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REGISTERED NUMBER: SC528856 (Scotland)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

CLEAR 123 LIMITED

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


CLEAR 123 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: C S Keenan
A J Laing
G T Milne
J G Orr





REGISTERED OFFICE: Old Cambus Quarry
Cockburnspath
Berwickshire
TD13 5YS





REGISTERED NUMBER: SC528856 (Scotland)





AUDITORS: Sedulo Audit Limited
Statutory Auditors
5th Floor, Walker House
Exchange Flags
Liverpool
L2 3YL

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022


The directors present their strategic report of the company and the group for the year ended 31 December 2022.

REVIEW OF BUSINESS

The business has traded under turbulent conditions during 2022. The most significant factors being the impact of the war in Ukraine, inflation, a summer heatwave and pest infestation in the sprout crop.

The war in Ukraine resulted in immediate increases in the cost of fertilisers, agrochemicals, and diesel fuel. These factors significantly increased the cost of cultivating the crops to be sold in 2022/23 as well as increasing the operating costs of the company including transport, packaging, electricity and labor.

Early 2022 proved to be very good in terms of good field yields from our crops cultivated in 2021 which resulted in us holding additional crops at the end of the harvest season. Utilising our storage facility on site to its near full capacity and extending supply of the UK crop season. However, clement weather during the first quarter of the year meant sales of traditional winter vegetables were lower than anticipated, resulting in stock write offs.

The second and third quarters of 2022 presented a very dry growing period for the 22/23 crops. Considerable volumes of irrigation were applied to all the crops but this did not counter the challenging drought conditions which caused an aphid infestation affecting most of our sprout crop. On harvesting, during August/Sept of 2022 the full extent of the aphid problem became apparent, with notable yield losses. This resulted in significant increase in labour costs to process the sprouts which was preferable to the alternative of non-supply to our customers.

The cost-of-living crisis also reduced the volume of fresh produce being sold in the UK as the consumers economised.

Because of the measures taken we delivered our planned sales forecast strengthening our relationships with all our major customers.

The financial statements for December 2022 reported a reduction in margin performance to 10% (2021 - 17%), this combined with significant increases in operating costs because of inflation and the difficulty of raising selling prices to our customers quickly enough created the perfect storm.

People
In the year ended 30 December 2022 was the most challenging in the company's history however our employees rose to the challenge helping to maintain supply to our customers demonstrating their considerable commitment and loyalty.
On behalf of the Board, I would like to thank them for their considerable efforts, which do not go unnoticed and are much appreciated.

Strategy
The main strategic objectives of the business are to grow high quality vegetables, process them, and deliver them on time to our customers. To achieve that the company continues investment in the infrastructure, automation, and the management team with the focus around, lean production principles and technologies which ensures we remain competitive in a value focused market.

Early 2023 the business entered into a new working agreement with East of Scotland Growers Limited, a producer organisation with sixteen members. East of Scotland growers incorporated a new member to fund and grow crops for R&K Drysdale Limited. This new member together with East of Scotland Growers acquired a 40% shareholding in Clear 123 Ltd.

The main crops grown by East of Scotland Growers are Broccoli, Cauliflower and Cabbage. R&K Drysdale Limited won the contract to supply a key customer with those crops, adding a summer vegetable range which has proved transformative with the utilisation of the storage and production facilities 12 months of the year.


CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The relationship with East of Scotland Growers is also bringing the potential for additional business and securing the presence of the business with the major UK supermarkets.

In summary, the new relationship with East of Scotland Growers is proving to be a transformational by sharing the growing risk and full utilisation of the storage and production facilities.

PRINCIPLES RISKS AND UNCERTAINTIES
The company is an agricultural business and accordingly faces risks relating to the external environments such as weather, disease, and crop yields. Some of this risk has been significantly mitigated by processing and marketing produce grown by the ESG members and by bringing together our agricultural team, and the East of Scotland Growers extensive agronomy experience. The company also continues to invest in research in new crop varieties to improve quality, yields, disease resistance to reduce agrichemical use and improve taste.

