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REGISTERED NUMBER: 12378250 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CLEARSULTING LTD

CLEARSULTING LTD (REGISTERED NUMBER: 12378250)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CLEARSULTING LTD

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTOR: M D Ursick





REGISTERED OFFICE: 10 John Street
London
WC1 2NB





REGISTERED NUMBER: 12378250 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

CLEARSULTING LTD (REGISTERED NUMBER: 12378250)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £   
CURRENT ASSETS
Debtors 4 1,101,527 1,078,627
Cash at bank 918,990 661,336
2,020,517 1,739,963
CREDITORS
Amounts falling due within one year 5 1,383,837 854,349
NET CURRENT ASSETS 636,680 885,614
TOTAL ASSETS LESS CURRENT
LIABILITIES

636,680

885,614

CAPITAL AND RESERVES
Called up share capital 7 232,036 232,036
Retained earnings 404,644 653,578
SHAREHOLDERS' FUNDS 636,680 885,614

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 director and authorised for issue on 25 September 2024 and were signed by:





M D Ursick - Director


CLEARSULTING LTD (REGISTERED NUMBER: 12378250)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Clearsulting 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.

The company's trading address is 16 Upper Woburn Place, Greater London, WC1H 0AF.

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.

The financial statements are prepared on the going concern basis as the director has a reasonable expectation that the entity has adequate resources to continue in operational existence for a period in excess of 12 months and one day from the signing of the audit report. Clearsulting Ltd have also received confirmation from their parent company that financial support, if necessary, will be issued over the same time period.

Related party exemption
The company has taken advantage of 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 wholly owned subsidiaries within the group.

Turnover
Turnover represents amounts charged to customers for services provided under sales agreements, excluding value added tax. The entity provides consulting services to clients which can be invoiced on a time-spent basis or on a pre agreed fee when the deliverable has been met.

Where turnover is invoiced on a time-spent basis, turnover is recognised once chargeable costs have been incurred.

In the case that turnover is received based on a deliverable, turnover is recognised based on the relative stage of project completion.

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.

CLEARSULTING LTD (REGISTERED NUMBER: 12378250)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

Basic financial instruments
Basic financial instruments as covered by Section 11 of FRS 102 (Section 1A) are measured at amortised cost. The company does not have any other financial instrument as covered by Section 12 of FRS 102 (Section 1A).

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 14 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 462,065 887,552
Other debtors 639,462 191,075
1,101,527 1,078,627

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 35,831 15,018
Amounts owed to group undertakings 713,042 405,138
Taxation and social security 282,677 316,815
Other creditors & accruals 352,287 117,378
1,383,837 854,349

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 7,119 38,400

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
232,036 Ordinary £1 232,036 232,036

CLEARSULTING LTD (REGISTERED NUMBER: 12378250)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Emma Florentin-Lee (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-
"Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed."

9. ULTIMATE PARENT COMPANY

The immediate and ultimate parent company is Clearsulting LLC, a company incorporated at 1621 Euclid Ave Ste 2150, Cleveland, OH 44115, United States. No consolidated financial statements are prepared at any level within the group.

The ultimate controlling party is Marc Ursick.

10. CONTINGENT LIABILITY

The Company has implemented a phantom share incentivisation scheme to its employees, which will notionally track the equity value of the parent company, Clearsulting LLC. The units issued as part of the plan vest over a period of 5 years to 2028 and result in a lump-sum payment based on the appreciation of Clearsulting LLC's value. The timing and value of the future cash payment is uncertain. The company has therefore not recognised a provision in the accounts in respect of the phantom shares.