Clarkco Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 01491001 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

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

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

3,732,218

3,605,702

CURRENT ASSETS

Stocks

38,420

45,760

Debtors

5

151,132

150,198

189,552

195,958

CREDITORS

Amounts falling due within one year

6

808,162

504,876

NET CURRENT LIABILITIES

(618,610

)

(308,918

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,113,608

3,296,784

CREDITORS

Amounts falling due after more than one year

7

617,249

657,581

NET ASSETS

2,496,359

2,639,203

CAPITAL AND RESERVES

Called up share capital

490

490

Revaluation reserve

9

2,592,815

2,592,815

Capital redemption reserve

510

510

Retained earnings

(97,456

)

45,388

SHAREHOLDERS' FUNDS

2,496,359

2,639,203

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 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 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 1 June 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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

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.

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 October 2016

3,526,012

544,911

45,852

24,754

4,141,529

Additions

84,916

70,694

-

798

156,408

Disposals

-

(52,901

)

-

-

(52,901

)

At 30 September 2017

3,610,928

562,704

45,852

25,552

4,245,036

DEPRECIATION

At 1 October 2016

-

476,031

36,946

22,850

535,827

Charge for year

-

20,286

4,103

1,043

25,432

Eliminated on disposal

-

(48,441

)

-

-

(48,441

)

At 30 September 2017

-

447,876

41,049

23,893

512,818

NET BOOK VALUE

At 30 September 2017

3,610,928

114,828

4,803

1,659

3,732,218

At 30 September 2016

3,526,012

68,880

8,906

1,904

3,605,702

Cost or valuation at 30 September 2017 is represented by:

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

Valuation in 2002

1,641,483

-

-

-

1,641,483

Valuation in 2004

(500,536

)

-

-

-

(500,536

)

Valuation in 2006

550,004

-

-

-

550,004

Valuation in 2007

(720,432

)

-

-

-

(720,432

)

Valuation in 2008

407,650

-

-

-

407,650

Valuation in 2009

(84,398

)

-

-

-

(84,398

)

Valuation in 2010

49,087

-

-

-

49,087

Valuation in 2011

168,992

-

-

-

168,992

Valuation in 2013

1,080,965

-

-

-

1,080,965

Cost

1,018,113

562,704

45,852

25,552

1,652,221

3,610,928

562,704

45,852

25,552

4,245,036

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

historical cost:

2017

2016

£

£

Cost

707,185

707,185

Aggregate depreciation

85,412

85,412

Freehold land and buildings were valued on an open market basis on 15 April 2013 by Strutt & Parker LLP

.

The directors have confirmed that the valuation of freehold land and buildings conducted in 2013 by

Strutt & Parker is still relevant.

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 2016

25,000

12,600

37,600

Additions

52,000

-

52,000

At 30 September 2017

77,000

12,600

89,600

DEPRECIATION

At 1 October 2016

9,648

6,300

15,948

Charge for year

10,102

3,150

13,252

At 30 September 2017

19,750

9,450

29,200

NET BOOK VALUE

At 30 September 2017

57,250

3,150

60,400

At 30 September 2016

15,352

6,300

21,652

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

11,932

26,165

Amounts recoverable on contract

1,040

1,040

Other debtors

138,160

122,993

151,132

150,198

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

119,258

225,100

Hire purchase contracts

22,251

9,071

Trade creditors

23,798

103,533

Taxation and social security

780

657

Other creditors

642,075

166,515

808,162

504,876

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

597,883

654,956

Hire purchase contracts

19,366

2,625

617,249

657,581

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

322,796

364,400

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

50,486

152,461

Bank loans

666,655

727,595

717,141

880,056

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 2016

and 30 September 2017

2,592,815

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr D W Clark.

11.	FIRST YEAR ADOPTION

The Company has transitioned to FRS 102 from previously being prepared under the historical cost

convention and in accordance with the Financial Reporting Standards for Smaller Entities (effective

January 2015) as at 1st October 2015.

Reconciliation of equity

No transitional adjustments were required.

Reconciliation of profit or loss for the year

No transitional adjustments were required.