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Registration number: 08172135

Just Clear Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Just Clear Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Just Clear Ltd

Company Information

Directors

Breandan O'Se

Cindy O'Shea

Registered office

EC1 Business Exchange
80 - 83 Long Lane
London
EC1A 9ET

Accountants

Carbon Accountancy Limited
Chartered Accountants
80-83 Long Lane
London
EC1A 9ET

 

Just Clear Ltd

(Registration number: 08172135)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

44,290

83,974

Current assets

 

Stocks

4

-

15,700

Debtors

5

494,327

441,245

Cash at bank and in hand

 

826

5,775

 

495,153

462,720

Creditors: Amounts falling due within one year

6

(710,793)

(474,442)

Net current liabilities

 

(215,640)

(11,722)

Total assets less current liabilities

 

(171,350)

72,252

Creditors: Amounts falling due after more than one year

6

(14,511)

(36,185)

Provisions for liabilities

(4,220)

(9,649)

Net (liabilities)/assets

 

(190,081)

26,418

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

(190,083)

26,416

Shareholders' (deficit)/funds

 

(190,081)

26,418

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Just Clear Ltd

(Registration number: 08172135)
Balance Sheet as at 31 August 2023

Approved and authorised by the Board on 21 August 2024 and signed on its behalf by:
 

.........................................
Breandan O'Se
Director

 

Just Clear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The Company’s financial statements for the year ended reflect a net deficiency of assets of £190,081. This is primarily due to the substantial investment made in advertisement and consultancy initiatives aimed at driving future growth. The directors have made an assessment of the Company’s ability to continue as a going concern, considering all relevant factors, including the current and projected financial performance of the Company. The directors note that, subsequent to the year-end, the Company has experienced an improvement in its financial performance.
Based on these developments, the directors have a reasonable expectation that the Company will be able to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis, which assumes that the Company will be able to realise its assets and discharge its liabilities in the normal course of business.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Just Clear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% Straight line basis

Office equipment

25% Straight line basis

Fixtures and fittings

25% Straight line basis

Plant and machinery

25% Straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Just Clear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2022 - 28).

 

Just Clear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

3

Tangible assets

Short leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 September 2022

12,525

12,420

11,270

169,975

Additions

-

-

2,480

8,978

At 31 August 2023

12,525

12,420

13,750

178,953

Depreciation

At 1 September 2022

6,262

11,357

6,847

97,750

Charge for the year

3,131

1,063

4,594

42,354

At 31 August 2023

9,393

12,420

11,441

140,104

Carrying amount

At 31 August 2023

3,132

-

2,309

38,849

At 31 August 2022

6,263

1,063

4,423

72,225

Total
£

Cost or valuation

At 1 September 2022

206,190

Additions

11,458

At 31 August 2023

217,648

Depreciation

At 1 September 2022

122,216

Charge for the year

51,142

At 31 August 2023

173,358

Carrying amount

At 31 August 2023

44,290

At 31 August 2022

83,974

Included within the net book value of land and buildings above is £3,132 (2022 - £6,263) in respect of short leasehold land and buildings.
 

 

Just Clear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Stocks

2023
£

2022
£

Other inventories

-

15,700

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

156,204

246,193

Amounts owed by related parties

164,678

184,178

Prepayments

 

6,476

10,874

Other debtors

 

166,969

-

   

494,327

441,245

 

Just Clear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

36,000

50,048

Trade creditors

 

230,704

154,572

Taxation and social security

 

430,255

234,699

Accruals and deferred income

 

3,750

5,990

Other creditors

 

10,084

29,133

 

710,793

474,442

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

14,511

36,185

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

8

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £Nil (2022 - £85,364.00) per ordinary share

 

-

 

170,727

         

9

Parent and ultimate parent undertaking

The company's immediate parent is JBB Group Ltd, incorporated in England and Wales.