CLEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Clea Limited ('the company') is a private company limited by shares and is incorporated and domiciled in England. The address of the registered office is 124 Finchley Road, London, NW3 5JS.
The principal activity of the company continued to be that of publishing a magazine to carry the members' advertising in London.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.
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Functional and presentation currency
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The company's functional and presentational currency is GBP.
The company meets its day to day working capital requirements through the utilisation of its own funds generated by its magazine trading activities and by dividends from a related company.
The directors have prepared updated forecasts and projections based on a number of potential scenarios and these, together with reserves held and cost savings made, indicate that the company has adequate resources to continue its operations for the next 12 months. The directors therefore consider it appropriate to continue to adopt the going concern basis in preparing the company’s financial statements.
Revenue is generated from magazine page space sold for contracted pages and 3rd party advertising. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can bereliably measured. Revenue is measured as the fair value of the consideration received orreceivable, excluding discounts and rebates.
Investments in unlisted company shares are measured at cost less impairment.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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