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Clarke Accountancy Limited
Financial Statements
For The Year Ended 30 November 2023
Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 10459001
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 13,500 13,500
Tangible Assets 4 163,861 165,174
177,361 178,674
CURRENT ASSETS
Debtors 5 4,812 6,666
Cash at bank and in hand 2,458 6,617
7,270 13,283
Creditors: Amounts Falling Due Within One Year 6 (63,223 ) (67,530 )
NET CURRENT ASSETS (LIABILITIES) (55,953 ) (54,247 )
TOTAL ASSETS LESS CURRENT LIABILITIES 121,408 124,427
Creditors: Amounts Falling Due After More Than One Year 7 (81,699 ) (85,818 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (464 ) (566 )
NET ASSETS 39,245 38,043
CAPITAL AND RESERVES
Called up share capital 8 1 1
Other reserves 17,897 17,897
Income Statement 21,347 20,145
SHAREHOLDERS' FUNDS 39,245 38,043
Page 1
Page 2
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Edward Clarke
Director
10/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Clarke Accountancy Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10459001 . The registered office is Dashwood House, 1 Tyrells Road, Great Yarmouth, Norfolk, NR31 0AR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Not depreciated
Plant & Machinery 18% reducing balance
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost
As at 1 December 2022 157,111 11,827 168,938
Additions - 213 213
Disposals - (44 ) (44 )
As at 30 November 2023 157,111 11,996 169,107
Depreciation
As at 1 December 2022 - 3,764 3,764
Provided during the period - 1,482 1,482
As at 30 November 2023 - 5,246 5,246
Net Book Value
As at 30 November 2023 157,111 6,750 163,861
As at 1 December 2022 157,111 8,063 165,174
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 4,060 6,196
Prepayments and accrued income 752 470
4,812 6,666
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 181 3,852
Bank loans and overdrafts 12,207 10,214
Corporation tax 2,258 5,665
Director's loan account 48,577 47,799
63,223 67,530
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 81,699 85,818
81,699 85,818
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8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
Page 5