Caseware UK (AP4) 2023.0.135 2023.0.135 Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: select suitable accounting policies for the Company's financial statements and then apply them consistently; make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.We have audited the financial statements of Clever Stuff (International) Ltd, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the year ended 31 December 2023, and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in the preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. In their opinion, Clever Stuff (International) Ltd's financial statements: give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2023 and of its financial performance for the year then ended; and have been prepared in accordance with the requirements of the Companies Act 2006.In the light of the knowledge and understanding of the Company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' reportand the Strategic Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in their opinion: adequate accounting records have not been kept, or returns adequate for their audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of directors' remuneration specified by law are not made; or we have not received all the information and explanations we require for their audit; or the directors were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Directors' report.Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process. The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection requirements in the jurisdictions in which the Company operates and holds data, non-compliance related to employment regulation in the UK and other environment regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgments and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statement. In response to these principal risks, our audit procedures included but were not limited inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; review of minutes of board meetings during the year to corroborate inquiries made; gaining an understanding of the internal controls established to mitigate risk related to fraud; discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing challenging assumptions and judgments made by management in their significant accounting estimates, including recoverability of debtors and stock; and review of the financial statement disclosures to underlying supporting documentation and inquiries of management The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.The financial statements are presented in Sterling (£). The Company's functional and presentational currency is GBP.Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: the Company has transferred the significant risks and rewards of ownership to the buyer; the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due under the transaction; and the costs incurred or to be incurred in respect of the transaction can be measured reliably.Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is 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.Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.Recoverability of debtors The Company has made judgments when assessing the impairment of its debtors. Outstanding balances have been grouped on the basis of similar risk characteristics such as past-due status, and impairment has been reviewed with reference to historical loss experience updated for current conditions. Recoverability of stocks The Company has made judgments when assessing the impairment of its stock. Slow moving stock, overstocked and obsolete items are reviewed regularly, and impairment has been reviewed with reference to historical loss experience updated for current conditions.true2023-01-01false00truefalse 03506855 2023-01-01 2023-12-31 03506855 2022-01-01 2022-12-31 03506855 2023-12-31 03506855 2022-12-31 03506855 2022-01-01 03506855 c:CompanySecretary1 2023-01-01 2023-12-31 03506855 c:Director1 2023-01-01 2023-12-31 03506855 c:Director3 2023-01-01 2023-12-31 03506855 c:RegisteredOffice 2023-01-01 2023-12-31 03506855 c:Agent1 2023-01-01 2023-12-31 03506855 d:ComputerEquipment 2023-01-01 2023-12-31 03506855 d:ComputerEquipment 2023-12-31 03506855 d:ComputerEquipment 2022-12-31 03506855 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03506855 d:CurrentFinancialInstruments 2023-12-31 03506855 d:CurrentFinancialInstruments 2022-12-31 03506855 d:UKTax 2023-01-01 2023-12-31 03506855 d:UKTax 2022-01-01 2022-12-31 03506855 d:ShareCapital 2023-12-31 03506855 d:ShareCapital 2022-12-31 03506855 d:ShareCapital 2022-01-01 03506855 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03506855 d:RetainedEarningsAccumulatedLosses 2023-12-31 03506855 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 03506855 d:RetainedEarningsAccumulatedLosses 2022-12-31 03506855 d:RetainedEarningsAccumulatedLosses 2022-01-01 03506855 c:OrdinaryShareClass1 2023-01-01 2023-12-31 03506855 c:OrdinaryShareClass1 2022-01-01 2022-12-31 03506855 c:OrdinaryShareClass1 2023-12-31 03506855 c:OrdinaryShareClass1 2022-12-31 03506855 c:FRS102 2023-01-01 2023-12-31 03506855 c:Audited 2023-01-01 2023-12-31 03506855 c:FullAccounts 2023-01-01 2023-12-31 03506855 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03506855 1 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

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Financial Statements
Clever Stuff (International) Ltd
For the year ended 31 December 2023





































