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Company Registration No. 07308456 (England and Wales)
Clarity Brands Ltd Unaudited accounts for the year ended 31 July 2023
Clarity Brands Ltd Unaudited accounts Contents
Page
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Clarity Brands Ltd Company Information for the year ended 31 July 2023
Directors
Graham John Perrin Natasha Lisa Perrin
Company Number
07308456 (England and Wales)
Registered Office
Mad About Bookkeeping Ltd Wolfe Mead, Farnham Road Bordon Hampshire GU35 0NH UK
Accountants
M A Accountancy Group Wolfe Mead Farnham Road Bordon Hampshire GU35 0NH
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Clarity Brands Ltd Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
8,023 
10,193 
Current assets
Inventories
3,040 
29,564 
Debtors
3,905 
7,468 
Cash at bank and in hand
37,928 
63,530 
44,873 
100,562 
Creditors: amounts falling due within one year
(904)
(10,593)
Net current assets
43,969 
89,969 
Total assets less current liabilities
51,992 
100,162 
Provisions for liabilities
Deferred tax
(1,524)
(1,937)
Net assets
50,468 
98,225 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
50,466 
98,223 
Shareholders' funds
50,468 
98,225 
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 February 2024 and were signed on its behalf by
Graham John Perrin Director Company Registration No. 07308456
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Clarity Brands Ltd Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
Clarity Brands Ltd is a private company, limited by shares, registered in England and Wales, registration number 07308456. The registered office is Mad About Bookkeeping Ltd, Wolfe Mead, Farnham Road, Bordon, Hampshire, GU35 0NH, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
As explained in the going concern note, the directors intend to wind the company up in April 2024. The financial statements have been prepared on a breakup basis which includes, where applicable, writing the company’s assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers. Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred income.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance
Motor vehicles
25% reducing balance
Computer equipment
20% reducing balance
Stocks
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred taxation
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 accounts. 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.
Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Clarity Brands Ltd Notes to the Accounts for the year ended 31 July 2023
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Going concern
The Directors intend to wind the company up in April 2024. Therefore the financial statements have been prepared on a breakup basis.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 August 2022
1,508 
20,254 
8,348 
30,110 
Additions
- 
- 
149 
149 
Disposals
(191)
(201)
(399)
(791)
At 31 July 2023
1,317 
20,053 
8,098 
29,468 
Depreciation
At 1 August 2022
1,020 
13,868 
5,029 
19,917 
Charge for the year
52 
1,581 
277 
1,910 
On disposals
(47)
(140)
(195)
(382)
At 31 July 2023
1,025 
15,309 
5,111 
21,445 
Net book value
At 31 July 2023
292 
4,744 
2,987 
8,023 
At 31 July 2022
488 
6,386 
3,319 
10,193 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
963 
7,178 
Accrued income and prepayments
320 
290 
Other debtors
2,622 
- 
3,905 
7,468 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
63 
335 
Taxes and social security
- 
8,430 
Loans from directors
41 
1,028 
Accruals
800 
800 
904 
10,593 
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Clarity Brands Ltd Notes to the Accounts for the year ended 31 July 2023
7
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2 
2 
8
Average number of employees
During the year the average number of employees was 2 (2022: 2).
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