REGISTERED NUMBER: |
CLEARPRIME LIMITED |
Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
CLEARPRIME LIMITED |
Financial Statements for the Year Ended 31 December 2023 |
CLEARPRIME LIMITED (REGISTERED NUMBER: 02551723) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 7 |
CLEARPRIME LIMITED |
Company Information |
for the year ended 31 December 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
CUBO Birmingham |
3rd Floor |
Two Chamberlain Square |
Birmingham |
West Midlands |
B3 3AX |
CLEARPRIME LIMITED (REGISTERED NUMBER: 02551723) |
Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Capital redemption reserve |
Retained earnings |
Shareholders' funds |
CLEARPRIME LIMITED (REGISTERED NUMBER: 02551723) |
Statement of Financial Position - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CLEARPRIME LIMITED (REGISTERED NUMBER: 02551723) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | Statutory information |
Clearprime Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
2. | Accounting policies |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Going concern |
The directors consider that the company has sufficient resources to continue operating as a going concern for a period of at least twelve months from the date of signing the financial statements. The financial statements have therefore been prepared on a going concern basis. |
Turnover |
Turnover comprises fees for the provision of invoice factoring services, net of VAT, and is recognised as explained below. |
Service fee |
The company provides invoice factoring services which incurs a service charge fee. Income for this service is recognised as the service is provided. |
The total turnover for the company for the year has been derived from its principal activity wholly undertaken in the UK. |
Tangible fixed assets |
Fixtures, fittings & equipment | - |
Motor vehicles | - |
Computer equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
CLEARPRIME LIMITED (REGISTERED NUMBER: 02551723) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
Hire purchase and leasing commitments |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. |
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Fixtures, |
fittings & | Motor | Computer |
equipment | vehicles | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
CLEARPRIME LIMITED (REGISTERED NUMBER: 02551723) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
4. | Tangible fixed assets - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
Cost |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
5. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Loans and receivables |
Prepayments |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Invoice finance facility |
Hire purchase contracts (see note 8) |
Trade creditors |
Corporation tax |
Directors' current accounts | 151,201 | 1,602 |
Accruals |
Other Creditors | 40,104 | 53,319 |
Included in bank loans is an amount totalling £250,000 which relates to the Coronavirus Business Interruption Loan Scheme (CBILS). A guarantee from the UK Government to Lloyds Bank Plc has been provided for the bank loan under CBIL scheme. The loan attracts interest of 1.89% plus Bank of England base rate and is due to be repaid by 30 June 2026. |
7. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans |
Bank loans - 2-5 years |
Hire purchase contracts (see note 8) |
CLEARPRIME LIMITED (REGISTERED NUMBER: 02551723) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
8. | Leasing agreements |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable |
operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
9. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Invoice finance facility |
Hire purchase contracts | 102,126 | 93,048 |
Bank Loans are secured by a fixed and floating charge. |
In 2017 the company undertook a re-financing exercise in which the new funders, Ultimate Invoice Finance Ltd registered a fixed and floating charge. |
All charges are registered at Companies House. |
10. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | Related party disclosures |
During the year, total dividends of £270,000 (2022 - £260,000) were paid to the directors . |
During the year rent payments of £28,600 (2022 - £27,600) were paid into one of the director's self-invested personal pension scheme. |
At the year end, loans of £40,104 (2022 - £52,521) included within other creditors were owed to close related parties. |
12. | Ultimate controlling party |
The controlling party is Mr S Taylor by virtue of holding 60% of the issued ordinary share capital in the company. |