Registered number: 03506855

 
Clever Stuff (International) Ltd
 

Company Information


Directors
Frank Salmon 
Tom Burke 




Company secretary
Tom Burke



Registered number
03506855



Registered office
7 Devonshire Square
London

United Kingdom

EC2M 4YH




Independent auditor
Grant Thornton
Chartered Accountants &  
Statutory Auditors

13-18 City Quay

Dublin 2




Bankers
Barclays Bank Plc
1 Churchill Place

London

E14 5HP





 
Clever Stuff (International) Ltd
 

Contents



Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 19

 
Clever Stuff (International) Ltd
 

Strategic report
For the year ended 31 December 2023

Principal activity
 
The principal activities of Clever Stuff International Limited ("the Company") include wholesale of computers, computer peripheral equipment and software information technology consultancy activities.

Business review
 
During the year, turnover increased by £8,479,184 or 206% due to the increase in trading via direct drop online marketplaces in the current year. Further, profit after tax was recognised in the year of €30,302 (2022: £163,668). Total shareholders' funds at 31 December 2023 was £348,220 (2022: £317,918). The Company had strong liquidity with net current assets of £348,220, including £817,070 of cash, which the directors assess to satisfy the projected needs of the Company for the foreseeable term.

Future developments

It is the intention of the directors to continue its present activities of the Company in the coming year.

Principal risks and uncertainties
 
Economic risk
The risk of increased interest rates and/or inflation having an adverse impact on served markets. The risk of unrealistic increases in wages or infrastructural cost impacting adversely on competitiveness of the Company and its principal customers. The risk of adverse exchange movements. These risks are managed by innovative product sourcing and strict control of costs.

Competition risk
The directors of the Company manage competition risk through close attention to maintaining excellent customer service levels and providing innovative product offerings.

Financial risk
The Company has budgetary and financial reporting procedures, supported by appropriate key performance indicators, to manage credit, liquidity and other financial risk. 

Foreign exchange transactional currency exposure
The Company is exposed to currency exchange rate risk due to a significant proportion of its receivables and operating expenses being denominated in non-GBP currencies. The net exposure of each currency is monitored and managed by the Company on a continuous basis.

Liquidity risk
The objective of the Company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The Company expects to meet its financial obligations through operating cash flows. In the event that the operating cash flows would not cover all the financial obligations the Company has credit facilities available.

Page 1

 
Clever Stuff (International) Ltd
 

Strategic report (continued)
For the year ended 31 December 2023


This report was approved by the board and signed on its behalf.



................................................
Tom Burke
Director

Date: 7 June 2024

Page 2

 
Clever Stuff (International) Ltd
 
 
Directors' report
For the year ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Results and dividends

The profit for the year, after taxation, amounted to £30,302 (2022: £163,668).

The directors declared dividends in the amount of £Nil (2022: £Nil). No dividends were declared post year-end.

Directors

The directors who served during the year were:

Frank Salmon 
Tom Burke 

Political donations

No political donations were made and no political expenditure was incurred during the year (2022: £Nil).

Research and development activities

No research and development activities was incurred during the year (2022: £Nil).

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Events since the end of the financial year

There were no events since the end of the financial year.

Auditor

The auditor, Grant Thorntonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
Tom Burke
Director

Date: 7 June 2024
Page 3

 
Clever Stuff (International) Ltd
 

Directors' responsibilities statement
For the year ended 31 December 2023

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the board



................................................
Tom Burke
Director

Date: 7 June 2024

Page 4

 
 
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Independent auditor's report to the members of Clever Stuff (International) Ltd
 
Opinion


We have audited the financial statements of Clever Stuff (International) Ltd, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the year ended 31 December 2023, and the related notes to the financial statements, including a summary of significant accounting policies.  

The financial reporting framework that has been applied in the preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.


In their opinion, Clever Stuff (International) Ltd's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2023 and of its financial performance for the year then ended; and


have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted their audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of their report. We are independent of the Company in accordance with the ethical requirements that are relevant to their audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled their other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for their opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.
Page 5

 
 
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Independent auditor's report to the members of Clever Stuff (International) Ltd (continued)



Other information


Other information comprises the information included in the annual report, other than the financial statements and their Auditor's report thereon, including the Directors' reportand the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in their report, we do not express any form of assurance conclusion thereon.


