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Company registration number: 02997400
ISV Clearview Limited
Unaudited filleted financial statements
31 May 2024
THE BARKER PARTNERSHIP
Chartered Accountants
Thirsk
ISV Clearview Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
ISV Clearview Limited
Directors and other information
Director P A Paton
Secretary P A Paton
Company number 02997400
Registered office 4 Clockwood Gardens
Yarm
Cleveland
TS15 9RW
Accountants The Barker Partnership
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
ISV Clearview Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of ISV Clearview Limited
Year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ISV Clearview Limited for the year ended 31 May 2024 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of ISV Clearview Limited, as a body, in accordance with the terms of our engagement letter dated 15 October 2024. Our work has been undertaken solely to prepare for your approval the financial statements of ISV Clearview Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ISV Clearview Limited and its director as a body for our work or for this report.
It is your duty to ensure that ISV Clearview Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of ISV Clearview Limited. You consider that ISV Clearview Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of ISV Clearview Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The Barker Partnership
Chartered Accountants
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
8 November 2024
ISV Clearview Limited
Balance sheet
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 635,209 619,274
_______ _______
635,209 619,274
Current assets
Cash at bank and in hand 7,160 385
_______ _______
7,160 385
Creditors: amounts falling due
within one year 6 ( 7,349) ( 13,654)
_______ _______
Net current liabilities ( 189) ( 13,269)
_______ _______
Total assets less current liabilities 635,020 606,005
Provisions for liabilities ( 19,850) ( 18,748)
_______ _______
Net assets 615,170 587,257
_______ _______
Capital and reserves
Called up share capital 200,000 200,000
Profit and loss account 415,170 387,257
_______ _______
Shareholders funds 615,170 587,257
_______ _______
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act 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 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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 November 2024 , and are signed on behalf of the board by:
P A Paton
Director
Company registration number: 02997400
ISV Clearview Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 4 Clockwood Gardens, Yarm, Cleveland, TS15 9RW.
The principal activity of the company is that of owning and managing investment properties.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any 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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Computer equipment - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost or valuation
At 1 June 2023 619,000 280,234 10,381 9,484 919,099
Revaluation 16,000 - - - 16,000
_______ _______ _______ _______ _______
At 31 May 2024 635,000 280,234 10,381 9,484 935,099
_______ _______ _______ _______ _______
Depreciation
At 1 June 2023 - 280,039 10,381 9,405 299,825
Charge for the year - 49 - 16 65
_______ _______ _______ _______ _______
At 31 May 2024 - 280,088 10,381 9,421 299,890
_______ _______ _______ _______ _______
Carrying amount
At 31 May 2024 635,000 146 - 63 635,209
_______ _______ _______ _______ _______
At 31 May 2023 619,000 195 - 79 619,274
_______ _______ _______ _______ _______
Investment property
In accordance with FRS 102 investment properties are revalued annually and the aggregate surplus or deficit recognised in the profit and loss account.The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the director. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties and their construction.
6. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 3,420 2,901
Other creditors 3,929 10,753
_______ _______
7,349 13,654
_______ _______
7. Related party transactions
The amount due to the director at the year end date in respect of his director's loan account was £404 (2023 - £7,248).
8. Controlling party
For the whole year the company was under the control of Mr P A Paton , the sole director and shareholder for the company.