Clarkco Limited - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: 01491001 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

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

4,020,982

4,010,573

CURRENT ASSETS

Stocks

12,500

7,800

Debtors

5

103,167

138,893

Cash at bank

4,917

2,874

120,584

149,567

CREDITORS

Amounts falling due within one year

6

691,731

640,012

NET CURRENT LIABILITIES

(571,147

)

(490,445

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,449,835

3,520,128

CREDITORS

Amounts falling due after more than one year

7

252,682

268,683

NET ASSETS

3,197,153

3,251,445

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

263,385

317,677

SHAREHOLDERS' FUNDS

3,197,153

3,251,445

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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 27 June 2023 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 (2021 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST OR VALUATION

At 1 October 2021

3,846,892

702,788

981

Additions

-

13,895

-

Disposals

-

(48,950

)

-

At 30 September 2022

3,846,892

667,733

981

DEPRECIATION

At 1 October 2021

-

563,544

477

Charge for year

-

24,325

196

Eliminated on disposal

-

(40,398

)

-

At 30 September 2022

-

547,471

673

NET BOOK VALUE

At 30 September 2022

3,846,892

120,262

308

At 30 September 2021

3,846,892

139,244

504

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST OR VALUATION

At 1 October 2021

118,233

26,654

4,695,548

Additions

45,950

-

59,845

Disposals

(35,103

)

(13,578

)

(97,631

)

At 30 September 2022

129,080

13,076

4,657,762

DEPRECIATION

At 1 October 2021

94,576

26,378

684,975

Charge for year

16,087

275

40,883

Eliminated on disposal

(35,103

)

(13,577

)

(89,078

)

At 30 September 2022

75,560

13,076

636,780

NET BOOK VALUE

At 30 September 2022

53,520

-

4,020,982

At 30 September 2021

23,657

276

4,010,573

Cost or valuation at 30 September 2022 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

667,733

981

3,846,892

667,733

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

129,080

13,076

1,724,994

129,080

13,076

4,657,762

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

2022

2021

£

£

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 2021

77,000

35,103

112,103

Additions

-

45,950

45,950

Disposals

-

(35,103

)

(35,103

)

Transfer to ownership

(25,000

)

-

(25,000

)

At 30 September 2022

52,000

45,950

97,950

DEPRECIATION

At 1 October 2021

50,631

35,103

85,734

Charge for year

5,089

8,616

13,705

Eliminated on disposal

-

(35,103

)

(35,103

)

Transfer to ownership

(18,989

)

-

(18,989

)

At 30 September 2022

36,731

8,616

45,347

NET BOOK VALUE

At 30 September 2022

15,269

37,334

52,603

At 30 September 2021

26,369

-

26,369

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

1,195

10,719

Amounts recoverable on contract

1,040

1,040

Other debtors

100,932

127,134

103,167

138,893

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

56,901

56,901

Hire purchase contracts

36,490

27,227

Trade creditors

108,553

37,213

Taxation and social security

2,753

19,488

Other creditors

487,034

499,183

691,731

640,012

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

252,682

268,683

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

25,079

41,080

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

309,583

325,584

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 2021

and 30 September 2022

2,932,768

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the directors.