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REGISTERED NUMBER: 01519464 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

CLEARFAST LIMITED

CLEARFAST LIMITED (REGISTERED NUMBER: 01519464)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


CLEARFAST LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTORS: P C Marjoram
Mrs E Marjoram
M G Marjoram



SECRETARY: P C Marjoram



REGISTERED OFFICE: Clearfast House
Haven Exchange
Felixstowe
Suffolk
IP11 2QX



REGISTERED NUMBER: 01519464 (England and Wales)



ACCOUNTANTS: Ballams
Chartered Accountants
Crane Court
302 London Road
Ipswich
Suffolk
IP2 0AJ



SOLICITORS: Gotelee Solicitors LLP
97 Hamilton Road
Felixstowe
Suffolk
IP11 7AH

CLEARFAST LIMITED (REGISTERED NUMBER: 01519464)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 259,001 241,878
Investments 5 27,624 27,336
Investment property 6 4,178,886 3,405,112
4,465,511 3,674,326

CURRENT ASSETS
Debtors 7 638,790 494,474
Cash at bank 571,757 1,172,286
1,210,547 1,666,760
CREDITORS
Amounts falling due within one year 8 805,359 827,078
NET CURRENT ASSETS 405,188 839,682
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,870,699

4,514,008

PROVISIONS FOR LIABILITIES 9 45,286 42,369
NET ASSETS 4,825,413 4,471,639

CAPITAL AND RESERVES
Called up share capital 1,200 1,200
Fair value reserve 10 200,161 200,161
Retained earnings 4,624,052 4,270,278
SHAREHOLDERS' FUNDS 4,825,413 4,471,639

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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.

CLEARFAST LIMITED (REGISTERED NUMBER: 01519464)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2021


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2022 and were signed on its behalf by:





P C Marjoram - Director


CLEARFAST LIMITED (REGISTERED NUMBER: 01519464)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

Clearfast 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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
The company acts as a customs clearance agent for the import and export of goods and arranges transport and warehousing for its customers. As a forwarding agent the direct costs of the service it provides have been offset against the associated turnover.
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services -
When the outcome of a transaction can be estimated reliably, turnover from freight forwarding agency services is recognised by reference to the stage of completion at the statement of financial position date. Stage of completion is measured by reference to the date customs clearance is obtained from HMRC and transport has been arranged.
Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over 50 years and Land is not depreciated
Fixtures, fittings & equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment properties are included in the balance sheet at their open market values. Any surplus or deficit in the market value compared with the carrying amount is recognised in the revaluation reserve.

Depreciation is not provided for on Investment Properties. This treatment is a departure from the Companies Act concerning depreciation of fixed assets. However, these properties are not held for consumption and therefore it is considered necessary to depart from the Companies Act treatment in order to present a true and fair view.

CLEARFAST LIMITED (REGISTERED NUMBER: 01519464)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Investments
Unlisted investments are included in the balance sheet at cost as a reliable estimate of true market value cannot be made with any reasonable certainty.

CLEARFAST LIMITED (REGISTERED NUMBER: 01519464)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

2. ACCOUNTING POLICIES - continued

Rent receivable
Rent receivable is accounted for on an accruals basis and represents rent received on investment properties owned by the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2020 - 17 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
Freehold fittings Motor
property & equipment vehicles Totals
£    £    £    £   
COST
At 1 January 2021 243,019 89,933 19,621 352,573
Additions - 28,275 - 28,275
Disposals - (8,716 ) - (8,716 )
At 31 December 2021 243,019 109,492 19,621 372,132
DEPRECIATION
At 1 January 2021 29,717 63,527 17,451 110,695
Charge for year 2,702 7,575 542 10,819
Eliminated on disposal - (8,383 ) - (8,383 )
At 31 December 2021 32,419 62,719 17,993 113,131
NET BOOK VALUE
At 31 December 2021 210,600 46,773 1,628 259,001
At 31 December 2020 213,302 26,406 2,170 241,878

Included in the cost of freehold property is freehold land of £107,935 (2020 - £107,935) which is not depreciated.

CLEARFAST LIMITED (REGISTERED NUMBER: 01519464)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2021 27,336
Additions 288
At 31 December 2021 27,624
NET BOOK VALUE
At 31 December 2021 27,624
At 31 December 2020 27,336

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2021 3,405,112
Additions 773,774
At 31 December 2021 4,178,886
NET BOOK VALUE
At 31 December 2021 4,178,886
At 31 December 2020 3,405,112

Fair value at 31 December 2021 is represented by:
£   
Valuation in 2016 47,070
Valuation in 2017 24,239
Valuation in 2018 132,557
Cost 3,975,020
4,178,886

Investment properties have been valued on an open market basis by the directors as at the year end date.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 605,010 463,854
Other debtors 33,780 30,620
638,790 494,474

CLEARFAST LIMITED (REGISTERED NUMBER: 01519464)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 612,528 684,111
Taxation and social security 63,277 8,613
Other creditors 129,554 134,354
805,359 827,078

9. PROVISIONS FOR LIABILITIES
2021 2020
£    £   
Deferred tax
Accelerated capital allowances 26,267 23,102
Investment property gain 19,019 19,267
45,286 42,369

Deferred
tax
£   
Balance at 1 January 2021 42,369
Investment property gains (248 )
Accelerated capital allowances 3,165
Balance at 31 December 2021 45,286

10. RESERVES
Fair
value
reserve
£   
At 1 January 2021
and 31 December 2021 200,161

CLEARFAST LIMITED (REGISTERED NUMBER: 01519464)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

2021 2020
£    £   
M G Marjoram
Balance outstanding at start of year - 28,574
Amounts repaid - (28,574 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -