REGISTERED NUMBER: 02061087 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 MARCH 2025

FOR

CLARNOR ESTATES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M J Norgate

REGISTERED OFFICE:

One Eastwood

Harry Weston Road

Binley Business Park

Coventry

CV3 2UB

REGISTERED NUMBER:

02061087 (England and Wales)

ACCOUNTANTS:

Dafferns LLP

One Eastwood

Harry Weston Road

Binley Business Park

Coventry

CV3 2UB

FIXED ASSETS

Tangible assets

5

3,600,000

8,967,932

CURRENT ASSETS

Debtors

6

3,832,889

3,196,710

Cash at bank

71,615

18,530

3,904,504

3,215,240

CREDITORS

Amounts falling due within one year

7

3,698,880

2,708,183

NET CURRENT ASSETS

205,624

507,057

TOTAL ASSETS LESS CURRENT LIABILITIES

3,805,624

9,474,989

CREDITORS

Amounts falling due after more than one year

8

(1,050,000

)

(1,050,000

)

PROVISIONS FOR LIABILITIES

(411,000

)

(1,335,000

)

NET ASSETS

2,344,624

7,089,989

CAPITAL AND RESERVES

Called up share capital

9

2

2

Investment property

revaluation reserve

10

2,343,825

5,779,102

Retained earnings

797

1,310,885

SHAREHOLDERS' FUNDS

2,344,624

7,089,989

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 director acknowledges his 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 director and authorised for issue on 17 December 2025 and were signed by:

M J Norgate - Director

1.	STATUTORY INFORMATION

Clarnor Estates 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 as modified by the revaluation of certain assets.

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.

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

Plant and machinery

- 10% straight line

Freehold property

- 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.

Investment 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 NIL (2024 - 1 ).

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST OR VALUATION

At 25 March 2024

8,967,932

38,460

9,006,392

Disposals

(5,627,932

)

-

(5,627,932

)

Revaluations

260,000

-

260,000

At 24 March 2025

3,600,000

38,460

3,638,460

DEPRECIATION

At 25 March 2024

and 24 March 2025

-

38,460

38,460

NET BOOK VALUE

At 24 March 2025

3,600,000

-

3,600,000

At 24 March 2024

8,967,932

-

8,967,932

Cost or valuation at 24 March 2025 is represented by:

Freehold

Plant and

property

machinery

Totals

£

£

£

Valuation in 2020

958,250

-

958,250

Valuation in 2024

1,536,735

-

1,536,735

Valuation in 2025

260,000

-

260,000

Cost

845,015

38,460

883,475

3,600,000

38,460

3,638,460

If freehold property had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

845,015

1,868,329

The freehold property was subject to an external valuation on an open market basis in April 2020 by Lambert Smith Hampton.

In April 2025, the Company sold its remaining freehold property for £3,600,000.

6.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

-

55,591

Amounts owed by group undertakings

608,000

-

Amounts owed by associates

1,973,148

1,908,047

Other debtors

51,741

1,741

Tax

-

31,331

2,632,889

1,996,710

Amounts falling due after more than one year:

Amounts owed by associates

1,200,000

1,200,000

Aggregate amounts

3,832,889

3,196,710

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other loans

-

517,420

Amounts owed to associates

2,636,367

1,577,970

Tax

471,852

-

Other creditors

231,756

231,756

Accrued expenses

18,905

41,037

Deferred income

340,000

340,000

3,698,880

2,708,183

The other loan has a term of 20 years from September 2015 and bears interest at 2.05% over base rate. The loan is interest only for the first three years and then repayable by equal annual instalments. The loan has been fully repaid this financial year.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Amounts due to associated companies

1,050,000

1,050,000

1,050,000

1,050,000

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

2

Ordinary

£1

2

2

10.

RESERVES

Investment

property

revaluation

reserve

£

At 25 March 2024

5,779,102

Revaluation gain/loss transfer

260,000

Deferred tax

919,342

Disposal gain/loss transfer

(4,614,619

)

At 24 March 2025

2,343,825

11.	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.

During 2015 The Glenshimmeroch Partnership, a partnership in which the following director M J Norgate is a partner, loaned the Company £600,000. The loan has a term of 20 years and bears interest at the rate of 2.05% above base rate, interest only for the first three years. At the year end £NIL remained outstanding (2024: £517,330). During the year, the balance was repaid in full.

At the year end, a balance due to the Company, from an associated company under common control, amounted to £351,825 (2024: £389,357). Interest of £14,468 (2024: £15,303) has been charged on this balance.

At the year end, a loan due to the Company, from an associated company under common control, amounted to £1,200,000 (2024: £1,200,000). Interest of £48,000 (2024: £48,000) has been charged on this loan.

At the year end, a balance due to the Company, from 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 owed by the Company, to an associated company under common control, amounted to £2,636,367 (2024: £1,577,970). No interest has been charged on this balance.

At the year end, a loan owed by the Company, to an associated company under common control, amounted to £1,050,000 (2024: £1,050,000). Interest of £42,000 (2024: £42,000) is charged per annum.

Management charges were paid by the Company to an associated company under common control, totalling £115,900 (2024: £61,300).

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

12.	POST BALANCE SHEET EVENTS

Liquidation of Clarnor Estates Holdings Limited

On 25 October 2024, the Company's ultimate controlling party, Clarnor Estates Holdings Limited went into liquidation.The liquidation is still in progress.

13.	ULTIMATE CONTROLLING PARTY

The Company's ultimate parent company is Clarnor Estates Holdings Limited, whose registered office is One Eastwood, Harry Weston Road, Binley Business Park, Coventry, CV3 2UB.