The business has mitigated currency risk for the imported crops by using forward currency agreements which align with agreed supplier payment and customer prices.

OUTLOOK
For all the advantages outlined above resulting from of our new working relationship and significant price increases that are now mitigating inflationary cost increases are improving current and future performance, providing increased certainty for longer term planning.

In conclusion, despite an extremely difficult 2022 the Board of Directors and Management Team are confident that our joint venture with East of Scotland Growers Limited will play a part in de-risking the business, secure additional sales opportunities and future profit's and growth.

ON BEHALF OF THE BOARD:





C S Keenan - Director


30 September 2023

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2022.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of vegetable growing, packing and distribution.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2022.

RESEARCH AND DEVELOPMENT
R & K Drysdale Limited have been performing the on-going identification and trialling of new varieties of Brussels sprouts and kalettes to determine their ability to be grown in the UK climate in sufficiently high yields for commercial production, whilst ensuring that the product has traits desirable for domestic and international markets. Due to the research there has been an increase in staffing, consumable and subcontracting activities.

DIRECTORS
C S Keenan has held office during the whole of the period from 1 January 2022 to the date of this report.

Other changes in directors holding office are as follows:

S L Edwards - resigned 14 July 2022
C R Fleet - resigned 14 July 2022
W H Midwood - appointed 21 June 2022
S R Williams - appointed 3 August 2022

A J Laing , G T Milne and J G Orr were appointed as directors after 31 December 2022 but prior to the date of this report.

S R Williams and W H Midwood ceased to be directors after 31 December 2022 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The group has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
Sedulo Audit Limited will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C S Keenan - Director


30 September 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CLEAR 123 LIMITED


Opinion
We have audited the financial statements of Clear 123 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2022 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CLEAR 123 LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CLEAR 123 LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was capable of detecting irregularities, including fraud
The primary responsibility for the prevention and detection of fraud rests with directors and management, and we cannot be expected to detect non-compliance with all laws and regulations.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our knowledge of the business and sector, enquiries of directors and management, and review of regulatory information and correspondence. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.

We discussed with directors and management the policies and procedures in place to ensure compliance with laws and regulations and otherwise prevent, deter and detect fraud.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified as potentially having a material effect on the financial statements. Our procedures included review of financial statement information and testing of that information, enquiry of management and examination of relevant documentation, analytical procedures to identify unusual or unexpected relationships that may indicate fraud, and procedures to address the risk of fraud through director or management override of controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Peter Alcock (Senior Statutory Auditor)
for and on behalf of Sedulo Audit Limited
Statutory Auditors
5th Floor, Walker House
Exchange Flags
Liverpool
L2 3YL

30 September 2023

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

Period
1.7.20
Year Ended to
31.12.22 31.12.21
Notes £    £   

TURNOVER 3 28,138,252 41,762,927

Cost of sales 22,785,845 30,703,532
GROSS PROFIT 5,352,407 11,059,395

Administrative expenses 7,573,240 9,582,239
(2,220,833 ) 1,477,156

Other operating income 1,265,038 237,807
OPERATING (LOSS)/PROFIT 5 (955,795 ) 1,714,963

Exceptional costs 6 - 670,080
(955,795 ) 1,044,883


Interest payable and similar expenses 7 645,560 582,837
(LOSS)/PROFIT BEFORE TAXATION (1,601,355 ) 462,046

Tax on (loss)/profit 8 (248,356 ) 412,546
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (1,352,999 ) 49,500
(Loss)/profit attributable to:
Owners of the parent (1,352,999 ) 49,500

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

Period
1.7.20
Year Ended to
31.12.22 31.12.21
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (1,352,999 ) 49,500


OTHER COMPREHENSIVE INCOME
Revaluation reserve (314,862 ) 3,073,314
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR THE
YEAR, NET OF INCOME TAX

(314,862

)

3,073,314
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

(1,667,861

)

3,122,814

Total comprehensive income attributable to:
Owners of the parent (1,667,861 ) 3,122,814

