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Company registration number: 09338685

Clerksroom Direct Limited

Filleted Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Clerksroom Direct Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Clerksroom Direct Limited

(Registration number: 09338685)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

4,614

-

Tangible assets

5

1,371

1,662

 

5,985

1,662

Current assets

 

Debtors

6

1,750,233

1,735,852

Cash at bank and in hand

 

128,088

98,199

 

1,878,321

1,834,051

Creditors: Amounts falling due within one year

7

(1,399,280)

(288,954)

Net current assets

 

479,041

1,545,097

Total assets less current liabilities

 

485,026

1,546,759

Provisions for liabilities

 

Deferred tax liabilities

 

(1,496)

(416)

Net assets

 

483,530

1,546,343

Capital and reserves

 

Called up share capital

8

102

102

Profit and loss account

483,428

1,546,241

Total equity

 

483,530

1,546,343

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 22 January 2025 and signed on its behalf by:
 


G R Lindop
Director

   
 

Clerksroom Direct Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Equity House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Prior period errors

The accounts for the year ended 31 December 2022 have been restated to reduce turnover and direct costs by £4,843,766 relating to barristers costs collected by the company and passed directly to the barrister.

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the service provided has been completed and funds have been receoved.

 

Clerksroom Direct Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation of tangible assets

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20%

Intangible assets

Costs incurred by the company relating to intangible assets are shown at historical cost.

These costs are recognised at fair value at the acquisition date.

Costs relating to intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated inpairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software development costs

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Clerksroom Direct Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 8 (2022 - 6).

 

Clerksroom Direct Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

4

Intangible assets

Software development costs
£

Total
£

Cost or valuation

Additions acquired separately

4,773

4,773

At 31 December 2023

4,773

4,773

Amortisation

Amortisation charge

159

159

At 31 December 2023

159

159

Carrying amount

At 31 December 2023

4,614

4,614

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

2,623

2,623

Additions

40

40

At 31 December 2023

2,663

2,663

Depreciation

At 1 January 2023

961

961

Charge for the year

331

331

At 31 December 2023

1,292

1,292

Carrying amount

At 31 December 2023

1,371

1,371

At 31 December 2022

1,662

1,662

 

Clerksroom Direct Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

15,168

22,455

Amounts owed by group undertakings and undertakings in which the company has a participating interest.

1,731,940

1,708,409

Prepayments

3,123

486

Other debtors

2

4,502

 

1,750,233

1,735,852

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

26,916

48,573

Amounts owed to group undertakings and undertakings in which the company has a participating interest

1,294,895

-

Taxation and social security

61,376

220,504

Accruals and deferred income

16,049

9,445

Other creditors

44

10,432

1,399,280

288,954

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

102

102

102

102

       

9

Related party transactions

Summary of transactions with parent

The company has taken advantage of the exemption in FRS 102 paragraph 33.1A from disclosing transactions with wholly owned companies withim the group.
 

 

Clerksroom Direct Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

10

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £7,604 (2022 - £5,536).

Contributions totalling £Nil (2022 - £8,166) were payable to the scheme at the end of the year and are included in creditors.

11

Parent and ultimate parent undertaking

The company's immediate parent is Bar Bidco Limited, incorporated in England and Wales.

 

12

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 14 February 2025 was Christopher Walford ACA, who signed for and on behalf of Albert Goodman LLP.

Other matter
In forming our opinion on the financial statements, which is not modified, we note the prior period financial statements were not audited. Consequently, International Standards on Auditing (UK & Ireland) require the auditor to state that the corresponding figures contained within these financial statements are unaudited.