Clovervale Enterprises Limited 31/10/2024 iXBRL

Company registration number: NI607641

Clovervale Enterprises Limited

Unaudited filleted abridged financial statements

for the year ended

31 October 2024

Clovervale Enterprises Limited

Abridged statement of financial position

31 October 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	5	467,970		467,970
		_______		_______
			467,970		467,970

Current assets
Cash at bank and in hand		3,183		6,389
Creditors: amounts falling due
within one year		( 405,969)		( 417,867)
		_______		_______
Net current liabilities			( 402,786)		( 411,478)
			_______		_______
Total assets less current liabilities			65,184		56,492

			_______		_______
Net assets			65,184		56,492
			_______		_______

Capital and reserves
Called up share capital	6		100		100
Profit and loss account			65,084		56,392
			_______		_______
Shareholders funds			65,184		56,492
			_______		_______

For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 October 2024 in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements were approved by the board of directors and authorised for issue on 07 January 2026 , and are signed on behalf of the board by:

Mr T G Jennings

Director

Company registration number: NI607641

Clovervale Enterprises Limited

Notes to the financial statements

Year ended 31 October 2024

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 1 Rosscah View, Rosscolban, Kesh, Enniskillen, County Fermanagh, BT93 1WA.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention.The company has availed of the exemption in FRS 102 from the requirement to prepare a Cash Flow Statement because it is classified as a small company.The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements:There are no critical judgements in applying the entity's accounting policies. Key sources of estimation uncertainty:There are no critical accounting estimates and assumptions.

Turnover

Turnover is measured at the fair value of the consideration received or receivable from properties, net of discounts and Value Added Tax.Revenue from properties is recognised when the amount of revenue becomes receivable and can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

The company only enters into basic financial instruments transactions that result in recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short term instrument constitute a financing transaction, like the payment of trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank facilities, are initially valued at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2023: Nil).

5. Tangible assets


		£
	Cost
	At 1 November 2023 and 31 October 2024	467,970
		_______
	Depreciation
	At 1 November 2023 and 31 October 2024	-
		_______
	Carrying amount
	At 31 October 2024	467,970
		_______
	At 31 October 2023	467,970
		_______

6. Called up share capital

Issued, called up and fully paid

	2024		2023
	No	£	No	£
Ordinary shares of £ 1.00 each	100	100	100	100
	_______	_______	_______	_______

7. Directors advances, credits and guarantees

	During the year the director entered into the following advances and credits with the company:

2024
		Balance brought forward	Advances /(credits) to the director	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr T G Jennings	( 177,922)	-	6,795	( 171,127)
		_______	_______	_______	_______

2023
		Balance brought forward	Advances /(credits) to the director	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr T G Jennings	( 183,122)	( 200)	5,400	( 177,922)
		_______	_______	_______	_______

During the year the company received conacre income from the director. This transaction was carried out at open market value.

8. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2024	2023	2024	2023
	£	£	£	£
Companies under common control	2,200	700	( 213,688)	( 215,888)
Family member of director	-	-	( 10,000)	( 10,000)
	_______	_______	_______	_______

9. Controlling party

The controlling party is Mr T G Jennings.