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2022

31.12.22 31.12.21
Notes £    £    £    £   
ASSETS

FIXED ASSETS
Intangible assets 10 254,849 434,129
Tangible assets 11 14,771,130 15,466,899
Investments 12 - -
Investment property 13 - 1,200,000
15,025,979 17,101,028

CURRENT ASSETS
Stocks 14 3,992,562 4,956,997
Debtors 15 8,039,145 6,476,614
Cash at bank 5,539 182,646
12,037,246 11,616,257
27,063,225 28,717,285

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES
Called up share capital 16 44,225 44,225
Share premium 17 2,511,416 2,511,416
Revaluation reserve 17 2,758,452 3,073,314
Other reserves 17 (244,010 ) (244,010 )
Retained earnings 17 (59,627 ) 1,293,372
SHAREHOLDERS' FUNDS 5,010,456 6,678,317

PROVISIONS FOR LIABILITIES 18 441,668 690,024

CREDITORS 19 21,611,101 21,348,944
27,063,225 28,717,285

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2023 and were signed on its behalf by:





C S Keenan - Director


CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

COMPANY BALANCE SHEET
31 DECEMBER 2022

31.12.22 31.12.21
Notes £    £    £    £   
ASSETS

FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 3,589,010 3,589,010
Investment property 13 - -
3,589,010 3,589,010

CURRENT ASSETS
Debtors 15 - 77,002
3,589,010 3,666,012

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES
Called up share capital 16 44,225 44,225
Share premium 17 2,511,416 2,511,416
Retained earnings 17 (269,668 ) (269,467 )
SHAREHOLDERS' FUNDS 2,285,973 2,286,174

CREDITORS 19 1,303,037 1,379,838
3,589,010 3,666,012

Company's loss for the financial year (201 ) (69,620 )

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2023 and were signed on its behalf by:





C S Keenan - Director


CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up
share Retained Share
capital earnings premium
£    £    £   

Balance at 1 July 2020 44,225 1,243,872 2,511,416

Changes in equity
Total comprehensive income - 49,500 -
Balance at 31 December 2021 44,225 1,293,372 2,511,416

Changes in equity
Total comprehensive income - (1,352,999 ) -
Balance at 31 December 2022 44,225 (59,627 ) 2,511,416
Revaluation Other Total
reserve reserves equity
£    £    £   

Balance at 1 July 2020 - (244,010 ) 3,555,503

Changes in equity
Total comprehensive income 3,073,314 - 3,122,814
Balance at 31 December 2021 3,073,314 (244,010 ) 6,678,317

Changes in equity
Total comprehensive income (314,862 ) - (1,667,861 )
Balance at 31 December 2022 2,758,452 (244,010 ) 5,010,456

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Balance at 1 July 2020 44,225 (199,847 ) 2,511,416 2,355,794

Changes in equity
Total comprehensive income - (69,620 ) - (69,620 )
Balance at 31 December 2021 44,225 (269,467 ) 2,511,416 2,286,174

Changes in equity
Total comprehensive income - (201 ) - (201 )
Balance at 31 December 2022 44,225 (269,668 ) 2,511,416 2,285,973

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

Period
1.7.20
Year Ended to
31.12.22 31.12.21
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 885,929 2,130,744
Interest paid (566,751 ) (496,704 )
Interest element of finance lease payments
paid

(78,809

)

(86,133

)
Tax paid - 21,957
Net cash from operating activities 240,369 1,569,864

Cash flows from investing activities
Purchase of tangible fixed assets (1,223,924 ) (5,921,715 )
Sale of tangible fixed assets 470,326 6,101
Sale of investment property 1,200,000 -
Net cash from investing activities 446,402 (5,915,614 )

Cash flows from financing activities
New loans in year 1,300,000 5,111,878
Loan repayments in year (1,441,424 ) (874,847 )
Capital repayments in year (863,364 ) 1,053,139
Amount introduced by directors - 300,000
Net cash from financing activities (1,004,788 ) 5,590,170

