REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Clearfast Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Clearfast Limited |
Clearfast Limited (Registered number: 01519464) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Clearfast Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Crane Court |
302 London Road |
Ipswich |
Suffolk |
IP2 0AJ |
SOLICITORS: |
97 Hamilton Road |
Felixstowe |
Suffolk |
IP11 7AH |
Clearfast Limited (Registered number: 01519464) |
Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Fair value reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Clearfast Limited (Registered number: 01519464) |
Statement of Financial Position - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Clearfast Limited (Registered number: 01519464) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Clearfast Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
The company acts as a customs clearance agent for the import and export of goods and arranges transport and warehousing for its customers. As a forwarding agent the direct costs of the service it provides have been offset against the associated turnover. |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: |
Rendering of services |
When the outcome of a transaction can be estimated reliably, turnover from freight forwarding agency services is recognised by reference to the stage of completion at the statement of financial position date. Stage of completion is measured by reference to the date customs clearance is obtained from HMRC and transport has been arranged. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. |
Tangible fixed assets |
Freehold property | - |
Fixtures, fittings & equipment | - |
Motor vehicles | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Income and Retained Earnings. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans with related parties. |
Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement. |
Clearfast Limited (Registered number: 01519464) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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 that have been enacted or substantively enacted by the statement of financial position date. |
Deferred 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Investments |
Unlisted investments are included in the Statement of Financial Position at cost as a reliable estimate of their market value cannot be made with any reasonable certainty. |
Rent receivable |
Rent receivable from investment properties is accounted for on the accruals basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Clearfast Limited (Registered number: 01519464) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures, |
Freehold | fittings | Motor |
property | & equipment | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Included in the cost of freehold property is freehold land of £107,935 (2022 - £107,935) which is not depreciated. |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Clearfast Limited (Registered number: 01519464) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Additions |
Revaluations | 690,314 |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2016 | 47,070 |
Valuation in 2017 | 24,239 |
Valuation in 2018 | 132,557 |
Valuation in 2023 | 690,315 |
Cost | 4,247,319 |
5,141,500 |
Investment properties have been valued on an open market basis by the directors as at the year end date. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Clearfast Limited (Registered number: 01519464) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Investment property gain | 200,013 | 19,019 |
208,735 | 46,894 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Charge to Income Statement during year |
Balance at 31 December 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1,200 | 1,200 |
11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 January 2023 |
Deferred tax | (180,994 | ) |
Deferred tax adjustment relating to prior year |
(15,314 |
) |
Investment property gain | 690,315 |
At 31 December 2023 |
Clearfast Limited (Registered number: 01519464) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The interest free loan was repaid in full on 19 January 2024. |
13. | RELATED PARTY DISCLOSURES |
The company has entered into a commercial lease to rent one of its properties to MM Retreats Limited, a company controlled by the director M G Marjoram. Under the terms of the lease the first period from 14 July 2023 to 31 July 2024 is rent free. |
Other debtors as at 31 December 2023 include a loan of £939,500 (2022 - £440,000) to MGM Logistics Limited, a company controlled by the director M G Marjoram. This unsecured loan is interest free and repayable on demand. |