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Registered number: 03866152
Cleargate Corporation Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2024
Contents
Page
Statement of Financial Position 1
Notes to the Financial Statements 2—3
Page 1
Statement of Financial Position
Registered number: 03866152
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 143,492 143,738
143,492 143,738
CURRENT ASSETS
Cash at bank and in hand 171 89
171 89
Creditors: Amounts Falling Due Within One Year 5 (66,851 ) (60,003 )
NET CURRENT ASSETS (LIABILITIES) (66,680 ) (59,914 )
TOTAL ASSETS LESS CURRENT LIABILITIES 76,812 83,824
NET ASSETS 76,812 83,824
CAPITAL AND RESERVES
Called up share capital 6 100 100
Income Statement 76,712 83,724
SHAREHOLDERS' FUNDS 76,812 83,824
For the year ending 31 October 2024 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 Income Statement.
The financial statements were approved by the board of directors on 19 November 2024 and were signed on its behalf by:
Mr M L Dye
Director
19 November 2024
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Cleargate Corporation Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 03866152 . The registered office is 111-113 London Road, Grays, Essex, RM17 5YB.
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. 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:
Freehold No depreciation
Plant & Machinery 15% Reducing Balance
2.3. 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 year 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 asset reflects 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: NIL (2023: NIL)
- -
4. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 November 2023 142,101 12,000 154,101
As at 31 October 2024 142,101 12,000 154,101
...CONTINUED
Page 2
Page 3
Depreciation
As at 1 November 2023 - 10,363 10,363
Provided during the period - 246 246
As at 31 October 2024 - 10,609 10,609
Net Book Value
As at 31 October 2024 142,101 1,391 143,492
As at 1 November 2023 142,101 1,637 143,738
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 29,395 29,396
Other creditors 22,814 23,214
Taxation and social security 14,642 7,393
66,851 60,003
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
7. Ultimate Controlling Party
The controlling party is Mr M Dye .
Page 3