(Decrease)/increase in cash and cash equivalents (318,017 ) 1,244,420
Cash and cash equivalents at beginning of
year

2

(74,987

)

(1,319,407

)

Cash and cash equivalents at end of year 2 (393,004 ) (74,987 )

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022


1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period
1.7.20
Year Ended to
31.12.22 31.12.21
£    £   
(Loss)/profit before taxation (1,601,355 ) 462,046
Depreciation charges 1,113,784 1,254,314
Loss/(profit) on disposal of fixed assets 200,000 (6,101 )
Government grants - (87,807 )
Finance costs 645,560 582,837
357,989 2,205,289
Decrease in stocks 964,435 584,688
Increase in trade and other debtors (1,562,531 ) (3,498,595 )
Increase in trade and other creditors 1,126,036 2,839,362
Cash generated from operations 885,929 2,130,744

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 5,539 182,646
Bank overdrafts (398,543 ) (257,633 )
(393,004 ) (74,987 )
Period ended 31 December 2021
31.12.21 1.7.20
£    £   
Cash and cash equivalents 182,646 -
Bank overdrafts (257,633 ) (1,319,407 )
(74,987 ) (1,319,407 )


CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.22 Cash flow At 31.12.22
£    £    £   
Net cash
Cash at bank 182,646 (177,107 ) 5,539
Bank overdrafts (257,633 ) (140,910 ) (398,543 )
(74,987 ) (318,017 ) (393,004 )
Debt
Finance leases (1,960,926 ) 403,188 (1,557,738 )
Debts falling due within 1 year (1,835,240 ) (278,584 ) (2,113,824 )
Debts falling due after 1 year (5,712,410 ) 880,185 (4,832,225 )
(9,508,576 ) 1,004,789 (8,503,787 )
Total (9,583,563 ) 686,772 (8,896,791 )

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022


1. STATUTORY INFORMATION

Clear 123 Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The presentational currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1.

Going concern
The company meets its day-to-day working capital requirements through its cash reserves. The Company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate within the level of its current cash reserves. At the time of signing these accounts the Directors are of the opinion that the Company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is recognised to the extent that is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Freehold property - 4% - 20%
Plant and machinery - 10% on cost and 5% - 50%
Motor vehicles - 15% on cost

The robotic peeler development depreciation is charged at 5% on cost.

Freehold land is not depreciated.

Investment property
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost.

Subsequent to initial recognition
Investment properties whose fair value can be measure reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the period that they arise.

No depreciation is provided in respect of investment properties applying the fair value method.

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 out basis. 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.

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial statements.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which includes debtors 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 financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Financial asserts classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less, if not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued
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.

Assets held under finance leases are recognised initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss. Assets held under finance leases are included in tangible fixed assets and depreciated and assessed for impairment losses in the same way as owned assets.

Pension costs and other post-retirement benefits
Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

3. TURNOVER

The turnover and loss (2021 - profit) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

Period
1.7.20
Year Ended to
31.12.22 31.12.21
£    £   
United Kingdom 28,138,252 41,762,927
28,138,252 41,762,927

4. EMPLOYEES AND DIRECTORS
Period
1.7.20
Year Ended to
31.12.22 31.12.21
£    £   
Wages and salaries 3,728,076 5,300,111

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
Period
1.7.20
Year Ended to
31.12.22 31.12.21

Production 117 214
Administration 58 44
175 258

Period
Year 1.7.20
Ended to
31.12.22 31.12.21
£ £
Directors' remuneration 15,150 10,000
Directors' fees paid to services companies 130,143 148,575


5. OPERATING (LOSS)/PROFIT

The operating loss (2021 - operating profit) is stated after charging/(crediting):

Period
1.7.20
Year Ended to
31.12.22 31.12.21
£    £   
Hire of plant and machinery 311,006 454,281
Other operating leases - 57,994
Depreciation - owned assets 934,505 1,036,393
Loss/(profit) on disposal of fixed assets 200,000 (6,101 )
Goodwill amortisation 179,280 268,920
Auditors' remuneration 18,550 30,450
Foreign exchange differences 251 (91,916 )

6. EXCEPTIONAL ITEMS
Period
1.7.20
Year Ended to
31.12.22 31.12.21
£    £   
Exceptional costs - (670,080 )

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


In the prior period, the exceptional costs related to the following:

The Coronavirus pandemic (COVID-19) caused disruption across all areas of the business, and this resulted in significant non-recurring costs which impact the business over a period of 18 months.

