Registered number
09586562
Clarity Ventures Ltd
Unaudited Filleted Accounts
31 May 2024
Clarity Ventures Ltd
Registered number: 09586562
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 11,832 15,776
Tangible assets 4 2,909 2,905
14,741 18,681
Current assets
Debtors 5 22,018 21,501
Cash at bank and in hand 48,209 59,171
70,227 80,672
Creditors: amounts falling due within one year 6 (27,813) (48,820)
Net current assets 42,414 31,852
Total assets less current liabilities 57,155 50,533
Provisions for liabilities (553) (625)
Net assets 56,602 49,908
Capital and reserves
Called up share capital 2 2
Profit and loss account 56,600 49,906
Shareholders' funds 56,602 49,908
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A M F A Meriden
Director
Approved by the board on 13 August 2024
Clarity Ventures Ltd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computers 25% straight line
Fixtures and fittings 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 26 26
3 Intangible fixed assets £
Franchise fee:
Cost
At 1 June 2023 39,440
At 31 May 2024 39,440
Amortisation
At 1 June 2023 23,664
Provided during the year 3,944
At 31 May 2024 27,608
Net book value
At 31 May 2024 11,832
At 31 May 2023 15,776
The franchise fee is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 6,375
Additions 919
At 31 May 2024 7,294
Depreciation
At 1 June 2023 3,470
Charge for the year 915
At 31 May 2024 4,385
Net book value
At 31 May 2024 2,909
At 31 May 2023 2,905
5 Debtors 2024 2023
£ £
Trade debtors 18,991 18,926
Other debtors 3,027 2,575
22,018 21,501
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 9,060 17,183
Other creditors 18,753 31,637
27,813 48,820
7 Directors' Transactions
Director's interest free loan to the company:
B/fwd repaid C/fwd
£ £ £
A M F A Meriden 25,433 (20,433) 5,000
25,433 (20,433) 5,000
8 Other information
Clarity Ventures Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Suite 7
Link House
140 Tolworth Broadway
Surbiton
KT6 7HT
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