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Company No: 09587075 (England and Wales)

CLEARVIEW RESEARCH LTD

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

CLEARVIEW RESEARCH LTD

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

CLEARVIEW RESEARCH LTD

STATEMENT OF FINANCIAL POSITION

As at 31 May 2023
CLEARVIEW RESEARCH LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 18,997 17,405
18,997 17,405
Current assets
Debtors 4 161,013 336,255
Cash at bank and in hand 431,201 390,151
592,214 726,406
Creditors: amounts falling due within one year 5 ( 377,119) ( 422,467)
Net current assets 215,095 303,939
Total assets less current liabilities 234,092 321,344
Creditors: amounts falling due after more than one year 6 ( 465,316) ( 222,668)
Provision for liabilities 7 76,982 ( 4,055)
Net (liabilities)/assets ( 154,242) 94,621
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 154,342 ) 94,521
Total shareholders' (deficit)/funds ( 154,242) 94,621

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Clearview Research Ltd (registered number: 09587075) were approved and authorised for issue by the Director. They were signed on its behalf by:

K Imafidon
Director

10 January 2024

CLEARVIEW RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
CLEARVIEW RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Clearview Research Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 86 - 90 Paul Street, London, EC2A 4ND, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 15 % reducing balance
Computer equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 11

3. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 01 June 2022 370 21,902 22,272
Additions 0 4,944 4,944
At 31 May 2023 370 26,846 27,216
Accumulated depreciation
At 01 June 2022 177 4,690 4,867
Charge for the financial year 29 3,323 3,352
At 31 May 2023 206 8,013 8,219
Net book value
At 31 May 2023 164 18,833 18,997
At 31 May 2022 193 17,212 17,405

4. Debtors

2023 2022
£ £
Trade debtors 130,762 312,046
Prepayments 28,460 24,209
Other debtors 1,791 0
161,013 336,255

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 7,352 7,352
Trade creditors 23,603 45,582
Amounts owed to directors 18 12,844
Accruals and deferred income 238,210 235,127
Corporation tax 5,771 12,764
Other taxation and social security 97,660 105,371
Other creditors 4,505 3,427
377,119 422,467

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 15,316 22,668
Other loans 450,000 200,000
465,316 222,668

There are no amounts included above in respect of which any security has been given by the small entity.

7. Provision for liabilities

2023 2022
£ £
Deferred tax ( 76,982) 4,055

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100