ACCOUNTS - Final Accounts

Analysis of the maturity of loans is given below:

Registered number: 00449104

A A Clifton Limited

Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 March 2018

A A Clifton Limited

Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of A A Clifton Limited for the Year Ended 31 March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A A Clifton Limited for the year ended 31 March 2018 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the Board of directors of A A Clifton Limited, as a body, in accordance with the terms of our engagement letter dated 19 June 2014. Our work has been undertaken solely to prepare for your approval the financial statements of A A Clifton Limited and state those matters that we have agreed to state to the Board of directors of A A Clifton Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A A Clifton Limited and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that A A Clifton Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A A Clifton Limited. You consider that A A Clifton Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of A A Clifton Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kreston Reeves LLP

Chartered Accountants

Canterbury

18 December 2018

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A A Clifton Limited

Registered number: 00449104

Balance sheet

As at 31 March 2018

		2018		As restated 2016
Note		£		£

Fixed assets
Tangible assets	4		1,652,191		1,730,848
Investments	5		132		142
			1,652,323		1,730,990
Current assets
Stocks		621,299		448,668
Debtors: amounts falling due within one year	6	269,694		291,784
Cash at bank and in hand	7	1,612		2,338
		892,605		742,790
Creditors: amounts falling due within one year	8	(1,049,344)		(995,253)
Net current liabilities			(156,739)		(252,463)
Total assets less current liabilities			1,495,584		1,478,527
Creditors: amounts falling due after more than one year	9		(4,153,394)		(4,262,530)

Net liabilities			(2,657,810)		(2,784,003)

Capital and reserves
Called up share capital	11	10,000	10,000
Profit and loss account	12	(2,667,810)	(2,794,003)
		(2,657,810)	(2,784,003)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 December 2018.

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A A Clifton Limited

Registered number: 00449104

Balance sheet (continued)

As at 31 March 2018

S A Clifton-Holt

Director

The notes on pages 4 to 12 form part of these financial statements.

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A A Clifton Limited

Notes to the financial statements

For the Year Ended 31 March 2018

1.	General information

A A Clifton Limited is a private company limited by shares which was incorporated in the UK and registered in England. Company number 00449104. The principal activity during the year was that of farming.
The company's registered office is Haguelands Burmarsh Road, Burmarsh, Romney Marsh, Kent, TN29 0JR.
The financial statements have been presented in Sterling (£).

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on the going concern basis, with the continuance of trading dependent on the support of the company's directors. From reviewing the cashflow forecasts along with their knowledge of the industry, the directors have confirmed that they have reasonable expectations that the company has adequate resources to continue in operational existences for the forseeable future. Accordingly, they continue to adopt the going concern basis in preparing financial statements.

2.3

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of comprehensive income.

2.4

Turnover

Turnover comprises of revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Government grants

Government grants comprise the Basic Payment Scheme. The payment has been recognised on an accruals basis.

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A A Clifton Limited

Notes to the financial statements

For the Year Ended 31 March 2018

2.Accounting policies (continued)

2.7

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

2.9

Taxation

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

A A Clifton Limited

Notes to the financial statements

For the Year Ended 31 March 2018

2.Accounting policies (continued)

2.10

Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Freehold property	-	2% straight line and not provided
Tenanted improvements to property	-	10% reducing balance
Solar panels	-	10% straight line
Plant & machinery	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.13

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.14

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 6

A A Clifton Limited

Notes to the financial statements

For the Year Ended 31 March 2018

2.Accounting policies (continued)

2.15

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 9 (2017 - 8).

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A A Clifton Limited

Notes to the financial statements

For the Year Ended 31 March 2018

4.	Tangible fixed assets

	Freehold property	Tenanted improvements to property	Solar panels	Plant & equipment	Motor vehicles
	£	£	£	£	£
Cost or valuation
At 1 April 2017	381,567	2,663,322	78,403	1,852,487	80,474
Additions	-	13,253	-	217,135	-
Disposals	-	33,372	-	(264,710)	-
At 31 March 2018	381,567	2,709,947	78,403	1,804,912	80,474
Depreciation
At 1 April 2017	200,340	1,750,405	26,626	1,324,678	30,693
Charge for the year on owned assets	7,631	94,408	7,840	170,206	12,445
Disposals	-	33,372	-	(244,635)	-
At 31 March 2018	207,971	1,878,185	34,466	1,250,249	43,138
Net book value
At 31 March 2018	173,596	831,762	43,937	554,663	37,336
At 31 March 2017	181,227	912,917	51,777	527,809	49,781

