Clarnor Midlands Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 12491663 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 MARCH 2025

FOR

CLARNOR MIDLANDS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M J Norgate

S Norgate

REGISTERED OFFICE:

One Eastwood

Harry Weston Road

Binley Business Park

Coventry

CV3 2UB

REGISTERED NUMBER:

12491663 (England and Wales)

ACCOUNTANTS:

Dafferns LLP

One Eastwood

Harry Weston Road

Binley Business Park

Coventry

CV3 2UB

FIXED ASSETS

Tangible assets

5

2,481,574

CURRENT ASSETS

Debtors

6

3,463,234

2,299,421

Cash at bank

103,162

561,920

3,566,396

2,861,341

CREDITORS

Amounts falling due within one year

7

3,023,270

2,325,996

NET CURRENT ASSETS

543,126

535,345

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,024,700

3,016,919

PROVISIONS FOR LIABILITIES

2,370

540

NET ASSETS

3,022,330

3,016,379

CAPITAL AND RESERVES

Called up share capital

8

2,186

Share premium

2,488,543

Retained earnings

531,601

525,650

SHAREHOLDERS' FUNDS

3,022,330

3,016,379

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 24 March 2025.

The members have not required the Company to obtain an audit of its financial statements for the year ended 24 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 December 2025 and were signed on its behalf by:

M J Norgate - Director

1.	STATUTORY INFORMATION

Clarnor Midlands Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£) and the financial statements have been rounded to the nearest £1.

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the value of rents and services invoiced to customers during the year, excluding value added tax.

Tangible fixed assets

Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management.

Repairs and maintenance costs are charged to the Income Statement in the period in which they are incurred.

Depreciation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life:

Freehold property

- not depreciated

Long leasehold

- not depreciated

Any gains and losses on the disposal of tangible fixed assets are recognised in the Income Statement in the year that the disposal takes place.

Freehold and Long leasehold property

In accordance with the Financial Reporting Standard 102, investment properties are shown in the Balance Sheet at fair value, with any aggregate surplus or deficit recognised in the Income Statement. Deferred tax is provided on any gain at the rate expected to apply if the property were sold. No depreciation is provided in respect of investment properties

Financial instruments

Basics financial instruments in debtors and creditors with no stated interest rate, and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in other administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 expenditure

Expenditure which the Company incurs on property maintenance but is intended to be recharged on to tenants in the future is carried forward in the Balance Sheet until such time that it is recovered.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Freehold

Long

property

leasehold

Totals

£

COST

At 25 March 2024

and 24 March 2025

71,574

2,410,000

2,481,574

NET BOOK VALUE

At 24 March 2025

71,574

2,410,000

2,481,574

At 24 March 2024

71,574

2,410,000

2,481,574

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

60,183

100,117

Amounts owed by associates

3,402,248

2,190,266

Prepayments and accrued income

803

9,038

3,463,234

2,299,421

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Secured loan notes

1,211,000

630,000

Trade creditors

1,759

2,074

Amounts owed to associates

1,736,719

1,589,742

Tax

27,901

-

Other creditors

33,335

25,568

Accrued expenses

12,556

78,612

3,023,270

2,325,996

The secured loan notes are split into two classes, both of which are secured by legal charges over a number of properties, with a first legal charge over one of the Company's properties and a second legal charge over two of the Company's properties. Interest is charged on Series 1 at the rate of 6% per annum and the secured loan notes are repayable on 30 day notice from either a note holder or the Company. Interest is charged on Series 2 at the rate of 8%, repayment terms vary.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

174,525

Ordinary

£0.01

1,745

44,096

Non voting

£0.01

441

2,186

9.	RELATED PARTY DISCLOSURES

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

At the year end, a balance due to the Company, from an associated company under common control, amounted to £3,402,248 (2024: £2,190,266). No interest has been charged on this balance.

At the year end, a balance was owed by the Company, to an associated company under common control, amounted to £1,621,323 (2024: £1,518,690). No interest has been charged on this balance.

At the year end, a balance was owed by the Company, to an associated company under common control, amounted to £115,396 (2024: £71,052). No interest has been charged on this balance.

Management charges were paid to an associated company under common control, totalling £8,000 (2024: £50,900).

All of these transactions were on an arm's length basis.