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Registration number: 04438750

Clear Solutions (Financial Planning) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Clear Solutions (Financial Planning) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Clear Solutions (Financial Planning) Limited

Company Information

Directors

Mr E C Wynne

Mrs V Wynne

Company secretary

Mrs V Wynne

Registered office

1 Park View
Arrow
Alcester
Warwickshire
B49 5PN

Accountants

Robert M W Wood
27 Silver Birch Drive
Hollywood
Birmingham
B47 5RB

 

Clear Solutions (Financial Planning) Limited

(Registration number: 04438750)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,094

222

Current assets

 

Debtors

5

1,006

18,840

Cash at bank and in hand

 

42,552

50,772

 

43,558

69,612

Creditors: Amounts falling due within one year

6

(5,967)

(16,218)

Net current assets

 

37,591

53,394

Net assets

 

39,685

53,616

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

38,685

52,616

Shareholders' funds

 

39,685

53,616

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 February 2024 and signed on its behalf by:
 

.........................................
Mr E C Wynne
Director

 

Clear Solutions (Financial Planning) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Park View
Arrow
Alcester
Warwickshire
B49 5PN
United Kingdom

These financial statements were authorised for issue by the Board on 20 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Clear Solutions (Financial Planning) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% on reducing balance

Computer equipment

33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are paid.

 

Clear Solutions (Financial Planning) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

15,492

15,492

Additions

2,909

2,909

At 31 May 2023

18,401

18,401

Depreciation

At 1 June 2022

15,270

15,270

Charge for the year

1,037

1,037

At 31 May 2023

16,307

16,307

Carrying amount

At 31 May 2023

2,094

2,094

At 31 May 2022

222

222

5

Debtors

Current

2023
£

2022
£

Trade debtors

(3,300)

15,972

Prepayments

1,266

2,060

Other debtors

3,040

808

 

1,006

18,840

 

Clear Solutions (Financial Planning) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

trade creditors

 

4,157

(144)

Amounts owed to directors and other related parties

8

-

10,000

Other creditors

 

1,810

6,362

 

5,967

16,218

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

8

Related party transactions

Transactions with directors

2023

At 1 June 2022
£

Repaid to director
£

At 31 May 2023
£

Mr E C Wynne

Loan

10,000

(10,000)

-

       
     

 

2022

At 1 June 2021
£

Advanced by director
£

Repaid to director
£

At 31 May 2022
£

Mr E C Wynne

Loan

7,000

30,000

(27,000)

10,000

         
       

 

9

Parent and ultimate parent undertaking

The ultimate controlling party is Mr E C Wynne.