Page 8

A A Clifton Limited

Notes to the financial statements

For the Year Ended 31 March 2018

4.Tangible fixed assets (continued)

	Office fixtures & fittings	Total
	£	£
Cost or valuation
At 1 April 2017	48,201	5,104,454
Additions	7,023	237,411
Disposals	(11,322)	(242,660)
At 31 March 2018	43,902	5,099,205
Depreciation
At 1 April 2017	40,864	3,373,606
Charge for the year on owned assets	3,463	295,993
Disposals	(11,322)	(222,585)
At 31 March 2018	33,005	3,447,014
Net book value
At 31 March 2018	10,897	1,652,191
At 31 March 2017	7,337	1,730,848

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:

Page 9

A A Clifton Limited

Notes to the financial statements

For the Year Ended 31 March 2018

5.	Fixed asset investments

		Unlisted investments
		£
	Cost or valuation
	At 1 April 2017	142
	Amounts written off	(10)
	At 31 March 2018	132

	Net book value
	At 31 March 2018	132
	At 31 March 2017	142

Debtors

					2018	2017
					£	£


Trade debtors	94,527	143,484
Other debtors	19,687	46,225
Prepayments and accrued income	155,480	102,075
	269,694	291,784

7.	Cash
		2018	2017
		£	£

Cash at bank and in hand	1,611	2,338
Less: bank overdrafts	(519,565)	(458,803)
	(517,954)	(456,465)

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A A Clifton Limited

Notes to the financial statements

For the Year Ended 31 March 2018

8.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Bank overdrafts	519,565	458,803
Bank loans	88,726	94,942
Trade creditors	82,354	121,898
Other taxation and social security	26,709	52,608
Obligations under finance lease and hire purchase contracts	123,884	109,193
Other creditors	111,303	90,146
Accruals and deferred income	96,803	67,663
	1,049,344	995,253

9.	Creditors: Amounts falling due after more than one year
		2018	2017
		£	£

Bank loans	3,971,422	4,084,082
Net obligations under finance leases and hire purchase contracts	181,972	178,448
	4,153,394	4,262,530

Amounts falling due within one year
Bank loans	88,726	94,942

Amounts falling due 2-5 years
Bank loans	571,422	609,082
Amounts falling due after more than 5 years
Bank loans	3,400,000	3,475,000
	4,060,148	4,179,024

11.	Share capital
		2018	2017
		£	£

Allotted, called up and fully paid

10,000 (2017 - 10,000) Ordinary shares of £1.00 each	10,000	10,000

Page 11

A A Clifton Limited

Notes to the financial statements

For the Year Ended 31 March 2018

11.Share capital (continued)

12.

Reserves

Profit & loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company’s shareholders.

13.

Related party transactions

During the year, the following transactions have taken place:
i) Rent was paid to the following directors for land owned by them but farmed by the company; Mrs S A Clifton-Holt £28,543 (2017: £28,543) and Mr R G Clifton-Holt £20,000 (2017: £20,000).
ii) At the year end, there are balances on the directors' current accounts; owed to Mrs S A Clifton-Holt £16,195 (2017: £4,151) and owed to Mr R G Clifton-Holt £4,963 (2017: 979).
iii) Mrs S A Clifton-Holt also runs a farming sole trade, there was an amount owed from this enterprise at the year end totalling £4,772 (2017: amount owed from this enterprise £13,003).
iv) During the year, the company farmed land which was owned by the children of R G and Mrs S A Clifton-Holt being Mrs J Cliftonholt-Levitt (daughter), Mr A G Clifton-Holt (son) and Mr T Clifton-Holt (son). Rents totalling £21,633 were due. (2017: £21,633). Mr A G Clifton-Holt and Mr T Clifton-Holt are directors of the company. No rent was outstanding at the year end.
v) During the year a loan amounting to £26,098 was written of as unrecoverable (2017: £26,098) was owed from Attendus Limited, a company in which Mrs S A Clifton-Holt is a director.
vi) During the year, a loan amounting to £25,466 (2017: £25,466) was owed to Mr A G Clifton-Holt, a director of the company. No interest is payable on the loan.

14.	Controlling party

The ultimate controlling party is Mrs S A Clifton-Holt by virtue of her shareholding.

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