These exceptional costs, amounting to £670,080, included the additional costs to meet the initial demand as supermarket shelves were constantly emptied, and site adaptions and changes in working practices to prevent the spread of the virus which has allowed the business to continue to trade without any closures and to successfully supply all customers during UK COVID lockdowns.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.7.20
Year Ended to
31.12.22 31.12.21
£    £   
Bank interest 566,751 427,685
Bank loan interest - 69,019
Hire purchase 78,809 86,133
645,560 582,837

8. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
Period
1.7.20
Year Ended to
31.12.22 31.12.21
£    £   
Deferred tax (248,356 ) 412,546
Tax on (loss)/profit (248,356 ) 412,546

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


8. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.7.20
Year Ended to
31.12.22 31.12.21
£    £   
(Loss)/profit before tax (1,601,355 ) 462,046
(Loss)/profit multiplied by the standard rate of corporation tax in the UK
of 19 % (2021 - 19 %)

(304,257

)

87,789

Effects of:
Expenses not deductible for tax purposes 58 -
Income not taxable for tax purposes - (375 )
Utilisation of tax losses - (48,749 )

Timing difference for goodwill and impairment 34,063 -
change in tax
Research and development credit - (82,109 )

Effects of tax rate changes 106,000 -
Permanent differences (84,220 ) 455,990
Total tax (credit)/charge (248,356 ) 412,546

Tax effects relating to effects of other comprehensive income

31.12.22
Gross Tax Net
£    £    £   
Revaluation reserve (314,862 ) - (314,862 )

1.7.20 to 31.12.21
Gross Tax Net
£    £    £   
Revaluation reserve 3,073,314 - 3,073,314

Factors that may affect future tax charges

On 17 October 2022, the Chancellor of the Exchequer confirmed that in line with the previously enacted legislation the UK corporation tax rate will increase to 25% from 1 April 2023. The enacted rates have been used to determine the deferred tax balances, increasing the Group's net deferred tax liability by £106,000.

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


9. INDIVIDUAL INCOME STATEMENT

As permitted by section 408 of the Companies Act 2006, the income statement of the parent company is not presented as part of these financial statements.

The Company reported a loss of £201 for the year.

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2022
and 31 December 2022 1,420,170
AMORTISATION
At 1 January 2022 986,041
Amortisation for year 179,280
At 31 December 2022 1,165,321
NET BOOK VALUE
At 31 December 2022 254,849
At 31 December 2021 434,129

11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 January 2022 7,009,169 - 14,372,099
Additions - 328,732 871,880
Disposals - - (328,402 )
At 31 December 2022 7,009,169 328,732 14,915,577
DEPRECIATION
At 1 January 2022 1,089,878 - 6,272,095
Charge for year - 246,012 688,493
Revaluation adjustments - - 314,862
At 31 December 2022 1,089,878 246,012 7,275,450
NET BOOK VALUE
At 31 December 2022 5,919,291 82,720 7,640,127
At 31 December 2021 5,919,291 - 8,100,004

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


11. TANGIBLE FIXED ASSETS - continued

Group

Assets
Motor under
vehicles construction Totals
£    £    £   
COST OR VALUATION
At 1 January 2022 10,000 1,440,271 22,831,539
Additions 16,200 7,112 1,223,924
Disposals - (341,924 ) (670,326 )
At 31 December 2022 26,200 1,105,459 23,385,137
DEPRECIATION
At 1 January 2022 2,667 - 7,364,640
Charge for year - - 934,505
Revaluation adjustments - - 314,862
At 31 December 2022 2,667 - 8,614,007
NET BOOK VALUE
At 31 December 2022 23,533 1,105,459 14,771,130
At 31 December 2021 7,333 1,440,271 15,466,899

Included in cost or valuation of land and buildings is freehold land of £817,635 (2021 - £817,635) which is not depreciated.

