The Clifton Club Company Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03071565 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

THE CLIFTON CLUB COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S P Edwards

J E A Hellen

J M C Mudie

A J Scott

R J Stagg

P M Townsend

J Allen

J Telling

P N Davis

D J Pople

B K Sandhu

M M R Templer

SECRETARY:

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

1,096,470

1,115,986

Investment property

5

2,840,000

2,840,000

3,936,470

3,955,986

CURRENT ASSETS

Stocks

20,660

20,025

Debtors

6

87,877

89,160

Cash at bank and in hand

247,007

414,938

355,544

524,123

CREDITORS

Amounts falling due within one year

7

388,414

395,414

NET CURRENT (LIABILITIES)/ASSETS

(32,870

)

128,709

TOTAL ASSETS LESS CURRENT LIABILITIES

3,903,600

4,084,695

CREDITORS

Amounts falling due after more than one year

8

(725,363

)

(883,284

)

PROVISIONS FOR LIABILITIES

10

(600,604

)

(598,889

)

NET ASSETS

2,577,633

2,602,522

CAPITAL AND RESERVES

Called up share capital

11

1

1

Revaluation reserve

12

2,730,942

2,730,942

Retained earnings

(153,310

)

(128,421

)

SHAREHOLDERS' FUNDS

2,577,633

2,602,522

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 21 March 2023 and were signed on its behalf by:

J E A Hellen - Director

J Telling - 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 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.

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 20 (2021 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Club

furniture

Fixtures

Freehold

and

and

Computer

property

fittings

fittings

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 January 2022

910,000

86,465

165,204

47,996

1,209,665

Additions

-

-

815

4,817

5,632

Disposals

-

-

(490

)

(7,855

)

(8,345

)

At 31 December 2022

910,000

86,465

165,529

44,958

1,206,952

DEPRECIATION

At 1 January 2022

-

-

65,358

28,321

93,679

Charge for year

-

-

14,565

10,583

25,148

Eliminated on disposal

-

-

(490

)

(7,855

)

(8,345

)

At 31 December 2022

-

-

79,433

31,049

110,482

NET BOOK VALUE

At 31 December 2022

910,000

86,465

86,096

13,909

1,096,470

At 31 December 2021

910,000

86,465

99,846

19,675

1,115,986

The freehold properties were valued in July 2021 by Avison Young, Chartered Surveyors. The total of the freehold and Investment properties were valued at £3,750,000.

The value of the freehold property has been determined by the directors to be £910,000 at the year end.

Cost or valuation at 31 December 2022 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2014

505,833

-

505,833

Valuation in 2021

160,000

-

160,000

Cost

244,167

296,952

541,119

910,000

296,952

1,206,952

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

and 31 December 2022

2,840,000

NET BOOK VALUE

At 31 December 2022

2,840,000

At 31 December 2021

2,840,000

The freehold properties were valued in July 2021 by Avison Young, Chartered Surveyors. The total of the freehold and Investment properties were valued at £3,750,000.

The value of the investment property has been determined by the directors to be £2,840,000 at the year end.

Fair value at 31 December 2022 is represented by:

£

Valuation in 2014

1,325,109

Valuation in 2021

740,000

Cost

774,891

2,840,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

50,178

69,360

Other debtors

-

400

Prepayments

37,699

19,400

87,877

89,160

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade creditors

136,612

122,368

Tax

14,770

15,862

Social security and other taxes

14,237

11,383

VAT

25,131

21,208

Other creditors

134,484

121,548

Accruals and deferred income

63,180

103,045

388,414

395,414

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans - 2-5 years

500,000

650,000

Other creditors

225,363

233,284

725,363

883,284

Other Creditors include amounts due to The Clifton Club of £106,863. 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 a new loan amount of £500,000. This is an interest only facility with interest charged at 2.35% above the Bank of England base rate. Maturity date 20 April 2027.

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Bank loans

500,000

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

31.12.22

31.12.21

£

£

Deferred tax

515,160

535,242

Other provisions

85,444

63,647

600,604

598,889

Deferred

Other

tax

provisions

£

£

Balance at 1 January 2022

535,242

63,647

Provided during year

-

21,797

Reversal of timing differences

(3,601

)

-

Tax on losses

(16,481

)

-

Balance at 31 December 2022

515,160

85,444

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

1

Ordinary

£1

1

1

12.

RESERVES

Revaluati

reserve

£

At 1 January 2022

and 31 December 2022

2,730,942

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

The Report of the Auditors was unqualified.

Paul Freeman BA FCA FCCA (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.