REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
CLEARWORLD LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
CLEARWORLD LIMITED |
CLEARWORLD LIMITED (REGISTERED NUMBER: 12333624) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 3 |
CLEARWORLD LIMITED (REGISTERED NUMBER: 12333624) |
STATEMENT OF FINANCIAL POSITION |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
PROVISIONS FOR LIABILITIES |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CLEARWORLD LIMITED (REGISTERED NUMBER: 12333624) |
STATEMENT OF FINANCIAL POSITION - continued |
30 APRIL 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
CLEARWORLD LIMITED (REGISTERED NUMBER: 12333624) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Clearworld Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
All amounts in the financial statements have been rounded to the nearest £. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In preparing these financial statements, the directors have made the following judgements and estimates: |
Key sources of estimation uncertainty |
Other key sources of estimation uncertainty which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities in the next financial year are as follows: |
Depreciation of tangible fixed assets |
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates. |
Impairment of tangible assets |
In determining whether there are indicators of impairment of the company’s tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. |
Leases |
In determining whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. |
CLEARWORLD LIMITED (REGISTERED NUMBER: 12333624) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimate are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
In the directors' opinion, the following are the critical judgements (excluding those involving estimations which are shown below) which have the most significant effect on the amounts recognised in the company's financial statements: |
Critical judgement |
Recognition of service and construction contract revenues |
The company enters into contracts and recognises the related revenue over time. To depict the progress by which the company transfers control to the customer, and establish when and to what extent revenue can be recognised, the company measures its progress towards complete satisfaction of the performance obligation by comparing actual costs incurred to date with the total estimated costs required for design and installation. The cost basis provides the most faithful depiction of the transfer of goods and services to each customer due to the company's ability to make reliable estimates of the total costs required to perform, arising from its significant historical experience constructing similar services. |
When amounts invoiced to customers exceed revenue recognised to date on a particular contract, any excess is reported in the statement of financial position under deferred income. |
Impairment of financial assets |
In determining whether there are indicators of impairment of the company's financial assets, the directors have to decide whether to recognise a provision, no such provision was deemed necessary. The decision was made on the basis that it is deemed likely that these amounts will be recovered. |
CLEARWORLD LIMITED (REGISTERED NUMBER: 12333624) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be measured reliably. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, VAT and other sales taxes. |
Revenue in respect of contracts is recognised in accordance with the stage of completion of contractual obligations to the client. The stage of completion of the contract at the reporting date is assessed by reference to the value of work done, which is measured by the proportion of contract costs incurred for the work performed to date compared to the estimated total contract costs. |
If the outcome of a contract can be assessed reliably, contract revenue and associated costs are recognised as revenue and costs respectively by reference to the percentage of completion of the contract activity at the reporting date. Full provision is made for losses on all contracts in the period in which the loss is first foreseen. |
Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as prepayments, provided it is probable they will be recovered. |
If the outcome of a contract cannot be assessed reliably, contract revenue is recognised only to the extent of contract costs incurred that it is probable (i.e. more likely than not) will be recoverable and contract costs are recognised in the period in which they are incurred. |
Where payments are received in advance of services provided to customers, the amounts are recorded as deferred income and are presented within creditors falling due within one year. |
Interest income |
Interest income is recognised using the effective interest rate method. |
Tangible fixed assets |
Plant and machinery etc | - |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
CLEARWORLD LIMITED (REGISTERED NUMBER: 12333624) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
All financial assets and liabilities are initially measured at transaction price, including transaction costs, except for those financial assets classified at fair value through profit or loss, which are initially measured at fair value (at transaction price excluding transaction costs) unless the arrangement constitutes a financing transaction. |
Financial assets and financial liabilities are only offset in the company balance sheet when, and only when, there is a legally enforceable right to set off the recognised amounts and the company intends to settle on a net basis, or to realise the asset and settle the liability simultaneously. |
Creditors |
Short-term creditors are measured at transaction price. Other financial liabilities, including other loans, are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised cost using the effective interest method. |
Debtors |
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash is represented by cash on hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. |
Taxation |
Taxation for the year comprises current and deferred tax. 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 equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
CLEARWORLD LIMITED (REGISTERED NUMBER: 12333624) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a scheme whose assets are held separately in independently administered funds. Once the contributions have been paid, the company has no further payment obligations. |
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are presented as other creditors within creditors falling due within one year. Amounts paid in excess of contributions due are shown as prepayments within current assets. |
Holiday pay accrual |
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscovered salary costs of the future holiday entitlement so accrued at the balance sheet date. |
Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
CLEARWORLD LIMITED (REGISTERED NUMBER: 12333624) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
The company has financial commitments arising from operating leases contracted but not provided for of £1,435 (2023: nil ). |
9. | RELATED PARTY DISCLOSURES |
At the balance sheet date the amount owed by the directors totalled £83,142 (2023 £26,180). This amount is repayable on demand and interest of £1,102 has been charged at 2.25%. |