Included within Plant and Machinery are costs for the development of a Robotic Sprout Peeler process. These costs amounted to Net Book Value of £320,753(2021: £330,729). The asset will generate future economic benefits to the company.

Cost or valuation at 31 December 2022 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2021 - - 3,073,314
Valuation in 2022 - - (314,862 )
Cost 7,009,169 328,732 12,157,125
7,009,169 328,732 14,915,577

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


11. TANGIBLE FIXED ASSETS - continued

Group

Assets
Motor under
vehicles construction Totals
£    £    £   
Valuation in 2021 - - 3,073,314
Valuation in 2022 - - (314,862 )
Cost 26,200 1,105,459 20,626,685
26,200 1,105,459 23,385,137

Plant and machinery have been revalued on 30 June 2021 by Tallon & Associates Limited.

12. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 January 2022
and 31 December 2022 3,589,010
NET BOOK VALUE
At 31 December 2022 3,589,010
At 31 December 2021 3,589,010

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Dalglen (No. 17723) Limited
Registered office:
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
31.12.22 31.12.21
£    £   
Aggregate capital and reserves 3,343,168 3,343,168

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


12. FIXED ASSET INVESTMENTS - continued

R&K Drysdale (Holdings) Limited
Registered office:
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
31.12.22 31.12.21
£    £   
Aggregate capital and reserves 2,121,244 2,121,244

R&K Drysdale Limited
Registered office:
Nature of business: Vegetable growing, packing and distribution
%
Class of shares: holding
Ordinary 100.00
31.12.22 31.12.21
£    £   
Aggregate capital and reserves 10,763,960 12,252,340
(Loss)/profit for the year/period (1,173,518 ) 388,040


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2022 1,200,000
Disposals (1,200,000 )
At 31 December 2022 -
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 1,200,000

14. STOCKS

Group
31.12.22 31.12.21
£    £   
Raw materials 1,569,360 1,249,005
Work-in-progress 2,423,202 3,707,992
3,992,562 4,956,997

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.22 31.12.21 31.12.22 31.12.21
£    £    £    £   
Trade debtors 6,503,491 5,899,155 - -
Amounts owed by group undertakings - - - 77,002
VAT 404,303 233,113 - -
Prepayments and accrued income 1,131,351 344,346 - -
8,039,145 6,476,614 - 77,002

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.22 31.12.21
value: £    £   
1,600 Ordinary £1 1,600 1,600
260,000 Preference £0.01 2,600 2,600
40,025,000 Deferred £0.00 1 40,025 40,025
44,225 44,225

17. RESERVES

Group
Retained Share Revaluation Other
earnings premium reserve reserves Totals
£    £    £    £    £   

At 1 January 2022 1,293,372 2,511,416 3,073,314 (244,010 ) 6,634,092
Deficit for the year (1,352,999 ) (1,352,999 )
Revaluation reserve movement - - (314,862 ) - (314,862 )
At 31 December 2022 (59,627 ) 2,511,416 2,758,452 (244,010 ) 4,966,231

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2022 (269,467 ) 2,511,416 2,241,949
Deficit for the year (201 ) (201 )
At 31 December 2022 (269,668 ) 2,511,416 2,241,748


CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


18. PROVISIONS FOR LIABILITIES

Group
31.12.22 31.12.21
£    £   
Deferred tax 441,668 690,024

Group
Deferred
tax
£   
Balance at 1 January 2022 690,024
Credit to Income Statement during year (354,356 )
Effect of rate change 106,000
Balance at 31 December 2022 441,668