In connection with their audit of the financial statementstheir responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or their knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
the information given in the Directors' reportand the Strategic Report for the year for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' reportand the Strategic Report have been prepared in accordance with applicable legal requirements. 

Matters on which we are required to report by exception


In the light of the knowledge and understanding of the Company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' reportand the Strategic Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in their opinion:


adequate accounting records have not been kept, or returns adequate for their audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for their audit; or

the directors were not entitled to take advantage of the small companies' exemptions from the  requirement to prepare a strategic report or in preparing the Directors' report.
Page 6

 
 
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Independent auditor's report to the members of Clever Stuff (International) Ltd (continued)

Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
 
In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection requirements in the jurisdictions in which the Company operates and holds data, non-compliance related to employment regulation in the UK and other environment regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgments and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statement.
 
Page 7

 
 
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Independent auditor's report to the members of Clever Stuff (International) Ltd (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

In response to these principal risks, our audit procedures included but were not limited

inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
review of minutes of board meetings during the year to corroborate inquiries made;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing challenging assumptions and judgments made by management in their significant accounting estimates, including recoverability of debtors and stock; and
review of the financial statement disclosures to underlying supporting documentation and inquiries of management

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
 

This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.



 
 
Cathal Kelly (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants
& Statutory Auditors
13-18 City Quay
Dublin  2

Date: 7 June 2024
Page 8

 
Clever Stuff (International) Ltd
 

Statement of comprehensive income
For the year ended 31 December 2023

2023
2022
Note
 £
£

  

Turnover
  
12,588,530
4,109,346

Cost of sales
  
(11,785,942)
(3,776,657)

Gross profit
  
802,588
332,689

Administrative expenses
  
(734,798)
(124,568)

Other operating income
  
12,773
-

Operating profit
  
80,563
208,121

Interest payable and expenses
  
(5,264)
(48)

Profit before tax
  
75,299
208,073

Tax on profit
 5 
(44,997)
(44,405)

Profit for the financial year
  
30,302
163,668

All amounts relate to continuing operations.
There was no other comprehensive income for 2023 (2022: £Nil).

The notes on pages 12 to 19 form part of these financial statements.
Page 9

 
Clever Stuff (International) Ltd
Registered number:03506855

Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
-
21,281

Current assets
  

Stocks
 7 
1,467,407
168,564

Debtors: amounts falling due within one year
 8 
8,836,082
5,782,390

Cash at bank and in hand
 9 
817,070
257,807

  
11,120,559
6,208,761

Current liabilities
  

Creditors: amounts falling due within one year
 10 
(10,772,339)
(5,912,124)

Net current assets
  
 
 
348,220
 
 
296,637

Net assets
  
348,220
317,918


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
348,120
317,818

Shareholders' funds
  
348,220
317,918



The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Tom Burke
Director

Date: 7 June 2024

The notes on pages 12 to 19 form part of these financial statements.
Page 10

 
Clever Stuff (International) Ltd
 

Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
100
154,150
154,250


Comprehensive income for the year

Profit for the year

-
163,668
163,668


At 1 January 2023
100
317,818
317,918


Comprehensive income for the year

Profit for the year
-
30,302
30,302


At 31 December 2023
100
348,120
348,220

The notes on pages 12 to 19 form part of these financial statements.

Page 11

 
Clever Stuff (International) Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Clever Stuff (International) Limited ("the Company") is a limited company which is incorporated and registered in the United Kingdom with registered office at 7, Devonshire Square, London, EC2M 4YH. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are presented in Sterling (£). 

