REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
CLARITY CAPITAL PARTNERS LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
CLARITY CAPITAL PARTNERS LIMITED |
CLARITY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 04897210) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CLARITY CAPITAL PARTNERS LIMITED |
Company Information |
for the year ended 31 December 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Chartered Accountants and Statutory Auditors |
3rd Floor Marlborough House |
298 Regents Park Road |
Finchley |
London |
N3 2SZ |
CLARITY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 04897210) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Investments | 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 | 10 |
Capital and reserves |
Called up share capital | 11 |
Capital redemption reserve |
Retained earnings |
Shareholders' funds |
3,019,596 | 4,647,216 |
CLARITY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 04897210) |
Balance Sheet - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CLARITY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 04897210) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | Statutory information |
Clarity Capital Partners Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. |
There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of. |
There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. |
Turnover |
Turnover comprises revenue recognised by the company in respect of services during the year, exclusive of sales related taxes and trade discounts. |
Success fees from merger and acquisition projects are recognised when project hs been completed and ll contract obligations have been met. Project retainer fees are recognised in the month they are due under the project agreement. Earn outs recognised when the right to receive the earn outs are established. Consultancy fees are recognised in the period when the services are performed. |
CLARITY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 04897210) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
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. |
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less cost to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. |
Depreciation is provided at the following annual rates in order to write off each asset over its useful life: |
Short-term leasehold equipment | - over the term of the lease |
Fixtures and Fittings | - 20% straight line |
Office Equipment | - 33% straight line |
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 the Consolidated Profit or Loss Statement. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
CLARITY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 04897210) |
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 Profit and Loss Account, 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. |
Foreign currencies |
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Holiday pay accrual |
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of Financial Position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of Financial Position date. |
CLARITY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 04897210) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
Share-based payment transactions |
The company issues share options to certain employees which are measured at fair value, recognised as share-based payments and expensed in the Statement of Comprehensive Income, with a corresponding increase in equity. The fair values of equity-settled payments re measured at the dates of grant using option-pricing models, taking into account the terms and conditions upon which the awards are granted. |
The fair value is recognised over the period during which employees become unconditionally entitled to the awards, subject to the company's estimate of the number of awards which will be forfeited, either due to employees leaving the company prior to vesting or due to non-market based performance conditions not being met. Where an award has market-based performance conditions, the fair value of the award is adjusted for the profitability of achieving these via the option pricing model. The total amount recognised in the Profit or Loss Statement as an expense is adjusted to reflect the actual number of awards that vest, except where forfeiture is due to the failure to meet market based performance measures. In the event of a cancellation, whether by the company or by a participating employee, the compensation expense that would have been recognised over the remainder of the vesting period is recognised immediately in the Profit or Loss Statement. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Auditors' remuneration |
2023 | 2022 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
11,000 |
11,000 |
CLARITY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 04897210) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
5. | Tangible fixed assets |
Fixtures |
Short | and | Computer |
leasehold | fittings | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
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 |
6. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
CLARITY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 04897210) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
6. | Fixed asset investments - continued |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Australia |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | Leasing agreements |
Minimum lease payments fall due as follows: |
2023 | 2022 |
£ | £ |
Within 1 year | 321,076 | - |
Between one and five years | 917,362 | 1,238,438 |
1,238,438 | 1,238,438 |
10. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax | 27,870 | 4,014 |
CLARITY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 04897210) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
10. | Provisions for liabilities - continued |
Deferred tax |
£ |
Balance at 1 January 2023 |
Provided during year |
Balance at 31 December 2023 |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 75,000 | 75,000 |
12. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | Pension commitments |
The company contributes to a defined contribution pension scheme. the assets of the schemes are held separately from those of the group in independently administered funds. The pension cost charge represents contributions payable by the company to the fund amounted to £23,902 (2022 - £15,793). Contributions totalling £10,523 (2022 - £6,530) we payable to the fund at the reporting date. |
14. | Related party disclosures |
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with members within the group. |
15. | Ultimate controlling party |
The directors consider the Trustees of the Clarity Employee Ownership Trust as the controlling party. |