Clarkco Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01491001 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

FOR

CLARKCO LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D W Clark

Ms Y A Clark

Mr H W Clark

Miss E Clark

SECRETARY:

Ms Y A Clark

REGISTERED OFFICE:

3 Pegasus House

Pegasus Court

Olympus Avenue

Warwick

Warwickshire

CV34 6LW

REGISTERED NUMBER:

01491001 (England and Wales)

ACCOUNTANTS:

Pentlands Accountants and advisors Ltd

Chartered Certified Accountants

and Registered Auditors

3 & 4 Pegasus House

Pegasus Court

Olympus Avenue

Warwick

Warwickshire

CV34 6LW

FIXED ASSETS

Tangible assets

4

4,010,573

4,024,417

CURRENT ASSETS

Stocks

7,800

6,500

Debtors

5

140,107

96,375

Cash at bank

2,874

45,070

150,781

147,945

CREDITORS

Amounts falling due within one year

6

641,226

635,205

NET CURRENT LIABILITIES

(490,445

)

(487,260

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,520,128

3,537,157

CREDITORS

Amounts falling due after more than one year

7

268,683

298,703

NET ASSETS

3,251,445

3,238,454

CAPITAL AND RESERVES

Called up share capital

490

490

Revaluation reserve

9

2,932,768

2,932,768

Capital redemption reserve

510

510

Retained earnings

317,677

304,686

SHAREHOLDERS' FUNDS

3,251,445

3,238,454

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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 12 May 2022 and were signed on its behalf by:

Mr D W Clark - Director

1.	STATUTORY INFORMATION

Clarkco 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 as modified by the revaluation of certain assets.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Depreciation on freehold buildings has not been provided. The Accounts regulations drawn up under Companies Act 2006 require that provision be made for depreciation of fixed assets having a finite life. However, the directors are of the opinion that the residual value at the end of the estimated life of the freehold building is not likely to be materially different from the last formal revaluation. This is because the company's policy is to maintain the freehold building in such condition that its value is not diminished by the passage of time and the relevant expenditure is charged to profit before tax in the period in which it is incurred. Therefore any element of depreciation is considered to be immaterial and no provision is made.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST OR VALUATION

At 1 October 2020

3,846,892

695,788

701

Additions

-

7,000

280

Disposals

-

-

-

At 30 September 2021

3,846,892

702,788

981

DEPRECIATION

At 1 October 2020

-

534,835

280

Charge for year

-

28,709

197

Eliminated on disposal

-

-

-

At 30 September 2021

-

563,544

477

NET BOOK VALUE

At 30 September 2021

3,846,892

139,244

504

At 30 September 2020

3,846,892

160,953

421

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST OR VALUATION

At 1 October 2020

95,650

26,654

4,665,685

Additions

29,883

-

37,163

Disposals

(7,300

)

-

(7,300

)

At 30 September 2021

118,233

26,654

4,695,548

DEPRECIATION

At 1 October 2020

80,050

26,103

641,268

Charge for year

21,826

275

51,007

Eliminated on disposal

(7,300

)

-

(7,300

)

At 30 September 2021

94,576

26,378

684,975

NET BOOK VALUE

At 30 September 2021

23,657

276

4,010,573

At 30 September 2020

15,600

551

4,024,417

Cost or valuation at 30 September 2021 is represented by:

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

Valuation in 2002

1,641,483

-

-

Valuation in 2004

(500,536

)

-

-

Valuation in 2006

550,004

-

-

Valuation in 2007

(720,432

)

-

-

Valuation in 2008

407,650

-

-

Valuation in 2009

(84,398

)

-

-

Valuation in 2010

49,087

-

-

Valuation in 2011

168,992

-

-

Valuation in 2013

1,080,965

-

-

Valuation in 2018

339,953

-

-

Cost

914,124

702,788

981

3,846,892

702,788

981

Motor

Computer

vehicles

equipment

Totals

£

£

£

Valuation in 2002

-

-

1,641,483

Valuation in 2004

-

-

(500,536

)

Valuation in 2006

-

-

550,004

Valuation in 2007

-

-

(720,432

)

Valuation in 2008

-

-

407,650

Valuation in 2009

-

-

(84,398

)

Valuation in 2010

-

-

49,087

Valuation in 2011

-

-

168,992

Valuation in 2013

-

-

1,080,965

Valuation in 2018

-

-

339,953

Cost

118,233

26,654

1,762,780

118,233

26,654

4,695,548

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

2021

2020

£

£

Cost

707,185

707,185

Aggregate depreciation

85,412

85,412

Freehold land and buildings were valued on an open market basis on 19 November 2018 by Savills .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 October 2020

and 30 September 2021

77,000

35,103

112,103

DEPRECIATION

At 1 October 2020

41,841

26,327

68,168

Charge for year

8,790

8,776

17,566

At 30 September 2021

50,631

35,103

85,734

NET BOOK VALUE

At 30 September 2021

26,369

-

26,369

At 30 September 2020

35,159

8,776

43,935

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

10,719

5,747

Amounts recoverable on contract

1,040

1,040

Other debtors

128,348

89,588

140,107

96,375

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

56,901

56,901

Hire purchase contracts

27,227

37,852

Trade creditors

37,213

84,681

Taxation and social security

19,488

4,112

Other creditors

500,397

451,659

641,226

635,205

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

268,683

291,777

Hire purchase contracts

-

6,926

268,683

298,703

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

41,080

64,174

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

325,584

348,678

The bank overdraft and commercial mortgage are secured by way of a legal charge over the personal property of the directors, a personal guarantee from the directors limited to £100,000, a standard form bank debenture and a legal charge over the farm.

9.

RESERVES

Revaluation

reserve

£

At 1 October 2020

and 30 September 2021

2,932,768

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr D W Clark.