19. CREDITORS
Group Company
31.12.22 31.12.21 31.12.22 31.12.21
£    £    £    £   
Amounts falling due within one year:
Bank loans and overdrafts (see note 20) 1,965,150 1,464,205 800,000 231,573
Other loans (see note 20) 547,217 628,668 - -
Finance leases (see note 21) 485,411 574,748 - -
Trade creditors 4,686,754 3,447,254 - -
Amounts owed to group undertakings - - 233,377 -
Amounts owed to participating interests 440,824 440,824 269,660 269,660
Social security and other taxes 343,958 119,700 - -
Other creditors 5,145,313 5,102,804 - -
Directors' current accounts 300,000 300,000 - -
Accrued expenses 1,791,922 1,008,891 - -
15,706,549 13,087,094 1,303,037 501,233

Amounts falling due after more than one year:
Bank loans (see note 20) 3,043,309 3,582,883 - 878,605
Other loans (see note 20) 1,788,916 2,129,527 - -
Finance leases (see note 21) 1,072,327 1,386,178 - -
Other creditors - 1,163,262 - -
5,904,552 8,261,850 - 878,605

Aggregate amounts 21,611,101 21,348,944 1,303,037 1,379,838

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


19. CREDITORS - continued

Included within other creditors due within one year is deferred income relating to the wind farm totalling £nil(2021: £100,000).

Included within other creditors due after more than one year is deferred income relating to wind farm income totalling £nil (2021: £1,163,263).

20. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.12.22 31.12.21 31.12.22 31.12.21
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 398,543 257,633 - -
Bank loans 1,566,607 1,206,572 800,000 231,573
Other loans 547,217 628,668 - -
2,512,367 2,092,873 800,000 231,573
Amounts falling due between one and two years:
Bank loans - 1-2 years 175,000 414,978 - 239,978
Other loans - 1-2 years 451,119 499,624 - -
626,119 914,602 - 239,978
Amounts falling due between two and five years:
Bank loans - 2-5 years 2,350,000 2,663,697 - 638,627
Other loans - 2-5 years 685,242 1,040,922 - -
3,035,242 3,704,619 - 638,627
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 518,309 504,208 - -
Other loans more 5yrs instal 652,555 588,981 - -
1,170,864 1,093,189 - -

Interest was charged at varying rates during the year.

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


21. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Finance leases
31.12.22 31.12.21
£    £   
Net obligations repayable:
Within one year 485,411 574,748
Between one and five years 1,072,327 1,386,178
1,557,738 1,960,926

Group
Non-cancellable operating leases
31.12.22 31.12.21
£    £   
Within one year 142,023 166,679
Between one and five years 212,712 354,735
354,735 521,414

22. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.12.22 31.12.21
£    £   
Bank overdraft 398,543 257,633
Bank loans 4,609,916 4,789,455
Other loans 2,336,133 2,758,195
Finance leases 1,557,738 1,960,926
8,902,330 9,766,209

The bank overdraft is secured by a floating charge over the assets and undertakings of the company.

The bank loan is secured by a floating charge over all assets of the company.

Hire purchase creditors are secured directly over the assets to which they relate.

Included in other loans is £2,423,999 which are secured on the assets to which they relate.

CLEAR 123 LIMITED (REGISTERED NUMBER: SC528856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


23. RELATED PARTY DISCLOSURES

The EFP Partnership, a partnership between C Keenan, SL Edwards and C Fleet. During the year a management charge of £Nil (2021: £nil) was invoiced from R & K Drysdale Limited to the partnership. At the year end, the company owed £294,299 (2021: £294,299) to the partnership. This amount is included in creditors due within one year.

Option A Limited is a company which is 75% owned by C Keenan and 25% owned by C Fleet. During the year the company purchased services of £2,579,028 (2021: £4,870,035) and sales of £267,558 (2021: £89,345) and at the year end the company owed Option A £584,429 (2021: £56,182). The amount is included in trade creditors falling within one year.

As of 31 May 2023, Option A is 100% owned by Chris Fleet, who on the same date also acquired all the shares in Agricultural Consultants Limited.

24. ULTIMATE CONTROLLING PARTY

The controlling party is C S Keenan.