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CLEARSPIN LTD

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023






CLEARSPIN LTD (REGISTERED NUMBER: 12347184)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CLEARSPIN LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: C Strydom
Mrs M R Strydom





REGISTERED OFFICE: Unit1 Alexandra Road
Windermere
Cumbria
LA23 2DA





REGISTERED NUMBER: 12347184 (England and Wales)





ACCOUNTANTS: Halsey & Co (Accountants) Ltd.
Chartered Certified Accountants
Registered Auditors
2 Villiers Court
40 Upper Mulgrave Road
Cheam
Surrey
SM2 7AJ

CLEARSPIN LTD (REGISTERED NUMBER: 12347184)

BALANCE SHEET
31ST DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 65,417 54,163

CURRENT ASSETS
Stocks 1,275 178
Debtors 5 14,386 40,147
Cash at bank 30,075 70,986
45,736 111,311
CREDITORS
Amounts falling due within one year 6 58,525 95,447
NET CURRENT (LIABILITIES)/ASSETS (12,789 ) 15,864
TOTAL ASSETS LESS CURRENT
LIABILITIES

52,628

70,027

CREDITORS
Amounts falling due after more than one
year

7

(50,674

)

(40,272

)

PROVISIONS FOR LIABILITIES (2,026 ) (5,665 )
NET (LIABILITIES)/ASSETS (72 ) 24,090

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (74 ) 24,088
(72 ) 24,090

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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.

CLEARSPIN LTD (REGISTERED NUMBER: 12347184)

BALANCE SHEET - continued
31ST 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 31st May 2024 and were signed on its behalf by:





C Strydom - Director


CLEARSPIN LTD (REGISTERED NUMBER: 12347184)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Clearspin Ltd 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

CLEARSPIN LTD (REGISTERED NUMBER: 12347184)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1st January 2023 44,655 - 43,490 1,090 89,235
Additions 6,489 2,109 36,991 - 45,589
Disposals - - (22,000 ) - (22,000 )
At 31st December 2023 51,144 2,109 58,481 1,090 112,824
DEPRECIATION
At 1st January 2023 19,606 - 14,998 468 35,072
Charge for year 7,884 527 15,082 272 23,765
Eliminated on disposal - - (11,430 ) - (11,430 )
At 31st December 2023 27,490 527 18,650 740 47,407
NET BOOK VALUE
At 31st December 2023 23,654 1,582 39,831 350 65,417
At 31st December 2022 25,049 - 28,492 622 54,163

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st January 2023 21,490
Additions 36,991
At 31st December 2023 58,481
DEPRECIATION
At 1st January 2023 5,373
Charge for year 13,277
At 31st December 2023 18,650
NET BOOK VALUE
At 31st December 2023 39,831
At 31st December 2022 16,117

CLEARSPIN LTD (REGISTERED NUMBER: 12347184)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 14,386 40,147

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 14,512 20,795
Trade creditors 17 61
Amounts owed to associates 8,648 -
Taxation and social security 19,297 22,806
Other creditors 16,051 51,785
58,525 95,447

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 32,341 11,939
Other creditors 18,333 28,333
50,674 40,272

8. RELATED PARTY DISCLOSURES

At the balance sheet date the company owed Mr C and Mrs M Strydom, directors and shareholders of the company £1,308 (2022: £12,254). In 2022 the company owed D Brown, a director who resigned in the year, £16,250. This debt was settled in the year.

At the balance sheet date the Company owed Lakes Cleaning Ltd, a company under common control, £8,648. It supplied £3,434 and purchased £100,938 of services to and from Lakes Cleaning Ltd on an arms length basis under normal commercial terms.