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REGISTERED NUMBER: 02551723 (England and Wales)















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: S Taylor
Z Marsden
A Taylor





Secretary: Z Marsden





Registered office: 3 Nimrod House
Sandys Road
Malvern
Worcestershire
WR14 1JJ





Registered number: 02551723 (England and Wales)





Auditors: Cooper Parry Group Limited
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 4 146,431 110,400

Current assets
Debtors 5 4,472,767 3,371,148
Cash at bank 294,166 217,185
4,766,933 3,588,333
Creditors
Amounts falling due within one year 6 1,892,278 686,084
Net current assets 2,874,655 2,902,249
Total assets less current liabilities 3,021,086 3,012,649

Creditors
Amounts falling due after more than one year 7 (243,658 ) (328,980 )

Provisions for liabilities (36,608 ) (27,600 )
Net assets 2,740,820 2,656,069

Capital and reserves
Called up share capital 20,000 20,000
Capital redemption reserve 20,000 20,000
Retained earnings 2,700,820 2,616,069
Shareholders' funds 2,740,820 2,656,069

CLEARPRIME LIMITED (REGISTERED NUMBER: 02551723)

Statement of Financial Position - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 3 September 2024 and were signed on its behalf by:





S Taylor - Director


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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures, fittings & equipment - 15% on reducing balance
Motor vehicles - Straight line over the life of the lease
Computer equipment - 20% on cost

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 7 (2022 - 7 ) .

4. Tangible fixed assets
Fixtures,
fittings & Motor Computer
equipment vehicles equipment Totals
£ £ £ £
Cost
At 1 January 2023 15,915 133,501 26,219 175,635
Additions - 107,894 12,210 120,104
Disposals - (98,241 ) - (98,241 )
At 31 December 2023 15,915 143,154 38,429 197,498
Depreciation
At 1 January 2023 11,641 34,226 19,368 65,235
Charge for year 641 20,560 4,885 26,086
Eliminated on disposal - (40,254 ) - (40,254 )
At 31 December 2023 12,282 14,532 24,253 51,067
Net book value
At 31 December 2023 3,633 128,622 14,176 146,431
At 31 December 2022 4,274 99,275 6,851 110,400

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 133,501
Additions 107,894
Disposals (98,241 )
At 31 December 2023 143,154
Depreciation
At 1 January 2023 34,226
Charge for year 20,560
Eliminated on disposal (40,254 )
At 31 December 2023 14,532
Net book value
At 31 December 2023 128,622
At 31 December 2022 99,275

5. Debtors: amounts falling due within one year
2023 2022
£ £
Loans and receivables 4,469,334 3,368,440
Prepayments 3,433 2,708
4,472,767 3,371,148

6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 100,000 100,000
Invoice finance facility 1,150,552 97,170
Hire purchase contracts (see note 8) 8,468 14,068
Trade creditors 316,647 306,895
Corporation tax 103,277 92,730
Directors' current accounts 151,201 1,602
Accruals 22,029 20,300
Other Creditors 40,104 53,319
1,892,278 686,084

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 100,000 100,000
Bank loans - 2-5 years 50,000 150,000
Hire purchase contracts (see note 8) 93,658 78,980
243,658 328,980

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 8,468 14,068
Between one and five years 93,658 78,980
102,126 93,048

Non-cancellable
operating leases
2023 2022
£ £
Within one year 28,548 29,178
Between one and five years 93,230 74,128
121,778 103,306

9. Secured debts

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 250,000 350,000
Invoice finance facility 1,150,552 97,170
Hire purchase contracts 102,126 93,048
1,502,678 540,218

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.

Andrew Hughes FCA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited

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.