17 false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2021 - FRS102_2021 78,294 78,294 78,294 xbrli:pure xbrli:shares iso4217:GBP 10455411 2022-12-01 2023-11-30 10455411 2023-11-30 10455411 2022-11-30 10455411 2021-12-01 2022-11-30 10455411 2022-11-30 10455411 core:PlantMachinery 2022-12-01 2023-11-30 10455411 core:FurnitureFittings 2022-12-01 2023-11-30 10455411 core:MotorVehicles 2022-12-01 2023-11-30 10455411 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 10455411 bus:Director1 2022-12-01 2023-11-30 10455411 core:WithinOneYear 2023-11-30 10455411 core:WithinOneYear 2022-11-30 10455411 core:LandBuildings core:OwnedOrFreeholdAssets 2022-11-30 10455411 core:PlantMachinery 2022-11-30 10455411 core:FurnitureFittings 2022-11-30 10455411 core:MotorVehicles 2022-11-30 10455411 core:LandBuildings core:OwnedOrFreeholdAssets 2023-11-30 10455411 core:PlantMachinery 2023-11-30 10455411 core:FurnitureFittings 2023-11-30 10455411 core:MotorVehicles 2023-11-30 10455411 core:ShareCapital 2023-11-30 10455411 core:ShareCapital 2022-11-30 10455411 core:RetainedEarningsAccumulatedLosses 2023-11-30 10455411 core:RetainedEarningsAccumulatedLosses 2022-11-30 10455411 core:CostValuation core:Non-currentFinancialInstruments 2022-11-30 10455411 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-11-30 10455411 core:Non-currentFinancialInstruments 2022-11-30 10455411 core:LandBuildings core:OwnedOrFreeholdAssets 2022-11-30 10455411 core:PlantMachinery 2022-11-30 10455411 core:FurnitureFittings 2022-11-30 10455411 core:MotorVehicles 2022-11-30 10455411 bus:SmallEntities 2022-12-01 2023-11-30 10455411 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 10455411 bus:FullAccounts 2022-12-01 2023-11-30 10455411 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 10455411 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 10455411 bus:OrdinaryShareClass1 2023-11-30 10455411 bus:OrdinaryShareClass1 2022-11-30 10455411 core:ComputerEquipment 2022-12-01 2023-11-30 10455411 core:ComputerEquipment 2022-11-30 10455411 core:ComputerEquipment 2023-11-30
COMPANY REGISTRATION NUMBER: 10455411
Clearance Stock Supplies Limited
Filleted Unaudited Financial Statements
30 November 2023
Clearance Stock Supplies Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
1,614,719
1,671,413
Investments
6
78,294
------------
------------
1,614,719
1,749,707
Current assets
Stocks
312,590
223,370
Debtors
7
935,395
560,019
Cash at bank and in hand
3,010,731
2,684,638
------------
------------
4,258,716
3,468,027
Creditors: amounts falling due within one year
8
624,531
1,768,810
------------
------------
Net current assets
3,634,185
1,699,217
------------
------------
Total assets less current liabilities
5,248,904
3,448,924
Provisions
10,000
18,300
------------
------------
Net assets
5,238,904
3,430,624
------------
------------
Capital and reserves
Called up share capital
9
2
2
Profit and loss account
5,238,902
3,430,622
------------
------------
Shareholders funds
5,238,904
3,430,624
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Clearance Stock Supplies Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 1 August 2024 , and are signed on behalf of the board by:
Mr P J O'Sullivan
Director
Company registration number: 10455411
Clearance Stock Supplies Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Canal Foundry, Blast Lane, Sheffield, South Yorkshire, S4 7TA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% straight line
Fixtures and fittings
-
15% straight line
Motor vehicles
-
25% straight line
Equipment
-
33% straight line
Freehold property is not depreciated.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2022: 16 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Dec 2022
1,575,365
22,894
27,526
93,396
4,648
1,723,829
Additions
1,403
1,403
Disposals
( 65,646)
( 65,646)
------------
--------
--------
--------
-------
------------
At 30 Nov 2023
1,575,365
24,297
27,526
27,750
4,648
1,659,586
------------
--------
--------
--------
-------
------------
Depreciation
At 1 Dec 2022
8,353
11,871
27,572
4,620
52,416
Charge for the year
3,222
4,054
21,521
28
28,825
Disposals
( 36,374)
( 36,374)
------------
--------
--------
--------
-------
------------
At 30 Nov 2023
11,575
15,925
12,719
4,648
44,867
------------
--------
--------
--------
-------
------------
Carrying amount
At 30 Nov 2023
1,575,365
12,722
11,601
15,031
1,614,719
------------
--------
--------
--------
-------
------------
At 30 Nov 2022
1,575,365
14,541
15,655
65,824
28
1,671,413
------------
--------
--------
--------
-------
------------
6. Investments
Other investments other than loans
£
Cost
At 1 December 2022
78,294
Disposals
( 78,294)
--------
At 30 November 2023
--------
Impairment
At 1 December 2022 and 30 November 2023
--------
Carrying amount
At 30 November 2023
--------
At 30 November 2022
78,294
--------
7. Debtors
2023
2022
£
£
Prepayments and accrued income
326,265
98,931
Other debtors
609,130
461,088
---------
---------
935,395
560,019
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
744,485
Trade creditors
86,452
103,041
Accruals and deferred income
63,408
39,437
Corporation tax
160,369
416,132
Social security and other taxes
83,275
178,574
Director loan accounts
234,638
269,705
Other creditors
(3,611)
17,436
---------
------------
624,531
1,768,810
---------
------------
The bank loan with Santander Bank, is secured by a fixed and floating charge over the property at Canal Works, Blast Lane, Sheffield. The loan has been fully repaid in the year.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----