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

Page 12

 
Clever Stuff (International) Ltd
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 13

 
Clever Stuff (International) Ltd
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 14

 
Clever Stuff (International) Ltd
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.10

 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
20% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The judgments, estimates and assumptions used in the financial statements are based upon management’s evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results could differ from these estimates, and the effect of any change in estimates will be adjusted in the financial statements when they become reasonably determinable.
Judgments, estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under these circumstances.
Judgments
In the process of applying the Company’s accounting policies, management has made the following judgments, apart from those involving estimations, which have the most significant effect on the amounts recognised in the financial statements:

Recoverability of debtors
The Company has made judgments when assessing the impairment of its debtors. Outstanding balances have been grouped on the basis of similar risk characteristics such as past-due status, and impairment has been reviewed with reference to historical loss experience updated for current conditions.

Recoverability of stocks
The Company has made judgments when assessing the impairment of its stock. Slow moving stock, overstocked and obsolete items are reviewed regularly, and impairment has been reviewed with reference to historical loss experience updated for current conditions.
 

Page 15

 
Clever Stuff (International) Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

4.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022: £Nil).
Employees costs amounting to £718,928 (2022: £24,827) are cross-charges from group undertakings working on the Company's administrative roles.


5.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
44,997
44,405



Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of25% (per 1 April 2023, until that date 19%, 2022:19%). The differences are explained below:

2023
2022
£
£


Profit before tax
75,299
208,073


Profit multiplied by standard rate of corporation tax in the UK of 25% (per 1 April 2023, until that date 19%, 2022: 19%)
17,695
39,534

Effects of:


Expenses not deductible for tax purposes
23,638
1,909

Capital allowances for year in excess of depreciation
3,664
2,962

Total tax charge for the year
44,997
44,405




Factors that may affect future tax charges

There were no factors that may affect future tax charges.


Page 16

 
Clever Stuff (International) Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

6.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
77,953


Disposals
(62,362)



At 31 December 2023

15,591



Depreciation


At 1 January 2023
56,672


Charge for the year
15,591


Disposals
(56,672)



At 31 December 2023

15,591



Net book value



At 31 December 2023
-



At 31 December 2022
21,281


7.


Stocks

2023
2022
£
£

Finished goods and goods for resale
1,467,407
168,564




8.


Debtors: Amounts falling due within one year

2023
2022
£
£


Trade debtors
189,180
271,466

Amounts owed by group undertakings
7,060,573
5,387,834

Other debtors
697,326
10,899

Prepayments and accrued income
829,673
112,191

Tax recoverable
59,330
-

8,836,082
5,782,390


Page 17

 
Clever Stuff (International) Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

8.Debtors: Amounts falling due within one year (continued)

Amount owed by group undertakings are unsecured, interest free, have no fixed rate of repayment and are repayable on demand.


9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
817,070
257,807



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
4,593
65,291

Amounts owed to group undertakings
10,698,323
5,596,713

Corporation tax
19,997
44,405

VAT payable
8,661
72,406

Other creditors
36,113
-

Accruals and deferred income
4,652
133,309

10,772,339
5,912,124


Amounts owed to group undertakings includes £270,670 (2022: £Nil) to PDT Limited.
Amount owed to group undertakings are unsecured, interest free, have no fixed rate of repayment and are repayable on demand.
Corporation tax and other taxes are repayable at various dates over the coming months in accordance with the applicable statutory provision.


11.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



100 (2022: 100) Ordinary shares of £1.00 each
100
100


Page 18

 
Clever Stuff (International) Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

12.


Related party transactions

PDT Limited is a related entity given it is controlled by the same ultimate parent company but not wholly owned subsidiary. Expense recharges during the year amounted to £197,668 (2022: £31,347) from PDT Limited.
The Company has availed of the exemptions in FRS102 Section 33, Paragraph 33.1A which allows non-disclosure of transactions between two or more members of the group, provided that any subsidiary is a party to the transactions is wholly owned by such a member.


13.


Controlling party

The Company's immediate controlling party and parent undertaking is Storit Limited, a company registered in the Republic of Ireland.
The largest and smallest consolidated accounts to include the results of the Company are those of Storit Limited, which are publicly available at the Companies Registration Office, Dublin 1, Ireland.
The Company's ultimate controlling party is Mr. Frank Salmon, a director and majority shareholder of the parent company, Storit Limited.

Page 19