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Registered Number: 04948795
England and Wales

 

 

 

CLEAVERBAY LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 May 2023

End date: 30 April 2024
Director Richard Miller
Registered Number 04948795
Registered Office Unit 66
Ainsdale Drive
Shrewsbury
Shropshire
SY1 3TL
1
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 30 April 2024
Director
The director who served the company throughout the year was as follows:
Richard Miller

On behalf of the board.


----------------------------------
Richard Miller
Director

Date approved: 31 January 2025
2
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 5 66,720    40,000 
66,720    40,000 
Current assets      
Stocks 6 763,250    861,289 
Debtors 7 2,912,340    2,964,203 
Cash at bank and in hand 18,316    28,025 
3,693,906    3,853,517 
Creditors: amount falling due within one year 8 (3,285,398)   (3,206,554)
Net current assets 408,508    646,963 
 
Total assets less current liabilities 475,228    686,963 
Creditors: amount falling due after more than one year 9 (292,325)   (438,022)
Provisions for liabilities 10 (16,680)   (10,000)
Net assets 166,223    238,941 
 

Capital and reserves
     
Called up share capital 11 2    2 
Profit and loss account 166,221    238,939 
Shareholders' funds 166,223    238,941 
 


For the year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 31 January 2025 and were signed by:


-------------------------------
Richard Miller
Director
3
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 May 2022 2  103,703  103,705 
Profit for the year 170,236  170,236 
Total comprehensive income for the year 170,236  170,236 
Dividends (35,000) (35,000)
Total investments by and distributions to owners (35,000) (35,000)
At 30 April 2023 2  238,939  238,941 
At 01 May 2023 2  238,939  238,941 
Profit for the year 43,082  43,082 
Total comprehensive income for the year 43,082  43,082 
Dividends (115,800) (115,800)
Total investments by and distributions to owners (115,800) (115,800)
At 30 April 2024 2  166,221  166,223 
4
General Information
Cleaverbay Limited is a private company, limited by shares, registered in England and Wales, registration number 04948795, registration address Unit 66, Ainsdale Drive, Shrewsbury, Shropshire, SY1 3TL.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Share Capital
Ordinary shares are classed as equity.
Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Distribution to equity holders
Dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the company shareholders. These amounts are recognised in the statement of changes in equity.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sale taxes. 
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the dispatch of the goods.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives. 
Plant and Machinery 20% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
The interest element of these obligations is charged to profit or loss on a straight line basis over the period of the lease.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Invoice discounting
Amounts due in respect of invoice discounting are separately disclosed as current liabilities. The company can use these facilities to draw down a percentage of the value of certain sales invoices. The management and collection of trade receivables remains within the Company.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 3 (2023 : 3).
3.

Financial Commitments, Guarantees and Contingencies

Contingent Liabilities
The company entered into forward purchase contracts for the future delivery of 140  tonnes of nickel product, these contracts are matched to forward sales contracts at varying premiums resulting in future net income within the year to 30 April 2025 of £126,000 (2024 £268,000).

Other Financial Commitments
At the Balance Sheet date, the company had non cancellable operating lease commitments totalling £19375 (2023 £34,875).

4.

Secured Debts

The following debts are included within creditors

Particulars   20244
£
  2023
£
Other creditors 2,815,500  2,377,742 
Total 2,815,500  2,377,742 
 

The Other Creditors is an invoice discounting facility providing advances against approved debtors. Richard Miller, a director of the Company, has provided a personal guarantee of £350,000 to support this arrangement. 

5.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Total
  £   £   £
At 01 May 2023 127,871      127,871 
Additions   40,629    40,629 
Disposals    
At 30 April 2024 127,871    40,629    168,500 
Depreciation
At 01 May 2023 87,871      87,871 
Charge for year 7,780    6,129    13,909 
On disposals    
At 30 April 2024 95,651    6,129    101,780 
Net book values
Closing balance as at 30 April 2024 32,220    34,500    66,720 
Opening balance as at 01 May 2023 40,000      40,000 

The net book value of Motor Vehicles includes £ 34,500 in respect of assets leased under finance leases or hire purchase contracts.

6.

Stocks

2024
£
  2023
£
Stocks 763,250    861,289 
763,250    861,289 

7.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 2,756,794    2,860,270 
Amounts owed by group undertakings 120,914    65,071 
Prepayments & Accrued Income 16,987    20,399 
Other Debtors 15,100    18,463 
Corporation Tax 2,545   
2,912,340    2,964,203 

8.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 5,719    26,039 
Bank Loans & Overdrafts 158,527    131,615 
Other Creditors 9,291    7,701 
Obligations under HP/Financial Leases 8,130   
Finance Creditor 2,815,500    2,377,742 
Taxation and Social Security 288,231    663,457 
3,285,398    3,206,554 

9.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 266,598    438,022 
Obligations Under HP/Financial Leases 25,727   
292,325    438,022 

10.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 16,680    10,000 
16,680    10,000 
Deferred tax
Particulars   2024
£
  2023
£
Balance at 01 April 10,000  9,453 
Provided during year 6,680  547 
Balance at 31 March 16,680  10,000 


11.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
2 Class A shares of £1.00 each  
 

12.

Ultimate Controlling Party

The controlling party is 21st Century Investments Limited.
21st Century Investments Limited, a company incorporated in England and Wales, registration number 05691059
5