Registered number
05419839
Clearcut Glasshouse Services Limited
Unaudited Filleted Accounts
31 May 2023
Clearcut Glasshouse Services Limited
Registered number: 05419839
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 17,500
Tangible assets 4 8,914 10,763
8,914 28,263
Current assets
Stocks 48,934 53,082
Debtors 5 50,312 43,837
Cash at bank and in hand 109,294 107,315
208,540 204,234
Creditors: amounts falling due within one year 6 (70,602) (89,164)
Net current assets 137,938 115,070
Total assets less current liabilities 146,852 143,333
Creditors: amounts falling due after more than one year 7 (33,796) (39,352)
Net assets 113,056 103,981
Capital and reserves
Called up share capital 100 100
Profit and loss account 112,956 103,881
Shareholders' funds 113,056 103,981
The director is 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 director acknowledges his 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.
M J Morgan
Director
Approved by the board on 31 January 2024
Clearcut Glasshouse Services Limited
Notes to the Accounts
for the year ended 31 May 2023
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:
Freehold buildings over 25 years
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2022 315,000
At 31 May 2023 315,000
Amortisation
At 1 June 2022 297,500
Provided during the year 17,500
At 31 May 2023 315,000
Net book value
At 31 May 2023 -
At 31 May 2022 17,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2022 16,800 96,516 58,388 171,704
At 31 May 2023 16,800 96,516 58,388 171,704
Depreciation
At 1 June 2022 13,600 88,953 58,388 160,941
Charge for the year 800 1,049 - 1,849
At 31 May 2023 14,400 90,002 58,388 162,790
Net book value
At 31 May 2023 2,400 6,514 - 8,914
At 31 May 2022 3,200 7,563 - 10,763
5 Debtors 2023 2022
£ £
Trade debtors 9,449 26,696
Other debtors 40,863 17,141
50,312 43,837
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,556 5,936
Trade creditors 7,006 29,708
Taxation and social security costs 19,732 13,869
Other creditors 38,308 39,651
70,602 89,164
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 33,796 39,352
8 Related party transactions
Mr M J Morgan
Director
Mr M J Morgan continued to provide a loan to the company on an interest free basis, £ 38,331 was owed to Mr Morgan at the start of the year. further expenses of £7,209 were added to this and £8,554 was repaid by the company during the year leaving a balance of £36,986 due to Mr Morgan.
9 Other information
Clearcut Glasshouse Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 3, London Hill Farm,
London Road,
Stockbridge
Hampshire
SO20 6EN
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