Company registration number 03980437 (England and Wales)
THECLEARCOMPANY.CO.UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
THECLEARCOMPANY.CO.UK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
THECLEARCOMPANY.CO.UK LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
760,114
308,052
Tangible assets
5
79,096
105,179
839,210
413,231
Current assets
Debtors
6
352,290
628,399
Cash at bank and in hand
33,768
28,590
386,058
656,989
Creditors: amounts falling due within one year
7
(803,447)
(556,277)
Net current (liabilities)/assets
(417,389)
100,712
Total assets less current liabilities
421,821
513,943
Creditors: amounts falling due after more than one year
8
(244,173)
(80,657)
Provisions for liabilities
(76,352)
(77,659)
Net assets
101,296
355,627
Capital and reserves
Called up share capital
120
120
Share premium account
3,632
3,632
Profit and loss reserves
97,544
351,875
Total equity
101,296
355,627
THECLEARCOMPANY.CO.UK LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023
31 October 2023
- 2 -

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 25 October 2024 and are signed on its behalf by:
Mr G Headley
Director
Company registration number 03980437 (England and Wales)
THECLEARCOMPANY.CO.UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

Theclearcompany.co.uk Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Base, Dallam Lane, Warrington, WA2 7NG. The company number is 03980437.

1.1
Accounting convention

These financial statements have been prepared under the historical cost convention and in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
2 - 8 years straight line
1.5
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% reducing balance
Computers
25% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

THECLEARCOMPANY.CO.UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

THECLEARCOMPANY.CO.UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Share-based payments

Share options granted to certain employees have not been charged to the Statement of Income and Retained Earnings in accordance with section 26 of the Financial Reporting Standard 102 (FRS 102).

 

The intrinsic value does not yet exceed the exercise prices of the options. Until the intrinsic value does exceed the exercise prices, and vesting conditions have been met, in the opinion of the directors it is unlikely that the option holders will exercise the options granted to them.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
26
24
THECLEARCOMPANY.CO.UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
4
Intangible fixed assets
Development costs
£
Cost
At 1 November 2022
519,048
Additions
487,318
At 31 October 2023
1,006,366
Amortisation and impairment
At 1 November 2022
210,996
Amortisation charged for the year
35,256
At 31 October 2023
246,252
Carrying amount
At 31 October 2023
760,114
At 31 October 2022
308,052
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022
187,412
Additions
1,965
Disposals
(1,168)
At 31 October 2023
188,209
Depreciation and impairment
At 1 November 2022
82,233
Depreciation charged in the year
27,274
Eliminated in respect of disposals
(394)
At 31 October 2023
109,113
Carrying amount
At 31 October 2023
79,096
At 31 October 2022
105,179
THECLEARCOMPANY.CO.UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
309,089
456,948
Other debtors
43,201
171,451
352,290
628,399
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
34,700
-
0
Obligations under finance leases
80,657
21,172
Other borrowings
53,867
-
0
Trade creditors
148,390
79,716
Corporation tax
-
0
38,549
Other taxation and social security
90,064
104,391
Other creditors
388,524
273,386
Accruals
7,245
39,063
803,447
556,277

Obligations under finance leases are secured on the assets to which they relate.

 

Other borrowings are secured by fixed and floating charges over the company's assets.

 

Included in other creditors is deferred income of £304,194 (2022: £230,373).

8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
80,823
-
0
Bank loans and overdrafts
163,350
-
0
Obligations under finance leases
-
0
80,657
244,173
80,657

Obligations under finance leases are secured on the assets to which they relate.

 

Other borrowings are secured by fixed and floating charges over the company's assets.

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