Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-312023-06-01falsefalseNo description of principal activity44falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08054826 2023-06-01 2024-05-31 08054826 2022-06-01 2023-05-31 08054826 2024-05-31 08054826 2023-05-31 08054826 c:CompanySecretary1 2023-06-01 2024-05-31 08054826 c:Director1 2023-06-01 2024-05-31 08054826 c:Director2 2023-06-01 2024-05-31 08054826 c:Director3 2023-06-01 2024-05-31 08054826 c:RegisteredOffice 2023-06-01 2024-05-31 08054826 d:MotorVehicles 2023-06-01 2024-05-31 08054826 d:MotorVehicles 2024-05-31 08054826 d:MotorVehicles 2023-05-31 08054826 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08054826 d:OfficeEquipment 2023-06-01 2024-05-31 08054826 d:OfficeEquipment 2024-05-31 08054826 d:OfficeEquipment 2023-05-31 08054826 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08054826 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08054826 d:ComputerSoftware 2024-05-31 08054826 d:ComputerSoftware 2023-05-31 08054826 d:CurrentFinancialInstruments 2024-05-31 08054826 d:CurrentFinancialInstruments 2023-05-31 08054826 d:Non-currentFinancialInstruments 2024-05-31 08054826 d:Non-currentFinancialInstruments 2023-05-31 08054826 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 08054826 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 08054826 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 08054826 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 08054826 d:UKTax 2023-06-01 2024-05-31 08054826 d:UKTax 2022-06-01 2023-05-31 08054826 d:ShareCapital 2024-05-31 08054826 d:ShareCapital 2023-05-31 08054826 d:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 08054826 d:RetainedEarningsAccumulatedLosses 2024-05-31 08054826 d:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 08054826 d:RetainedEarningsAccumulatedLosses 2023-05-31 08054826 d:RetainedEarningsAccumulatedLosses 2022-06-01 08054826 c:OrdinaryShareClass1 2023-06-01 2024-05-31 08054826 c:OrdinaryShareClass1 2024-05-31 08054826 c:OrdinaryShareClass1 2023-05-31 08054826 c:OrdinaryShareClass2 2023-06-01 2024-05-31 08054826 c:OrdinaryShareClass2 2024-05-31 08054826 c:OrdinaryShareClass2 2023-05-31 08054826 c:FRS102 2023-06-01 2024-05-31 08054826 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 08054826 c:FullAccounts 2023-06-01 2024-05-31 08054826 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08054826 2 2023-06-01 2024-05-31 08054826 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08054826









CLEARLY LOANS LIMITED







UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
CLEARLY LOANS LIMITED
 
 
COMPANY INFORMATION


Directors
Garry Monaghan 
Matthew Tristram 
Samuel Busfield 




Company secretary
Wisteria Registrars Limited



Registered number
08054826



Registered office
Wisteria Grange Barn
Pikes End

Pinner

London

United Kingdom

HA5 2EX





 
CLEARLY LOANS LIMITED
 

CONTENTS



Page
Directors' Report
1
Statement of Income and Retained Earnings
2
Balance Sheet
3
Notes to the Financial Statements
4 - 12


 
CLEARLY LOANS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report and the financial statements for the year ended 31 May 2024.

Directors

The directors who served during the year were:

Garry Monaghan 
Matthew Tristram 
Samuel Busfield 

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 11 September 2024 and signed on its behalf.
 





................................................
Garry Monaghan
Director

Page 1

 
CLEARLY LOANS LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
Note
£
£

  

Turnover
  
103,407
156,869

Cost of sales
  
(1,444)
(1,451)

Gross profit
  
101,963
155,418

Distribution costs
  
(125)
(95)

Administrative expenses
  
1,294
19,206

Operating profit
  
103,132
174,529

Interest receivable and similar income
  
13,938
5,989

Interest payable and similar expenses
  
(146,693)
(153,360)

