Company No: 04556870 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	50,539		55,413
Investment property	4	8,018,750		7,699,519
Investments	5	2		18,002
		8,069,291		7,772,934
Current assets
Debtors
- due within one year	6	13,066		925,897
- due after more than one year	6	204,259		174,259
Cash at bank and in hand		36,896		103,925
		254,221		1,204,081
Creditors: amounts falling due within one year	7	( 653,815)		( 810,152)
Net current (liabilities)/assets		(399,594)		393,929
Total assets less current liabilities		7,669,697		8,166,863
Creditors: amounts falling due after more than one year	8	( 3,938,154)		( 4,791,875)
Provision for liabilities	9	( 303,206)		( 224,499)
Net assets		3,428,337		3,150,489
Capital and reserves
Called-up share capital	10	100		100
Profit and loss account	13	3,428,237		3,150,389
Total shareholders' funds		3,428,337		3,150,489

For the financial year ending 31 March 2025 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 financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Claremont Ferrand Limited (registered number: 04556870) were approved and authorised for issue by the Board of Directors on 30 September 2025. They were signed on its behalf by:

Mr S M Davidson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Claremont Ferrand Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lobby Office 65 Redcross Village, Redcross Street, Bristol, BS2 0BB, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
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.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Income from fixed asset investments

Income from Fixed asset investments represents the company's share of the profit in Liberty House (Nuneaton) Limited. This profit figure also includes any fair value movements in Liberty House (Nuneaton) Limited that may have occurred during the year.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Office equipment

20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	8		8

3. Tangible assets

	Office equipment		Total
	£		£
Cost
At 01 April 2024	120,546		120,546
Additions	6,735		6,735
At 31 March 2025	127,281		127,281
Accumulated depreciation
At 01 April 2024	65,133		65,133
Charge for the financial year	11,609		11,609
At 31 March 2025	76,742		76,742
Net book value
At 31 March 2025	50,539		50,539
At 31 March 2024	55,413		55,413

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	7,699,519
Fair value movement	319,231
As at 31 March 2025	8,018,750

Valuation

The investment properties were revalued on 31 March 2025 by the directors of the company. The basis of this valuation was market value.

5. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 April 2024	2
At 31 March 2025	2
Carrying value at 31 March 2025	2
Carrying value at 31 March 2024	2

	Investments in associates		Total
	£		£
Cost or valuation before impairment
At 01 April 2024	18,000		18,000
Disposals	( 18,000)		( 18,000)
At 31 March 2025	0		0
Carrying value at 31 March 2025	0		0
Carrying value at 31 March 2024	18,000		18,000

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.03.2025	Ownership 31.03.2024
Ferrand Property Company Limited	C/O The Accountancy Partnership, Egerton Wharf, Wirral CF41 1LD	Property rental	Ordinary	100.00%	100.00%

6. Debtors

	2025		2024
	£		£
Debtors: amounts falling due within one year
Trade debtors	13,066		15,143
Amounts owed by Group undertakings	0		30,195
Amounts owed by joint ventures	0		880,559
	13,066		925,897
Debtors: amounts falling due after more than one year
Amounts owed by Group undertakings	204,259		174,259

Amounts owed by Group undertakings, associates and joint ventures do not bear interest.

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	550,000		700,000
Trade creditors	38,327		4,622
Amounts owed to associates	0		179
Accruals	3,450		3,240
Corporation tax	36,918		75,771
Other taxation and social security	19,635		17,341
Other creditors	5,485		8,999
	653,815		810,152

Bank loans of £550,000 (2024: £700,000) are secured by way of a fixed and floating charge over certain investment properties held by the Company.

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans (secured)	1,000,000		1,000,000
Amounts owed to directors	2,938,154		3,791,875
	3,938,154		4,791,875

Bank loans of £1,000,000 (2024: £1,000,000) are secured by way of a fixed and floating charge over certain investment properties held by the company.

9. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 224,499)		( 251,066)
(Charged)/credited to the Statement of Income and Retained Earnings	( 78,707)		26,567
At the end of financial year	( 303,206)		( 224,499)

The deferred taxation balance is made up as follows:

	2025		2024
	£		£
Accelerated capital allowances	( 10,787)		( 11,888)
Revaluation of investment property	( 292,419)		( 212,611)
	( 303,206)		( 224,499)

10. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

11. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2025		2024
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	434		576

12. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Balance owed to directors	2,938,154		3,791,875

These amounts are interest free, unsecured and have no fixed date for repayment.

The Company has taken advantage of the exemption in section 1AC.35 of FRS 102 to not disclose related party transactions with wholly owned entities within the group.

13. Reserves

The profit and loss reserve includes both distributable and non-distributable reserves. Non-distributable reserves represents cumulative gains and losses on the revaluation of investment property, net of deferred tax. At the balance sheet date non-distributable reserves totalled £1,491,828 (2024: £1,252,404).