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REGISTERED NUMBER: 07653169 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

CLEVERBITS LIMITED

CLEVERBITS LIMITED (REGISTERED NUMBER: 07653169)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CLEVERBITS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: R F Hall
Mrs C H S Mamas-Hall





SECRETARY: R F Hall





REGISTERED OFFICE: 2 Woodcote Park
Wisbech
Cambridgeshire
PE13 1LX





REGISTERED NUMBER: 07653169 (England and Wales)





ACCOUNTANTS: Wheelers
Chartered Accountants & Tax Consultants
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

CLEVERBITS LIMITED (REGISTERED NUMBER: 07653169)

BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 14,156 18,266
Investments 5 10 10
14,166 18,276

CURRENT ASSETS
Stocks 71,846 69,613
Debtors 6 57,093 60,206
Cash at bank 114,015 88,269
242,954 218,088
CREDITORS
Amounts falling due within one year 7 150,977 128,216
NET CURRENT ASSETS 91,977 89,872
TOTAL ASSETS LESS CURRENT
LIABILITIES

106,143

108,148

PROVISIONS FOR LIABILITIES 3,100 3,900
NET ASSETS 103,043 104,248

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 102,943 104,148
SHAREHOLDERS' FUNDS 103,043 104,248

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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.

CLEVERBITS LIMITED (REGISTERED NUMBER: 07653169)

BALANCE SHEET - continued
31 MAY 2024


The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





R F Hall - Director


CLEVERBITS LIMITED (REGISTERED NUMBER: 07653169)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Cleverbits Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 20% on cost
Plant and machinery - 20% reducing balance
Computer equipment - 33% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.


CLEVERBITS LIMITED (REGISTERED NUMBER: 07653169)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Consolidation
The parent company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by section 398 of the Companies Act 2006 not to prepare group accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

4. TANGIBLE FIXED ASSETS
Leasehold Plant and Computer
improvements machinery equipment Totals
£    £    £    £   
COST
At 1 June 2023 3,482 33,179 6,860 43,521
Additions - - 233 233
At 31 May 2024 3,482 33,179 7,093 43,754
DEPRECIATION
At 1 June 2023 1,591 19,364 4,300 25,255
Charge for year 696 2,763 884 4,343
At 31 May 2024 2,287 22,127 5,184 29,598
NET BOOK VALUE
At 31 May 2024 1,195 11,052 1,909 14,156
At 31 May 2023 1,891 13,815 2,560 18,266

CLEVERBITS LIMITED (REGISTERED NUMBER: 07653169)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 10
NET BOOK VALUE
At 31 May 2024 10
At 31 May 2023 10

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 41,283 40,791
Amounts owed by group undertakings 10,671 13,795
Other debtors 5,139 5,620
57,093 60,206

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 25,931 5,288
Taxation and social security 40,188 33,696
Other creditors 84,858 89,232
150,977 128,216

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.5.24 31.5.23
£    £   
Within one year 12,500 10,000
Between one and five years 6,250 15,000
18,750 25,000

9. RELATED PARTY DISCLOSURES

At the year end an interest free loan from a subsidiary amounting to £10,671 (2023 - £13,795) was
outstanding.