The Clifton Club Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03071565 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

THE CLIFTON CLUB COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M A Beesley

C D Cook

S P Edwards

J E A Hellen

A S Lewis

J M C Mudie

A J Scott

R J Stagg

P V R Tasker

P M Townsend

J Allen

J Telling

SECRETARIES:

A V Edwards

S V Davidson

REGISTERED OFFICE:

22 The Mall

Clifton

Bristol

BS8 4DS

REGISTERED NUMBER:

03071565 (England and Wales)

AUDITORS:

Lawes & Co UK Limited (Statutory Auditors)

Boyce's Building

40-42 Regent Street

Clifton

Bristol

BS8 4HU

FIXED ASSETS

Tangible assets

4

971,705

958,006

Investment property

5

2,100,000

2,100,000

3,071,705

3,058,006

CURRENT ASSETS

Stocks

14,144

20,074

Debtors

6

82,061

82,632

Cash at bank and in hand

258,323

214,250

354,528

316,956

CREDITORS

Amounts falling due within one year

7

323,858

294,967

NET CURRENT ASSETS

30,670

21,989

TOTAL ASSETS LESS CURRENT LIABILITIES

3,102,375

3,079,995

CREDITORS

Amounts falling due after more than one year

8

(801,705

)

(805,705

)

PROVISIONS FOR LIABILITIES

10

(521,312

)

(552,112

)

NET ASSETS

1,779,358

1,722,178

CAPITAL AND RESERVES

Called up share capital

11

1

1

Revaluation reserve

12

1,830,942

1,830,942

Retained earnings

12

(51,585

)

(108,765

)

SHAREHOLDERS' FUNDS

1,779,358

1,722,178

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 31 March 2021 and were signed on its behalf by:

J E A Hellen - Director

M A Beesley - Director

1.	STATUTORY INFORMATION

The Clifton Club Company 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Freehold property

-

not provided

Club furniture and fittings

-

not provided

Fixtures and fittings

-

33% on cost, 20% on cost and 5% on cost

Computer equipment

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2019 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Club

furniture

Fixtures

Freehold

and

and

Computer

property

fittings

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2020

750,000

95,965

250,620

34,693

1,131,278

Additions

-

-

13,244

27,750

40,994

Disposals

-

(9,500

)

(107,053

)

(16,024

)

(132,577

)

At 31 December 2020

750,000

86,465

156,811

46,419

1,039,695

DEPRECIATION

At 1 January 2020

-

-

143,480

29,792

173,272

Charge for year

-

-

13,590

3,656

17,246

Eliminated on disposal

-

-

(106,504

)

(16,024

)

(122,528

)

At 31 December 2020

-

-

50,566

17,424

67,990

NET BOOK VALUE

At 31 December 2020

750,000

86,465

106,245

28,995

971,705

At 31 December 2019

750,000

95,965

107,140

4,901

958,006

The freehold properties were valued at 29 September 2014 by Jones Lang Lasalle, Chartered Surveyors. The total of the freehold and Investment properties were valued at £2,900,000.

Freehold property has a carrying amount of £750,000. Due to the age, use and current state of the buildings, the directors are of the opinion that the residual value of the property exceeds its carrying amount.

The value of the property has been determined by the directors to be £750,000 at the year end.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2020

and 31 December 2020

2,100,000

NET BOOK VALUE

At 31 December 2020

2,100,000

At 31 December 2019

2,100,000

The Investment properties were valued at 29 September 2014 by Jones Lang Lasalle, Chartered Surveyors. The total of the freehold and Investment properties were valued at £2,900,000. This is immaterially different to the existing value and therefore no adjustment was made.

The directors assess the fair value of the Investment property annually and any resulting change in fair value is recognised in the profit and loss account.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

58,362

66,576

Prepayments

23,699

16,056

82,061

82,632

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade creditors

65,966

53,513

Tax

5,168

-

Social security and other taxes

9,160

11,298

VAT

30,682

28,011

Other creditors

102,234

12,895

Accruals and deferred income

110,648

189,250

323,858

294,967

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans - 2-5 years

650,000

650,000

Other creditors

151,705

155,705

801,705

805,705

Other Creditors include amounts due to The Clifton Club of £115,705. This includes loan notes amounting to £93,600 which are unsecured, interest free and are redeemable at the option of the company.

Bank loans consist of two loans of £400,000 and £250,000, respectively. These loans are interest only loans with interest charged at 2.5% over LIBOR quarterly and they mature in April 2022.

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.20

31.12.19

£

£

Bank loans

650,000

650,000

Svenska Handelsbanken Ab hold a fixed charge over the company's properties and fixed and floating debentures over all of the company's assets.

10.	PROVISIONS FOR LIABILITIES

31.12.20

31.12.19

£

£

Deferred tax

457,882

455,118

Other provisions

63,430

96,994

521,312

552,112

Deferred

Other

tax

provisions

£

£

Balance at 1 January 2020

455,118

96,994

Provided during year

2,764

-

Balance at 31 December 2020

457,882

96,994

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

31.12.19

value:

£

£

1

Ordinary

£1

1

1

12.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 January 2020

(108,765

)

1,830,942

1,722,177

Profit for the year

57,180

57,180

At 31 December 2020

(51,585

)

1,830,942

1,779,357

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Freeman (Senior Statutory Auditor)

for and on behalf of Lawes & Co UK Limited (Statutory Auditors)

14.	RELATED PARTY DISCLOSURES

Unless otherwise disclosed, all related party transactions have been conducted under normal market conditions.

15.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.