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COMPANY REGISTRATION NUMBER: 4161361
Clearwater Risk Management Ltd
Filleted Unaudited Financial Statements
29 February 2024
Clearwater Risk Management Ltd
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed Assets
Tangible assets
5
13,376
17,239
Current Assets
Debtors
6
21
Cash at bank and in hand
50,212
42,779
--------
--------
50,233
42,779
Creditors: amounts falling due within one year
7
52,142
43,164
--------
--------
Net Current Liabilities
1,909
385
--------
--------
Total Assets Less Current Liabilities
11,467
16,854
Creditors: amounts falling due after more than one year
8
8,000
14,000
--------
--------
Net Assets
3,467
2,854
--------
--------
Capital and Reserves
Called up share capital
1
1
Profit and loss account
3,466
2,853
-------
-------
Shareholders Funds
3,467
2,854
-------
-------
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 statement of income and retained earnings has not been delivered.
For the year ending 29 February 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Clearwater Risk Management Ltd
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
Mr D Harulow
Director
Company registration number: 4161361
Clearwater Risk Management Ltd
Notes to the Financial Statements
Year Ended 29 February 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 33 Fairfields, Egerton, Bolton, Lancashire, BL7 9EE.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures and fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of Fixed Assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible Assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 March 2023 and 29 February 2024
10,891
21,310
32,201
--------
--------
--------
Depreciation
At 1 March 2023
6,438
8,524
14,962
Charge for the year
667
3,196
3,863
--------
--------
--------
At 29 February 2024
7,105
11,720
18,825
--------
--------
--------
Carrying amount
At 29 February 2024
3,786
9,590
13,376
--------
--------
--------
At 28 February 2023
4,453
12,786
17,239
--------
--------
--------
6. Debtors
2024
2023
£
£
Other debtors
21
----
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
20,125
6,000
Trade creditors
1,841
4,444
Corporation tax
25,357
22,286
Social security and other taxes
4,427
9,922
Other creditors
392
512
--------
--------
52,142
43,164
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,000
14,000
-------
--------
9. Director's Advances, Credits and Guarantees
Balance on Director's loan account bought forward £162 Net movement in the year £120 Balance on Director's loan account carried forward £42
10. Related Party Transactions
During the year, the company paid a dividend of £49,000 to the director, Mr D Harulow (2023 £48,500) Contributions to the Directors Pension Scheme were £30,700.
11. Other Spare Note 99 Heading
3RD USER DEFINED HEADING
The company.......