limited £212,025 (2023: £212,025). |
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| 8 |
Controlling party |
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The ultimate parent company is Christian Life Ministries (company number 5999919, charity number 1119509). The registered office of the company is: |
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The Welcome Centre |
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Parkside |
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Coventry |
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West Midlands |
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CV1 2HG |
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| 9 |
Other information |
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CLM Enterprises Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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The Welcome Centre |
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Parkside |
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Coventry |
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West Midlands |
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CV1 2HG |
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| 10 |
Going Concern |
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The financial statements have been prepared on the going concern basis which assumes that |
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the company will continue in operation for the foreseeable future. The directors are of the |
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opinion that it is appropriate to prepare the accounts on this basis as the company is able |
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to trade profitably without requiring additional financial support from other group companies. |