Company registration number 09417952 (England and Wales)
CLEARFACE49 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
CLEARFACE49 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CLEARFACE49 LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,679
129,871
Investments
4
3,495,554
3,831,525
3,508,233
3,961,396
Current assets
Debtors
5
160,982
9,912
Cash at bank and in hand
248,168
436,030
409,150
445,942
Creditors: amounts falling due within one year
6
(1,962,401)
(1,904,936)
Net current liabilities
(1,553,251)
(1,458,994)
Total assets less current liabilities
1,954,982
2,502,402
Provisions for liabilities
(2,409)
(43,278)
Net assets
1,952,573
2,459,124
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
1,952,473
2,459,024
Total equity
1,952,573
2,459,124
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 29 November 2023
Mrs A Orrell
Director
Company registration number 09417952 (England and Wales)
CLEARFACE49 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information
Clearface49 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Higher Nabs Head Barn, Goosefoot Lane, Samlesbury, Preston, Lancashire. PR5 0UU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Clearface49 Limited is a wholly owned subsidiary of Clearface49 (Holdings) Limited, a company incorporated in England and Wales.
1.2
Going concern
The company is reliant upon the financial support of its parent company. The director has indicated that this support will continue for the foreseeable future and, as a result, has continued to adopt the going concern basis in preparing the financial statements.true
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land
no depreciation charged
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Listed and unlisted investments are stated at fair value with movement in fair value being charged or credited to the profit and loss account.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
CLEARFACE49 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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 include 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 the present value of the future receipts discounted at a market rate of interest. Financial assets 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 and loans from fellow group companies, 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.
CLEARFACE49 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2022
114,457
35,753
150,210
Additions
369
369
Disposals
(114,457)
(114,457)
At 28 February 2023
36,122
36,122
Depreciation and impairment
At 1 March 2022
20,339
20,339
Depreciation charged in the year
3,104
3,104
At 28 February 2023
23,443
23,443
Carrying amount
At 28 February 2023
12,679
12,679
At 28 February 2022
114,457
15,414
129,871
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
3,495,554
3,831,525
CLEARFACE49 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 March 2022
3,831,525
Additions
862,301
Valuation changes
(571,681)
Disposals
(626,591)
At 28 February 2023
3,495,554
Carrying amount
At 28 February 2023
3,495,554
At 28 February 2022
3,831,525
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
160,982
9,912
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
1,902,854
1,902,854
Taxation and social security
55,857
104
Other creditors
3,690
1,978
1,962,401
1,904,936
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
CLEARFACE49 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
8
Related party transactions
During the year the company operated a loan account with its parent company, Clearface49 (Holdings) Limited. At the balance sheet date an amount of £1,902,854 was owed to Clearface49 (Holdings) Limited (2022 - £1,902,854).