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Registered number: 10428639
CLOCK HOUSE CONSULTING LTD
Unaudited Financial Statements
For The Year Ended 31 October 2023
CIGMA ACCOUNTING LTD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10428639
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 43,498 61,193
43,498 61,193
CURRENT ASSETS
Debtors 5 202,069 238,898
Cash at bank and in hand 21,743 65
223,812 238,963
Creditors: Amounts Falling Due Within One Year 6 (46,882 ) (66,647 )
NET CURRENT ASSETS (LIABILITIES) 176,930 172,316
TOTAL ASSETS LESS CURRENT LIABILITIES 220,428 233,509
NET ASSETS 220,428 233,509
CAPITAL AND RESERVES
Called up share capital 7 200,000 200,000
Profit and Loss Account 20,428 33,509
SHAREHOLDERS' FUNDS 220,428 233,509
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For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr A Fung
Director
31/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
CLOCK HOUSE CONSULTING LTD is a private company, limited by shares, incorporated in England & Wales, registered number 10428639 . The registered office is 27 Main Street, Thorpe Satchville, Melton Mowbray, LE14 2DQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 18% straight line
Computer Equipment 18% straight line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 2 2
2 2
Page 3
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4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 November 2022 23,967 121,637 145,604
Additions 1,683 7,929 9,612
As at 31 October 2023 25,650 129,566 155,216
Depreciation
As at 1 November 2022 7,638 76,773 84,411
Provided during the period 4,495 22,812 27,307
As at 31 October 2023 12,133 99,585 111,718
Net Book Value
As at 31 October 2023 13,517 29,981 43,498
As at 1 November 2022 16,329 44,864 61,193
5. Debtors
2023 2022
£ £
Due within one year
Other debtors (2) 1 17,667
Other taxes and social security 2,168 -
Director's loan account - 21,331
Called up share capital not paid 199,900 199,900
202,069 238,898
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - (1 )
Bank loans and overdrafts - 23,647
Other taxes and social security - 299
VAT 29,648 17,546
Other creditors (3) 4,413 3,432
Accruals and deferred income 1,200 8,079
Director's loan account 11,621 -
Cumulative dividends unpaid - 13,645
46,882 66,647
7. Share Capital
2023 2022
£ £
Called Up Share Capital not Paid 199,900 199,900
Called Up Share Capital has been paid up 100 100
Amount of Allotted, Called Up Share Capital 200,000 200,000
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8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2022 Amounts advanced Amounts repaid Amounts written off As at 31 October 2023
£ £ £ £ £
Mr Alain Fung 21,331 55,436 76,767 - -
The above loan is unsecured, interest free and repayable on demand.
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