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
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
Clarity Brands Ltd
Statement of financial position
as at 31 July 2023
Tangible assets
8,023
10,193
Cash at bank and in hand
37,928
63,530
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)
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
Clarity Brands Ltd
Notes to the Accounts
for the year ended 31 July 2023
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.
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.
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.
The accounts are presented in £ sterling.
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 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 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.
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.
Clarity Brands Ltd
Notes to the Accounts
for the year ended 31 July 2023
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 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.
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
Disposals
(191)
(201)
(399)
(791)
At 31 July 2023
1,317
20,053
8,098
29,468
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
At 31 July 2023
292
4,744
2,987
8,023
At 31 July 2022
488
6,386
3,319
10,193
Amounts falling due within one year
Accrued income and prepayments
320
290
6
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
-
8,430
Loans from directors
41
1,028
Clarity Brands Ltd
Notes to the Accounts
for the year ended 31 July 2023
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).