T Clark & Son Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00255893 (England and Wales)

T CLARK & SON LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J G U Clark

D J Buckle (deceased)

A B Buckle

M G Southern

SECRETARY:

J G U Clark

REGISTERED OFFICE:

Midanbury House

Woodmill Lane

Midanbury

Southampton

Hampshire

SO18 2NN

REGISTERED NUMBER:

00255893 (England and Wales)

SENIOR STATUTORY AUDITOR:

James Flood ACA

AUDITORS:

Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

FIXED ASSETS

Tangible assets

4

205,709

206,209

Investments

5

100,623

100,623

Investment property

6

21,545,250

21,782,228

21,851,582

22,089,060

CURRENT ASSETS

Stocks

7,834

33,539

Debtors

7

719,929

762,358

Cash at bank

847,823

636,805

1,575,586

1,432,702

CREDITORS

Amounts falling due within one year

8

(335,865

)

(374,949

)

NET CURRENT ASSETS

1,239,721

1,057,753

TOTAL ASSETS LESS CURRENT LIABILITIES

23,091,303

23,146,813

CREDITORS

Amounts falling due after more than one year

9

(2,034,487

)

(2,052,778

)

PROVISIONS FOR LIABILITIES

12

(3,697,680

)

(3,739,868

)

NET ASSETS

17,359,136

17,354,167

CAPITAL AND RESERVES

Called up share capital

27,910

27,910

Share premium

106,179

106,179

Revaluation reserve

16,210,694

16,168,580

Retained earnings

1,014,353

1,051,498

SHAREHOLDERS' FUNDS

17,359,136

17,354,167

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 1 September 2023 and were signed on its behalf by:

J G U Clark - Director

1.	STATUTORY INFORMATION

T Clark & Son 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 FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover

Rental income is accounted for on an accrual basis.

Maintenance charges are invoiced quarterly in arrears, however adjustments are made in the financial statements to account for this income on an accruals basis.

Work in progress represents fees receivable, on contracts in progress that have not been invoiced at the balance sheet date.

All income is recognised net of value added tax.

Tangible fixed assets

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

Plant and machinery

-

10% Reducing balance

Office furniture and equipment

-

10% Reducing balance and Straight line over 3 years

Motor vehicles

-

25% Reducing balance

Freehold land and buildings are recognised at cost and not depreciated as, in the directors' opinion, the depreciation charge and accumulated depreciation is immaterial due to a high residual value as a result of the company adopting a policy and practice of regular maintenance and repair, the charges for which are recognised in the profit and loss account.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

Fixed asset investments

Other investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the income statement.

Investment properties

Investment properties are income generating buildings. The investment properties are shown at fair value. 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.

Hire purchase and leasing commitments

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.

Financial assets

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Office

furniture

Freehold

Plant and

and

Motor

property

machinery

equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2022

219,130

16,859

37,861

12,840

286,690

Additions

-

-

197

-

197

At 31 March 2023

219,130

16,859

38,058

12,840

286,887

DEPRECIATION

At 1 April 2022

16,606

14,543

37,392

11,940

80,481

Charge for year

-

232

240

225

697

At 31 March 2023

16,606

14,775

37,632

12,165

81,178

NET BOOK VALUE

At 31 March 2023

202,524

2,084

426

675

205,709

At 31 March 2022

202,524

2,316

469

900

206,209

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2022

and 31 March 2023

100,623

NET BOOK VALUE

At 31 March 2023

100,623

At 31 March 2022

100,623

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

21,782,228

Disposals

(236,978

)

At 31 March 2023

21,545,250

NET BOOK VALUE

At 31 March 2023

21,545,250

At 31 March 2022

21,782,228

If investment properties had not been revalued, they would be included at the historical cost of £1,900,540 (2022: £1,915,920).

Investment properties were valued on an open market basis on 31 March 2023 by the directors.

7.

DEBTORS

2023

2022

£

£

Amounts falling due within one year:

Trade debtors

386,389

372,317

Other debtors

161,351

13,647

547,740

385,964

Amounts falling due after more than one year:

Trade debtors

172,189

219,544

Other debtors

-

156,850

172,189

376,394

Aggregate amounts

719,929

762,358

Included within other debtors is an amount of £10 (2022: £10) held in a discretionary trust which was established for the benefit of the families of all of the company's officers and employees.

Included within trade debtors falling due after more than one year are amounts owed to the company by The Clark Family Trust of £172,189 (2022: £219,544).

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

25,000

25,000

Trade creditors

117,808

208,429

Taxation and social security

79,201

45,973

Other creditors

113,856

95,547

335,865

374,949

The company's bank loan was renewed in October 2021. As a result this has now been split between creditor within one year, and creditors due in more than one year.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

1,943,750

1,968,750

Other creditors

90,737

84,028

2,034,487

2,052,778

10.	LEASING AGREEMENTS

At the balance sheet date the company had future commitments under operating leases which totalled £79 (2022: £1,207).

11.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

1,968,750

1,993,750

Legal charges in respect of bank loans totalling £1,968,750 have been secured against twenty eight investment properties. These investment properties have a combined value of £5,233,270.

12.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

3,697,680

3,739,868

Deferred

tax

£

Balance at 1 April 2022

3,739,868

Accelerated capital allowance

(74

)

Tax on property revaluations

Effect of change in tax rates

Tax on property disposals

(42,114

)

Balance at 31 March 2023

3,697,680

At the balance sheet date, a provision for tax totalling £3,697,016 (2022: £3,739,131) was included in respect of the estimated tax that would arise were the company to sell its investment properties for their fair value.

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

The Report of the Auditors was unqualified.

James Flood ACA (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited

14.	CONTINGENT LIABILITIES

A contingent liability exists in respect of a performance bond for £10,000 (2022: £10,000) given in favour of Southampton City Council for road charges. No liability is expected to crystallise as a result of this bond.

15.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date, the directors owed the company a cumulative balance of £231,171 (2022: £237,605). During the year, the directors were advanced amounts totalling £93,608 (2022: £23,906), and repaid amounts totalling £100,042 (2022: £45,353).

No interest has been charged on the loan owed to the company by the directors as the amounts owed to the directors (in association with their pension schemes, estates of family members, and companies in which they are shareholders) is in excess of the balance they owe to the company.

The directors' advances are repayable on demand.

The directors consider that all family balances are recoverable.

16.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the Board of Trustees of the T Clark & Son Limited Remuneration Trust, by virtue of the Trust's holding of the entire issued Ordinary and 'A' Ordinary share capital of the company. The Board of Trustees is comprised of J G U Clark and D J Buckle.