Clayton Finance Limited - Accounts
Clayton Finance Limited - Accounts
Registered number |
API Partnership Limited t/a Chandler & Georges |
Chartered Accountants |
75 Westow Hill |
London |
SE19 1TX |
Ph. 0208 761 2213 |
www.cgca.co.uk |
Clayton Finance Limited | |
Financial Statements | |
Contents | |
Page | |
Directors and advisers | 1 |
Director's report | 2 |
Statement of director's responsibilities | 3 |
Independent auditor's report | 4-6 |
Profit and loss account | 7 |
Statement of changes in equity | 8 |
Statement of financial position | 9 |
Notes to the financial statements | 10-13 |
Following pages do not form part of statutory accounts | |
Income and Expenses account - summary | 14 |
Income and Expenses account - detailed | 15 |
Directors and advisors |
Director |
Secretary |
Auditors |
API Partnership Limited t/a Chandler & Georges |
75 Westow Hill |
Crystal Palace |
London |
SE19 1TX |
Bankers |
315 Station Road |
Harrow |
HA1 2AD |
Registered office |
75 Westow Hill |
Crystal Palace |
London |
SE19 1TX |
Registered number |
Registered number: | |||||||
Director's Report | |||||||
The director presents his report and unaudited financial statements for the year ended |
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Directors | |||||||
The following persons served as directors during the year: | |||||||
Disclosure of information to auditors |
The director confirms that: | |||||||
● | so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and | ||||||
● | he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. |
Small company provisions | |||||||
This report was approved by the board on |
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Mr S Datwani | |||||||
Director | |||||||
Statement of Director's Responsibilities | |||||||
The director is responsible for preparing the report and accounts in accordance with applicable law and regulations. | |||||||
Company law requires the director to prepare accounts for each financial year. Under that law the director has elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the director is required to: | |||||||
● | select suitable accounting policies and then apply them consistently; | ||||||
● | make judgements and estimates that are reasonable and prudent; | ||||||
● | prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business. | ||||||
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the accounts comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. | |||||||
Clayton Finance Limited | ||
Independent auditor's report | ||
to the members of Clayton Finance Limited | ||
Opinion |
We have audited the accounts of Clayton Finance Limited for the year ended 31 December 2022 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). | ||
In our opinion the accounts: | ||
● | give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the year then ended; | |
● | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; | |
● | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis of opinion | ||
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out below, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. | ||
In accordance with the exemption provided by FRC's Ethical Standard - Provisions Available for Audits of Small Entities, we have prepared and submitted the company’s returns to the tax authorities and assisted with the preparation of the accounts. | ||
Conclusions relating to going concern | ||
In auditing the financial statements, we have concluded that the director’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information | ||
The other information comprises the information included in the report and accounts, other than the accounts and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
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We have nothing to report in this regard. | ||
Opinions on other matters prescribed by the Companies Act 2006 | ||
In our opinion, based on the work undertaken in the course of the audit: | ||
● | the information given in the directors’ report for the financial year for which the accounts are prepared is consistent with the accounts; and | |
● | the directors’ report has been prepared in accordance with applicable legal requirements. | |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report. | ||
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: | ||
● | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or | |
● | the accounts are not in agreement with the accounting records and returns; or | |
● | certain disclosures of directors’ remuneration specified by law are not made; or | |
● | we have not received all the information and explanations we require for our audit; or | |
● | the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. |
Responsibilities of directors | ||
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error. | ||
In preparing the accounts, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. | ||
Auditor’s responsibilities for the audit of the accounts | ||
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts. | ||
A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: | ||
The extent to which the audit was considered capable of detecting irregularities including fraud | ||
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: | ||
● | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; | |
● | we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience in the trading of metals and chemicals. | |
● | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; | |
● | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and | |
● | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
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● | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; | |
● | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and | |
To address the risk of fraud through management bias and override of controls, we: | ||
● | performed analytical procedures to identify any unusual or unexpected relationships; | |
● | tested journal entries to identify unusual transactions; | |
● | assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; | |
● | investigated the rationale behind significant or unusual transactions; and | |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: | ||
● | agreeing financial statement disclosures to underlying supporting documentation; | |