(Loss)/profit before tax
  
(29,623)
27,158

Tax on (loss)/profit
 4 
(4,312)
1,192

(Loss)/profit after tax
  
(33,935)
28,350

Retained earnings at the beginning of the year
  
(15,717)
(44,067)

(Loss)/profit for the year
  
(33,935)
28,350

Retained earnings at the end of the year
  
(49,652)
(15,717)
The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
CLEARLY LOANS LIMITED
REGISTERED NUMBER: 08054826

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
2,239
10,933

Current assets
  

Debtors
 7 
637,365
820,617

Cash at bank and in hand
 8 
137,122
1,038,551

  
774,487
1,859,168

Creditors: amounts falling due within one year
 9 
(16,685)
(18,814)

Net current assets
  
757,802
1,840,354

Total assets less current liabilities
  
760,041
1,851,287

Creditors: amounts falling due after more than one year
 10 
(809,683)
(1,866,994)

  

Net liabilities
  
(49,642)
(15,707)


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
(49,652)
(15,717)

  
(49,642)
(15,707)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 September 2024.

................................................
Garry Monaghan
Director

Page 3

 
CLEARLY LOANS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Clearly Loans Limited is a private company limited by share capital, incorporated in England and Wales, registration number 08054826. The address of the registered office is Wisteria Grange Barn, Pikes End, Pinner, London, United Kingdom, HA5 2EX.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis as the directors believe adequate resources exist to enable it to meet its working capital requirements for at least the next twelve months.

 
2.3

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:

Revenue represents interest and fees charged to customers on their loans. Interest is recognised evenly over the term of the loan. Fees are recognised as they fall due.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

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.

Page 4

 
CLEARLY LOANS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
CLEARLY LOANS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.8

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:

Motor vehicles
-
25%
Office equipment
-
25%

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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

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.

 
2.11

Creditors

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

Page 6

 
CLEARLY LOANS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.12

Financial instruments

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 7

 
CLEARLY LOANS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).


4.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
4,312
-

Total current tax
4,312
-

Deferred tax


Origination and reversal of timing differences
-
(1,192)


Taxation on profit/(loss) on ordinary activities
4,312
(1,192)

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of25% (2023 - 19%).



Factors that may affect future tax charges

The tax charge for the year was £nil (2023: £nil). The company has tax losses at the year end of £163,668 (2023: £93,850).

Page 8

 
CLEARLY LOANS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Intangible assets




Computer software

£



Cost


At 1 June 2023
43,136



At 31 May 2024

43,136



Amortisation


At 1 June 2023
43,136



At 31 May 2024

43,136



Net book value



At 31 May 2024
-



At 31 May 2023
-



Page 9

 
CLEARLY LOANS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 June 2023
34,630
17,599
52,229



At 31 May 2024

34,630
17,599
52,229



Depreciation


At 1 June 2023
23,809
17,487
41,296


Charge for the year on owned assets
8,657
37
8,694



At 31 May 2024

32,466
17,524
49,990



Net book value



At 31 May 2024
2,164
75
2,239



At 31 May 2023
10,821
112
10,933


7.


Debtors

2024
2023
£
£

Due after more than one year

Trade debtors
635,777
819,928

635,777
819,928

Due within one year

Other debtors
-
649

Prepayments and accrued income
1,588
40

637,365
820,617


Page 10

 
CLEARLY LOANS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
137,122
1,038,551

137,122
1,038,551



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
40
-

Other creditors
9,859
12,156

Accruals and deferred income
6,786
6,658

16,685
18,814



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
809,683
1,866,994

809,683
1,866,994



11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50 (2023 - 50) Ordinary A shares of £0.10 each
5
5
50 (2023 - 50) Ordinary B shares of £0.10 each
5
5

10

10


Page 11

 
CLEARLY LOANS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.


Related party transactions

Included in other creditors, the company has a loan from a director with a carrying amount at the balance sheet of £809,683 (2023: £1,866,994). The loan is denominated in pounds sterling with a nominal interest of 8% per annum. Interest paid was £146,693 (2023: £153,360). The directors believe this is within normal commercial term.

Page 12