IRIS Accounts Production v24.2.0.383 01519464 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh015194642022-12-31015194642023-12-31015194642023-01-012023-12-31015194642021-12-31015194642022-01-012022-12-31015194642022-12-3101519464ns15:EnglandWales2023-01-012023-12-3101519464ns14:PoundSterling2023-01-012023-12-3101519464ns10:Director12023-01-012023-12-3101519464ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3101519464ns10:SmallEntities2023-01-012023-12-3101519464ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3101519464ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3101519464ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3101519464ns10:FullAccounts2023-01-012023-12-3101519464ns10:OrdinaryShareClass12023-01-012023-12-3101519464ns10:Director32023-01-012023-12-3101519464ns10:CompanySecretary12023-01-012023-12-3101519464ns10:RegisteredOffice2023-01-012023-12-3101519464ns5:CurrentFinancialInstruments2023-12-3101519464ns5:CurrentFinancialInstruments2022-12-3101519464ns5:ShareCapital2023-12-3101519464ns5:ShareCapital2022-12-3101519464ns5:FurtherSpecificReserve3ComponentTotalEquity2023-12-3101519464ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-3101519464ns5:RetainedEarningsAccumulatedLosses2023-12-3101519464ns5:RetainedEarningsAccumulatedLosses2022-12-3101519464ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-01-012023-12-3101519464ns5:FurnitureFittings2023-01-012023-12-3101519464ns5:MotorVehicles2023-01-012023-12-3101519464ns5:LandBuildings2022-12-3101519464ns5:FurnitureFittings2022-12-3101519464ns5:MotorVehicles2022-12-3101519464ns5:LandBuildings2023-01-012023-12-3101519464ns5:LandBuildings2023-12-3101519464ns5:FurnitureFittings2023-12-3101519464ns5:MotorVehicles2023-12-3101519464ns5:LandBuildings2022-12-3101519464ns5:FurnitureFittings2022-12-3101519464ns5:MotorVehicles2022-12-3101519464ns5:CostValuation2022-12-3101519464ns5:AdditionsToInvestments2023-12-3101519464ns5:CostValuation2023-12-3101519464ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3101519464ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3101519464ns5:AcceleratedTaxDepreciationDeferredTax2023-12-3101519464ns5:AcceleratedTaxDepreciationDeferredTax2022-12-3101519464ns5:DeferredTaxation2022-12-3101519464ns5:DeferredTaxation2023-01-012023-12-3101519464ns5:DeferredTaxation2023-12-3101519464ns10:OrdinaryShareClass12023-12-3101519464ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-3101519464ns10:Director332022-12-3101519464ns10:Director332021-12-3101519464ns10:Director332023-01-012023-12-3101519464ns10:Director332022-01-012022-12-3101519464ns10:Director332023-12-3101519464ns10:Director332022-12-31
REGISTERED NUMBER: 01519464 (England and Wales)











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: P C Marjoram
M G Marjoram



SECRETARY: P C Marjoram



REGISTERED OFFICE: Clearfast House
Haven Exchange
Felixstowe
Suffolk
IP11 2QX



REGISTERED NUMBER: 01519464 (England and Wales)



ACCOUNTANTS: Knights Lowe Ltd
Chartered Accountants
Crane Court
302 London Road
Ipswich
Suffolk
IP2 0AJ



SOLICITORS: Gotelee Solicitors LLP
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 4 247,291 264,256
Investments 5 50,161 27,624
Investment property 6 5,141,500 4,164,992
5,438,952 4,456,872

CURRENT ASSETS
Debtors 7 1,069,879 763,592
Cash at bank 450,327 839,496
1,520,206 1,603,088
CREDITORS
Amounts falling due within one year 8 522,216 654,089
NET CURRENT ASSETS 997,990 948,999
TOTAL ASSETS LESS CURRENT LIABILITIES 6,436,942 5,405,871

PROVISIONS FOR LIABILITIES 9 208,735 46,894
NET ASSETS 6,228,207 5,358,977

CAPITAL AND RESERVES
Called up share capital 10 1,200 1,200
Fair value reserve 11 694,168 200,161
Retained earnings 5,532,839 5,157,616
SHAREHOLDERS' FUNDS 6,228,207 5,358,977

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2024 and were signed on its behalf by:





P C Marjoram - Director


Clearfast Limited (Registered number: 01519464)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Clearfast Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 50 years straight line and no depreciation is provided on land
Fixtures, fittings & equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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 12 (2022 - 16 ) .

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 243,019 109,700 39,471 392,190
Disposals - - (9,738 ) (9,738 )
At 31 December 2023 243,019 109,700 29,733 382,452
DEPRECIATION
At 1 January 2023 35,121 74,413 18,400 127,934
Charge for year 2,702 8,822 5,210 16,734
Eliminated on disposal - - (9,507 ) (9,507 )
At 31 December 2023 37,823 83,235 14,103 135,161
NET BOOK VALUE
At 31 December 2023 205,196 26,465 15,630 247,291
At 31 December 2022 207,898 35,287 21,071 264,256

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 27,624
Additions 22,537
At 31 December 2023 50,161
NET BOOK VALUE
At 31 December 2023 50,161
At 31 December 2022 27,624

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 4,164,992
Additions 286,194
Revaluations 690,314
At 31 December 2023 5,141,500
NET BOOK VALUE
At 31 December 2023 5,141,500
At 31 December 2022 4,164,992

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 81,965 302,219
Other debtors 987,914 461,373
1,069,879 763,592

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 391,413 489,433
Taxation and social security 36,201 73,657
Other creditors 94,602 90,999
522,216 654,089

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 8,722 27,875
Investment property gain 200,013 19,019
208,735 46,894

Deferred
tax
£   
Balance at 1 January 2023 46,894
Charge to Income Statement during year 161,841
Balance at 31 December 2023 208,735

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,200 Ordinary £1 1,200 1,200

11. RESERVES
Fair
value
reserve
£   
At 1 January 2023 200,161
Deferred tax (180,994 )
Deferred tax adjustment relating to prior
year

(15,314

)

Investment property gain 690,315

At 31 December 2023 694,168

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
£    £   
M G Marjoram
Balance outstanding at start of year - -
Amounts advanced 40,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 40,000 -

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.