Claremac Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 11920428

Claremac Limited

Filleted Unaudited Financial Statements

31 March 2022

Claremac Limited

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Tangible assets	5		301,967		153,607

Current assets

Debtors	6	5,806		3,821

Creditors: amounts falling due within one year	7	175,302		160,239
		---------		---------
Net current liabilities			169,496		156,418
			---------		---------
Total assets less current liabilities			132,471		( 2,811)

Provisions	27,214	–
	---------	-------
Net assets/(liabilities)	105,257	( 2,811)
	---------	-------

Capital and reserves

Called up share capital		200	200
Revaluation reserve	9	114,426	–
Profit and loss account	9	( 9,369)	( 3,011)
		---------	-------
Shareholders funds/(deficit)		105,257	( 2,811)
		---------	-------

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.

For the year ending 31 March 2022 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Claremac Limited

Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 22 December 2022 , and are signed on behalf of the board by:

Mr DJ Mackenzie

Director

Company registration number: 11920428

Claremac Limited

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tallford House, 38 Walliscote Road, Weston-super-mare, North Somerset, BS23 1LP. The principal activity of the company during the period was the Rental and Development of Investment Property.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

As at 31 March 2022 the company had net current liabilities totalling £169,496 and net assets totalling £105,257. The fair value of the Investment Property exceeds that of the liabilities and the directors have expressed their continued support of the company and therefore consider the going concern basis of accounting to be appropriate.

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. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: A bad debt provision is provided where the Director s believe a debt to be irrecoverable. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue 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 and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, 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. 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.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

	Plant and machinery	-	15% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2021: 1 ).

5. Tangible assets

	Investment property	Plant and machinery	Total
	£	£	£
Cost or valuation
At 1 April 2021	153,379	304	153,683
Additions	5,355	2,086	7,441
Revaluations	141,266	–	141,266
	---------	-------	---------
At 31 March 2022	300,000	2,390	302,390
	---------	-------	---------
Depreciation
At 1 April 2021	–	76	76
Charge for the year	–	347	347
	---------	-------	---------
At 31 March 2022	–	423	423
	---------	-------	---------
Carrying amount
At 31 March 2022	300,000	1,967	301,967
	---------	-------	---------
At 31 March 2021	153,379	228	153,607
	---------	-------	---------

Tangible assets held at valuation

The directors have assessed the market value of the Investment Property at the year-end to be £300,000.

6. Debtors

	2022	2021
	£	£
Trade debtors	5,007	2,831
Other debtors	799	990
	-------	-------
	5,806	3,821
	-------	-------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	5,692	13,988
Corporation tax	–	882
Other creditors	169,610	145,369
	---------	---------
	175,302	160,239
	---------	---------

8. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2022	2021
	£	£

Recognised in other operating income:

Government grants recognised directly in income	( 2,000)	10,000
	-------	--------

9. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

10. Director s' advances, credits and guarantees

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

	2022
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Director	200	–	( 999)	( 799)
Director	1,071	10,685	( 10,868)	888
	-------	--------	--------	----
	1,271	10,685	(11,867)	89
	-------	--------	--------	----

	2021
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Director	200	–	–	200
Director	10,868	6,845	( 16,642)	1,071
	--------	-------	--------	-------
	11,068	6,845	(16,642)	1,271
	--------	-------	--------	-------

11. Related party transactions

Included within creditors is money due by the company of £139,819 (2021 £141,819) to Claremont North Somerset Limited, a company in which, Mr AJ Mackenzie is the sole director and majority shareholder. Interest was paid on this loan, initally, at a rate of 3.9% above base, and then at 3.75% above base.