Clarence Mill Limited
Clarence Mill Limited
Registered number: 03849222
Unaudited Financial Statements
For The Year Ended 31 March 2019
Clarence Mill Limited
Unaudited Financial Statements
For The Year Ended 31 March 2019
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—7 |
Clarence Mill Limited
Balance Sheet
As at
31 March 2019
Balance Sheet
Registered number:
03849222
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
2019 | 2018 as restated |
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 5 |
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CURRENT ASSETS | |||||
Debtors | 6 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 7 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 8 |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 11 |
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Fair Value Reserve | 12 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 2,761,361 | 2,664,819 | |||
Page 1
Clarence Mill Limited
Balance Sheet (continued)
As at
31 March 2019
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
Clarence Mill Limited
Notes to the Financial Statements
For The Year Ended 31 March 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is recognised when the company receives the right to consideration.
1.3.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.5.
Group accounts
The financial statements represent information about the company individually, Clarence Mill Ltd, and as part of small group the accounts are exempt from consolidatiion.
1.6.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
Page 3
Clarence Mill Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2019 | 2018 | ||
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Office and administration |
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5.
Tangible Assets
The analysis of the cost or valuation of the above assets is as follows:
Investment Properties | |
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£ | |
Cost | |
As at |
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Additions | 24,620 |
Revaluation | (24,620) |
As at |
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Net Book Value | |
As at |
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As at |
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Investment property was last valued in July 2016 at £5,000,000. The historical cost of the asset as at 31 March 2019 was £2,364,499.
Investment Properties | |
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£ | |
As at |
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At cost | - |
At valuation | 5,000,000 |
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As at |
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At cost | - |
At valuation | 5,000,000 |
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Page 4
Clarence Mill Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
6.
Debtors
2019 | 2018 as restated |
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Amounts owed by group undertakings |
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7.
Creditors: Amounts Falling Due Within One Year
2019 | 2018 as restated |
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£ | £ | ||
Trade creditors |
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Bank loans and overdrafts |
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Corporation tax |
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VAT |
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Accruals and deferred income |
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Amounts owed to group undertakings |
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8.
Creditors: Amounts Falling Due After More Than One Year
2019 | 2018 as restated |
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£ | £ | ||
Bank loans |
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9.
Deferred Taxation
The provision for deferred taxation is made up of the revaluatioin reserve and accelerated capital allowances.
2019 | 2018 as restated |
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£ | £ | ||
Deferred tax |
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Page 5
Clarence Mill Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
10.
Provisions for Liabilities
Deferred Tax | ||
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£ | ||
As at |
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Balance at |
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12.
Reserves
Fair Value Reserve | |
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£ | |
As at |
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Transfer from capital | (24,620) |
As at |
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The fair value reserve is non-distributable.
13.
Related Party Transactions
Adelphil Mill Limited
Associated company
Included in debtors amounts falling due within one year is a balance of £127,638.14 (2018 - £83).
St Werburgh Limited
Associated company
Included in Creditors amounts falling due within one year is a balance of £8,752 (2018 - £8,656).
Urban & City Holdings Limited
Holding Company
During the year dividends of £80,000 (2018 - £400,000) were paid. Included in debtors amounts falling due within one year is a balance of £989,752 (2018 - £1,067,419).
14.
Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Urban & City Holidings Limited . Urban & City Holidings Limited was incorporated in (Please enter country of incorporation). Copies of the group accounts may be obtained from the secretary, Adelphi Mill Properties Ltd, Adelphi Mill, Grimshaw Lane, Bollington, Cheshire, SK10 5JB . The ultimate controlling party is Urban & City Holdings Limted who controls 100% of the shares of Clarence Mill Limited .
Page 6
Clarence Mill Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
15.
Change in presentation of financial statements
The company has recategorised within fixed assets the property it owns from freehold property to investment property (£5.000,000), and the revaluation reserve to a fair value reserve (£2,220,338). This is to correct the presentation of the financial statements in line with the reporting framework as set out in FRS102 and the amounts have been restated in the comparative period.
16.
General Information
Clarence Mill Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03849222 . The registered office is Clarence Mill, Clarence Road, Bollington, Cheshire, SK10 5GR.
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