Company Registration No. 09949914 (England and Wales)
CLEAR ELECTRICAL SERVICES LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
CLEAR ELECTRICAL SERVICES LIMITED
BALANCE SHEET
AS AT 30 JANUARY 2024
30 January 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,386
10,019
Current assets
Debtors
4
208,010
195,699
Cash at bank and in hand
1,655
9,654
209,665
205,353
Creditors: amounts falling due within one year
5
(191,637)
(183,695)
Net current assets
18,028
21,658
Total assets less current liabilities
26,414
31,677
Creditors: amounts falling due after more than one year
6
(16,558)
(28,572)
Provisions for liabilities
(2,020)
(2,428)
Net assets
7,836
677
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
7,835
676
Total equity
7,836
677
CLEAR ELECTRICAL SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JANUARY 2024
30 January 2024
2
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 25 October 2024
Mr D J Williams
Director
Company Registration No. 09949914
CLEAR ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JANUARY 2024
3
1
Accounting policies
Company information
Clear Electrical Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Bournemouth Road, Chandler's Ford, Eastleigh, Hampshire, SO53 3DA.
1.1
Accounting convention
These financial statements have been prepared 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 financial statements have been prepared under the historical cost convention. 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.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Plant and equipment
25% reducing balance
Computers
33% 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.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at banks.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
CLEAR ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2024
1
Accounting policies (Continued)
4
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. 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 unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 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.
1.6
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
CLEAR ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2024
1
Accounting policies (Continued)
5
1.7
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.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
8
7
CLEAR ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2024
6
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 31 January 2023
2,287
3,636
25,636
31,559
Additions
487
1,131
1,618
At 30 January 2024
2,774
4,767
25,636
33,177
Depreciation and impairment
At 31 January 2023
1,238
2,213
18,089
21,540
Depreciation charged in the year
333
1,031
1,887
3,251
At 30 January 2024
1,571
3,244
19,976
24,791
Carrying amount
At 30 January 2024
1,203
1,523
5,660
8,386
At 30 January 2023
1,049
1,423
7,547
10,019
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
32,376
17,654
Other debtors
175,634
178,045
208,010
195,699
CLEAR ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2024
7
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
14,696
16,087
Trade creditors
34,035
68,520
Taxation and social security
112,160
76,210
Other creditors
30,746
22,878
191,637
183,695
Other creditors represents obligations due under hire purchase agreements which are secured on those assets to which they relate.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,768
24,837
Other creditors
1,790
3,735
16,558
28,572
Other creditors includes £1,790 (2023: £3,735) that represents obligations due under hire purchase agreements which are fully repayable within 5 years. Obligations due under hire purchase agreements are secured on those assets to which they relate.
7
Related party transactions
During the year the director was advanced £55,775 (2023: £53,736) and made repayments to the company of £72,100 (2023: £36,075). Interest of £3,041 (2023: £3,281) was charged by the company. At the balance sheet date £130,053 (2023: £143,337) was owed to the company by the director and is included in other debtors.