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COMPANY REGISTRATION NUMBER: 07133439
The Clearing Consultancy Limited
Filleted Unaudited Financial Statements
31 December 2023
The Clearing Consultancy Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
29,798
39,061
Current assets
Debtors
6
1,353,861
1,218,335
Cash at bank and in hand
118,873
276,527
------------
------------
1,472,734
1,494,862
Creditors: amounts falling due within one year
7
( 704,317)
( 716,563)
------------
------------
Net current assets
768,417
778,299
---------
---------
Total assets less current liabilities
798,215
817,360
Creditors: amounts falling due after more than one year
8
( 75,000)
( 120,000)
Provisions
Taxation including deferred tax
( 4,516)
( 5,893)
---------
---------
Net assets
718,699
691,467
---------
---------
Capital and reserves
Called up share capital
20
20
Profit and loss account
718,679
691,447
---------
---------
Shareholders funds
718,699
691,467
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Clearing Consultancy Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
Mr P Dewar
Director
Company registration number: 07133439
The Clearing Consultancy Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is No 1 Clink Street, London, SE1 9DG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors consider it appropriate for the accounts to be prepared on a going concern basis.
Revenue recognition
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
Over the life of the lease
Plant & Machinery
-
25% straight line
Fixtures & fittings
-
25% reducing balance
Computer Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 26 (2022: 26 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
87,415
33,466
55,297
127,410
303,588
Additions
4,851
1,395
6,246
--------
--------
--------
---------
---------
At 31 December 2023
87,415
33,466
60,148
128,805
309,834
--------
--------
--------
---------
---------
Depreciation
At 1 January 2023
87,415
27,787
41,742
107,583
264,527
Charge for the year
2,524
4,240
8,745
15,509
--------
--------
--------
---------
---------
At 31 December 2023
87,415
30,311
45,982
116,328
280,036
--------
--------
--------
---------
---------
Carrying amount
At 31 December 2023
3,155
14,166
12,477
29,798
--------
--------
--------
---------
---------
At 31 December 2022
5,679
13,555
19,827
39,061
--------
--------
--------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
357,645
470,370
Other debtors
996,216
747,965
------------
------------
1,353,861
1,218,335
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
45,000
45,000
Trade creditors
101,652
81,693
Corporation tax
43,188
94,248
Social security and other taxes
172,636
104,826
Other creditors
341,841
390,796
---------
---------
704,317
716,563
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
75,000
120,000
--------
---------
9. Charges on assets
HSBC have a fixed and floating charge secured over the assets of the company.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
178,555
178,555
Later than 1 year and not later than 5 years
411,792
590,347
---------
---------
590,347
768,902
---------
---------
11. Pension commitments
Pension contributions totalling £24,606 (2022: £31,739) were payable to the fund at the year end and are included in creditors.
12. Directors' advances, credits and guarantees
At the year end the company was owed £5,589 (2022 - £nil) by two of its directors. At the year end two of the directors were owed £58,259 (2022 - £201,691) by the company. All balances are interest free and repayable on demand.
13. Related party transactions
During the year sales were made to a related party of £90,389 (2022: £172,320). As at the year end there is a debtor owed by the related party of £663,369 (2022: £478,657). The related party is under common control of the same shareholders.