T Clark & Son Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 00255893 (England and Wales)

T CLARK & SON LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J G U Clark

R B Clark

D J Buckle

SECRETARY:

J G U Clark

REGISTERED OFFICE:

Midanbury House

Woodmill Lane

Midanbury

Southampton

Hampshire

SO18 2NN

REGISTERED NUMBER:

00255893 (England and Wales)

BANKERS:

National Westminister Bank plc

PO Box 333

Silbury House

300 Silbury Boulevard

Milton Keynes

Buckinghamshire

MK9 2ZF

FIXED ASSETS

Tangible assets

4

209,997

211,821

Investment property

5

15,184,833

15,033,000

15,394,830

15,244,821

CURRENT ASSETS

Stocks

14,977

14,678

Debtors

6

854,234

629,595

Cash at bank and in hand

364,501

116,110

1,233,712

760,383

CREDITORS

Amounts falling due within one year

7

(866,683

)

(690,949

)

NET CURRENT ASSETS

367,029

69,434

TOTAL ASSETS LESS CURRENT LIABILITIES

15,761,859

15,314,255

CREDITORS

Amounts falling due after more than one year

8

(2,025,665

)

(1,872,413

)

PROVISIONS FOR LIABILITIES

(1,453,067

)

(1,543,100

)

NET ASSETS

12,283,127

11,898,742

CAPITAL AND RESERVES

Called up share capital

27,910

27,910

Share premium

106,179

106,179

Non-distributable reserves

11,733,474

11,491,608

Retained earnings

415,564

273,045

SHAREHOLDERS' FUNDS

12,283,127

11,898,742

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 12 December 2017 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.

These financial statements are the first financial statements the company has prepared in accordance with

Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland' (FRS 102), as applied to smaller entities by the adoption of Section 1A of FRS 102. The financial

statements for the year ended 31 March 2016 were prepared in accordance with previous UK GAAP.

Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and accounting policy

choices differ from previous UK GAAP. Consequently, the directors have amended certain accounting policies

to comply with FRS 102. There have been no transitional adjustments other than the reclassification of the

reserve arising on the revaluation of the company's investment property from a revaluation reserve to the profit

and loss reserve. A distinction has been made between realised and unrealised reserves for clarity.

Turnover

Maintenance charges are invoiced quarterly in arrears. The turnover per the accounts is net of value added tax.

Rental income is accounted for on an accruals basis.

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

-

20% Reducing balance and 10% Reducing balance

Fixtures and fittings

-

20% Reducing balance, 10% Reducing balance and 33% Straight line

Motor vehicles

-

25% Reducing balance

Freehold land and buildings are 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.

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 5 (2016 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2016

219,130

21,027

45,647

29,540

315,344

Additions

-

-

100

1,270

1,370

Disposals

-

-

-

(2,220

)

(2,220

)

At 31 March 2017

219,130

21,027

45,747

28,590

314,494

DEPRECIATION

At 1 April 2016

16,606

18,525

42,640

25,752

103,523

Charge for year

-

258

1,664

1,260

3,182

Eliminated on disposal

-

-

-

(2,208

)

(2,208

)

At 31 March 2017

16,606

18,783

44,304

24,804

104,497

NET BOOK VALUE

At 31 March 2017

202,524

2,244

1,443

3,786

209,997

At 31 March 2016

202,524

2,502

3,007

3,788

211,821

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

15,033,000

Revaluations

151,833

At 31 March 2017

15,184,833

NET BOOK VALUE

At 31 March 2017

15,184,833

At 31 March 2016

15,033,000

Fair value at 31 March 2017 is represented by:

£

Valuation in 2007

14,991,945

Valuation in 2008

(2,718,525

)

Valuation in 2009

(589,000

)

Valuation in 2010

170,007

Valuation in 2011

(232,219

)

Valuation in 2014

680,725

Valuation in 2015

731,775

Valuation in 2017

151,833

Cost

1,998,292

15,184,833

Investment properties were valued on an open market basis on 31 March 2017 by the directors .

6.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

380,257

469,150

Other debtors

4,461

3,595

384,718

472,745

Amounts falling due after more than one year:

Trade debtors

312,666

-

Other debtors

156,850

156,850

469,516

156,850

Aggregate amounts

854,234

629,595

Included within other debtors is an amount of £10 (2016: £10) held in a discretionary trust which was established

for the benefit of the families of all of the company's officers and employees.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

45,251

40,079

Trade creditors

445,138

387,996

Taxation and social security

87,411

35,361

Other creditors

288,883

227,513

866,683

690,949

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

2,025,665

1,872,413

9.	LEASING AGREEMENTS

At the balance sheet date the company had future commitments under operating leases which totalled £15,455

(2016: £8,608).

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

2,070,916

1,912,492

The bank loans are secured against the assets of the company.

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

The Report of the Auditors was unqualified.

Richard Hurst FCA (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited

12.	CONTINGENT LIABILITIES

A contingent liability exists in respect of a performance bond for £10,000 (2016: £10,000) given in favour of

Southampton City Council for road charges. No liability is expected to crystallise as a result of this bond.

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2017 and

31 March 2016:

2017

2016

£

£

J G U Clark

Balance outstanding at start of year

185,875

175,534

Amounts advanced

41,288

40,353

Amounts repaid

(31,787

)

(30,012

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

195,376

185,875

R B Clark

Balance outstanding at start of year

64,368

49,685

Amounts advanced

11,514

19,908

Amounts repaid

(34,149

)

(5,225

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

41,733

64,368

D J Buckle

Balance outstanding at start of year

100

158

Amounts advanced

5,848

7,297

Amounts repaid

(5,872

)

(7,355

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

76

100

No interest was charged on these advances to the Directors.

14.	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, R B Clark, and D J Buckle (all directors).