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Registered number: 15008684
Clear Edge International Search & Selection Ltd
Unaudited Financial Statements
For the Period 17 July 2023 to 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 15008684
31 July 2024
Notes £ £
FIXED ASSETS
Intangible Assets 4 1,200
Tangible Assets 5 3,765
4,965
CURRENT ASSETS
Debtors 6 67,139
Cash at bank and in hand 93,038
160,177
Creditors: Amounts Falling Due Within One Year 7 (96,612 )
NET CURRENT ASSETS (LIABILITIES) 63,565
TOTAL ASSETS LESS CURRENT LIABILITIES 68,530
NET ASSETS 68,530
CAPITAL AND RESERVES
Called up share capital 8 100
Profit and Loss Account 68,430
SHAREHOLDERS' FUNDS 68,530
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For the period ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr T Fox
Director
10th September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Clear Edge International Search & Selection Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 15008684 . The registered office is Top Floor West, Wharfebank House Wharfebank Mills, Ilkley Road, Otley, West Yorkshire, LS21 3JP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are a customer database of names. It is amortised to the profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20% straight line
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 3
3
4. Intangible Assets
Intellectual Property
£
Cost
As at 17 July 2023 -
Additions 1,500
As at 31 July 2024 1,500
Amortisation
As at 17 July 2023 -
Provided during the period 300
As at 31 July 2024 300
...CONTINUED
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Net Book Value
As at 31 July 2024 1,200
As at 17 July 2023 -
5. Tangible Assets
Fixtures & Fittings
£
Cost
As at 17 July 2023 -
Additions 4,706
As at 31 July 2024 4,706
Depreciation
As at 17 July 2023 -
Provided during the period 941
As at 31 July 2024 941
Net Book Value
As at 31 July 2024 3,765
As at 17 July 2023 -
6. Debtors
31 July 2024
£
Due within one year
Trade debtors 45,588
Prepayments and accrued income 4,104
VAT 117
Directors' loan accounts 17,330
67,139
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7. Creditors: Amounts Falling Due Within One Year
31 July 2024
£
Trade creditors 334
Corporation tax 24,343
Other taxes and social security 24,791
Pension contributions payable 787
Accruals and deferred income 46,357
96,612
8. Share Capital
31 July 2024
Allotted, called up and fully paid £
90 Ordinary Shares of £ 1.00 each 90
10 Ordinary B shares of £ 1.00 each 10
100
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 17 July 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Mr Terry Batty - 438 - - 438
Mr Thomas Fox - 16,892 - - 16,892
The above loan is unsecured, interest free and repayable on demand.
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