Registered number
09586562
Clarity Ventures Ltd
Unaudited Filleted Accounts
31 May 2022
Clarity Ventures Ltd
Registered number: 09586562
Balance Sheet
as at 31 May 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 19,720 23,664
Tangible assets 4 2,762 3,891
22,482 27,555
Current assets
Debtors 5 18,222 27,100
Cash at bank and in hand 54,386 88,739
72,608 115,839
Creditors: amounts falling due within one year 6 (100,205) (152,078)
Net current liabilities (27,597) (36,239)
Total assets less current liabilities (5,115) (8,684)
Creditors: amounts falling due after more than one year 7 - (22,150)
Provisions for liabilities (525) (739)
Net liabilities (5,640) (31,573)
Capital and reserves
Called up share capital 2 2
Profit and loss account (5,642) (31,575)
Shareholders' funds (5,640) (31,573)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A M F A Meriden
Director
Approved by the board on 13 September 2022
Clarity Ventures Ltd
Notes to the Accounts
for the year ended 31 May 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computers 25% straight line
Fixtures and fittings 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 34 40
3 Intangible fixed assets £
Franchise fee:
Cost
At 1 June 2021 39,440
At 31 May 2022 39,440
Amortisation
At 1 June 2021 15,776
Provided during the year 3,944
At 31 May 2022 19,720
Net book value
At 31 May 2022 19,720
At 31 May 2021 23,664
The franchise fee is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2021 7,801
Additions 300
At 31 May 2022 8,101
Depreciation
At 1 June 2021 3,910
Charge for the year 1,429
At 31 May 2022 5,339
Net book value
At 31 May 2022 2,762
At 31 May 2021 3,891
5 Debtors 2022 2021
£ £
Trade debtors 16,282 23,935
Other debtors 1,940 3,165
18,222 27,100
6 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts - 17,850
Trade creditors 595 4,234
Taxation and social security costs 4,844 1,931
Other creditors 94,766 128,063
100,205 152,078
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans - 22,150
8 Directors' Transactions
Director's interest free loan to the company:
B/fwd repaid C/fwd
£ £ £
A M F A Meriden 118,795 (28,750) 90,045
118,795 (28,750) 90,045
9 Other information
Clarity Ventures Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Suite 7
Link House
140 Tolworth Broadway
Surbiton
KT6 7HT
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