● | reading the minutes of meetings of those charged with governance; | |
● | enquiring of management as to actual and potential litigation and claims; | |
● | reviewing correspondence with HMRC, relevant regulators including the Heath and Safety Executive and the company’s legal advisors; and | |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. | ||
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. | ||
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. | ||
(Senior Statutory Auditor) | 75 Westow Hill | |
for and on behalf of | Crystal Palace | |
London | ||
Accountants and Statutory Auditors | SE19 1TX | |
Profit and Loss Account | ||||||||
for the year ended |
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2022 | 2021 | |||||||
£ | £ | |||||||
Turnover | ||||||||
Cost of sales | ( |
( |
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Gross profit | ||||||||
Distribution costs | ( |
( |
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Administrative expenses | ( |
( |
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Other operating income | - | |||||||
Operating (loss)/profit | ( |
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Interest receivable | ||||||||
Interest payable | ( |
( |
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Profit on ordinary activities before taxation | ||||||||
Tax on profit on ordinary activities | ( |
( |
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Profit for the financial year | ||||||||
Statement of Changes in Equity | ||||||||||
for the year ended |
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Share | Share | Re- | Profit | Total | ||||||
capital | premium | valuation | and loss | |||||||
reserve | account | |||||||||
£ | £ | £ | £ | £ | ||||||
At 1 January 2021 | - | - | ||||||||
Profit for the financial year | ||||||||||
At 31 December 2021 | - | - | ||||||||
At 1 January 2022 | - | - | ||||||||
Profit for the financial year | ||||||||||
At 31 December 2022 | - | - | ||||||||
Registered number: | |||||||
Statement of financial position | |||||||
as at |
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Notes | 2022 | 2021 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 4 | ||||||
Current assets | |||||||
Debtors | 5 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 6 | ( |
( |
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Net current assets | |||||||
Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 7 | ( |
( |
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Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | |||||||
Shareholders' funds | |||||||
Mr S Datwani | |||||||
Director | |||||||
Approved by the board on |
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Notes to the financial statements | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
Turnover | ||||||||
Going concern | ||||||||
Tangible fixed assets | ||||||||
Plant and machinery | 4/6.66 years | |||||||
Debtors | ||||||||
Creditors | ||||||||
Taxation | ||||||||
Foreign currency translation | ||||||||
Pensions | ||||||||
Government Grants | ||||||||
2 | Audit information | |||||||
The audit report is unqualified. | ||||||||
Senior statutory auditor: | ||||||||
Firm: | ||||||||
Date of audit report: | ||||||||
3 | Employees | 2022 | 2021 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
4 | Tangible fixed assets | |||||||
Plant and machinery etc | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 January 2022 | ||||||||
At 31 December 2022 | ||||||||
Depreciation | ||||||||
At 1 January 2022 | ||||||||
Charge for the year | ||||||||
At 31 December 2022 | ||||||||
Net book value | ||||||||
At 31 December 2022 | ||||||||
At 31 December 2021 | ||||||||
5 | Debtors | 2022 | 2021 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Other debtors | ||||||||
6 | Creditors: amounts falling due within one year | 2022 | 2021 | |||||
£ | £ | |||||||
Bank loans and overdrafts | ||||||||
Trade creditors | ||||||||
Corporation tax | ||||||||
Other taxes and social security costs | ||||||||
Other creditors | ||||||||
7 | Creditors: amounts falling due after one year | 2022 | 2021 | |||||
£ | £ | |||||||
Bank loans | ||||||||
Bank loans comprise of the Bounce Back Loan Scheme (BBLS), the rate of interest is 2.5% and the loan will be fully repaid by June 2026. | ||||||||
8 | Other financial commitments | 2022 | 2021 | |||||
£ | £ | |||||||
Total future minimum payments under non-cancellable operating leases | ||||||||
9 | Related party transactions | |||||||
Included in Other debtors is a balance owed by Mr B Datwani, a former director of the company. No interest is charged and the loan is repayable on demand. Amount due from the related party 2022 £466,203 (2021 £163,490) Emrick Resources Ltd - Associate Included in Trade creditors and Other creditors is an amount due to Emrick Resources Ltd. Amount due to the related party 2022 £871,666 (2021 £776,231) Other related parties under common key management: Included in Other debtors are loans made to the below companies, where Mr S Datwani is a director or where there is a close family connection. The loans are charged at base rate plus 4% and are repayable on demand. Amount due from the related party Ruleform Limited 2022 £197,785 (2021 £384,140) Centennial Centre Trading (2014) Ltd 2022 £NIL (2021 £55,379) Rulecare Limited 2022 £546,178 (2021 £466,796) Margaret Property Investments Ltd 2022 £846,105 (2021 £608,145) Rulecrown Properties Ltd 2022 £39,519 (2021 £37,752) Black Swan Homes (Sheldon) Ltd 2022 £144,564 (2021 £132,398) Cityland Investments Ltd 2022 £381,962 (2021 £355,080) Begonia Holdings Ltd 2022 £327,170 (2021 £706,673) Landstone Homes (Goldenhill) Ltd 2022 £21,952 (2021 £20,652) Rulewater Ltd 2022 £26,169 (2021£25,000) H Suite 2022 £26,479 (2021 NIL) Included in Other creditors are amounts due to the below company, where Mr S Datwani is a director. The loans are charged at base rate plus 4% and repayable on demand. Amount due to the related party Mayfield Ltd 2022 £52,440 (2021 £40,537) |
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10 | Controlling party | |||||||
11 | Other information | |||||||
Clayton Finance Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
75 Westow Hill | ||||||||
Crystal Palace | ||||||||
London | ||||||||
SE19 1TX |