Registration number:
Clifton Down Corporate Finance Limited
for the Year Ended 30 September 2024
Pages for filing with Registrar
Clifton Down Corporate Finance Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Clifton Down Corporate Finance Limited
Company Information
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Directors |
S M F Kenny V S Kenny |
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Registered office |
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Registered number |
08013310 |
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Accountant |
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Clifton Down Corporate Finance Limited
(Registration number: 08013310)
Balance Sheet as at 30 September 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
2,044 |
3,525 |
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Investments |
3,947,412 |
4,405,932 |
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3,949,456 |
4,409,457 |
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Current assets |
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Debtors |
2,850,074 |
2,626,529 |
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Cash at bank and in hand |
403,106 |
490,792 |
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3,253,180 |
3,117,321 |
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Creditors: Amounts falling due within one year |
(134,754) |
(6,168) |
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Net current assets |
3,118,426 |
3,111,153 |
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Total assets less current liabilities |
7,067,882 |
7,520,610 |
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Creditors: Amounts falling due after more than one year |
(2,120,224) |
(2,711,124) |
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Provisions for liabilities |
(157,400) |
(144,000) |
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Net assets |
4,790,258 |
4,665,486 |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
4,790,158 |
4,665,386 |
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Total equity |
4,790,258 |
4,665,486 |
Clifton Down Corporate Finance Limited
(Registration number: 08013310)
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:
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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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
.........................................
V S Kenny
Director
Clifton Down Corporate Finance Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies
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 periods presented.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "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.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Clifton Down Corporate Finance Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
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2 |
Accounting policies (continued) |
Going concern
The financial statements have been prepared on a going concern basis. Given the company's profitability and financial resources, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Revenue recognition
All income is recognised once the company has entitlement to the income, it is probable that the Income will be received and the amount of the income receivable can be measured reliably. Income comprises of interest and dividend income from investments held.
Tax
The tax expense comprises current tax and deferred tax. Tax is recognised in profit and 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax
Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
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Furniture and fittings |
25% on cost |
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Office equipment |
25% on cost |
Investments
Investments are recognised initially at transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Clifton Down Corporate Finance Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
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Accounting policies (continued) |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Loans receivable
Loans receivable are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method and the fair value is recognised through profit or loss, less impairment.
Trade creditors
Trade creditors are recognised at the transaction price.
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.
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Clifton Down Corporate Finance Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
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Investments |
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Listed investments at fair value |
Unlisted investments at fair value |
Unlisted investments at cost |
Total |
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Cost or valuation |
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At 1 October 2023 |
820,455 |
2,100,477 |
1,485,000 |
4,405,932 |
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Additions |
568,663 |
- |
- |
568,663 |
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Fair value adjustments |
141,661 |
(41,859) |
- |
99,802 |
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Disposal of investments |
(552,374) |
(574,611) |
- |
(1,126,985) |
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At 30 September 2024 |
978,405 |
1,484,007 |
1,485,000 |
3,947,412 |
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Carrying amount |
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At 30 September 2024 |
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3,947,412 |
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At 30 September 2023 |
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4,405,932 |
Where their fair value can be reliably estimated, the fair value of unlisted investments at the balance sheet date has been determined by the fund managers.
Other unlisted investments are held at cost less impairment as the fair value cannot be reliably determined.
Clifton Down Corporate Finance Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
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Tangible fixed assets |
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Furniture and fittings |
Office equipment |
Total |
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Cost |
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At 1 October 2023 |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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Charge for the year |
- |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
- |
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At 30 September 2023 |
- |
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Debtors |
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2024 |
2023 |
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Loans receivable |
2,269,669 |
2,215,281 |
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Accrued income |
580,405 |
411,248 |
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2,850,074 |
2,626,529 |
Clifton Down Corporate Finance Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
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Creditors |
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Note |
2024 |
2023 |
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Amounts falling due within one year |
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Trade creditors |
5,190 |
540 |
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Corporation tax |
127,314 |
1,678 |
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Accruals |
2,250 |
3,950 |
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134,754 |
6,168 |
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Due after one year |
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Directors' loan accounts |
2,120,224 |
2,711,124 |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Clifton Down Corporate Finance Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
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Related party transactions |
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Transactions with directors |
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2024 |
At 1 October 2023 |
Advances to director |
Other payments made to company by director |
At 30 September 2024 |
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( |
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(26,396) |
( |
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2023 |
At 1 October 2022 |
Advances to director |
Other payments made to company by director |
At 30 September 2023 |
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( |
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(2,068) |
( |
The loan is unsecured and interest free.
The loan is repayable on demand and in the view of the Directors' this amount will not be repaid in the next year. The loan has therefore been classified as a non-current liability.
Loans to related parties
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2024 |
Clifton Down Investments Limited |
SLX Limited |
Total |
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At start of period |
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Advanced |
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- |
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Interest transactions |
- |
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At end of period |
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Clifton Down Corporate Finance Limited
Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)
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9 |
Related party transactions (continued) |
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2023 |
Clifton Down Investments Limited |
SLX Limited |
Total |
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At start of period |
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Advanced |
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- |
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Repaid |
( |
- |
( |
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Interest transactions |
- |
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At end of period |
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The Company has provided a loan to Clifton Down Investments Limited, a company under common control. The loan is unsecured, interest free and there is no fixed term for the repayment.
The Company has provided a loan to SLX Limited, a company under common control, towards the working capital of the business. These loan notes have an interest rate of 3% per annum over the base lending rate of Barclays Bank plc and the loan notes shall be redeemed at par on 31 December 2025. Prior to the redemption date, no payments will be made other than interest payments.