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Company registration number: SC584699
Clearwell Technology Ltd
Unaudited filleted financial statements
31 January 2025
Clearwell Technology Ltd
Contents
Directors and other information
Balance sheet
Notes to the financial statements
Clearwell Technology Ltd
Directors and other information
Directors Mr Paul Ray
Mr Bruce Cardno
Company number SC584699
Registered office No 3 Inchloan
Durris
Banchory
Aberdeenshire
AB31 6DL
Accountant Nicola Woodburn FCA
100 Station Road
Bannockburn
Stirling
FK7 8JP
Clearwell Technology Ltd
Balance sheet
31 January 2025
2025 2024
Note £ £ £ £
Fixed assets
Tangible assets 5 62,128 64,730
_______ _______
62,128 64,730
Current assets
Debtors 6 181,649 49,314
Cash at bank and in hand 1,935,521 49,950
_______ _______
2,117,170 99,264
Creditors: amounts falling due
within one year 7 ( 148,564) ( 18,059)
_______ _______
Net current assets 1,968,606 81,205
_______ _______
Total assets less current liabilities 2,030,734 145,935
Creditors: amounts falling due
after more than one year 8 ( 2,058,292) ( 166,274)
_______ _______
Net liabilities ( 27,558) ( 20,339)
_______ _______
Capital and reserves
Called up share capital 105 105
Share premium account 130,995 130,995
Profit and loss account ( 158,658) ( 151,439)
_______ _______
Shareholders deficit ( 27,558) ( 20,339)
_______ _______
For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 March 2025 , and are signed on behalf of the board by:
Mr Paul Ray
Director
Company registration number: SC584699
Clearwell Technology Ltd
Notes to the financial statements
Year ended 31 January 2025
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is No 3 Inchloan, Durris, Banchory, Aberdeenshire, AB31 6DL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors acknowledge there remains some uncertainty in judgements and the company has a negative balance sheet, however they have no intentions of ceasing operations or liquidating and consider the company will be able to continue for at least 12 months from the date of signing these accounts with the continued support of the directors,shareholders and the receipt of further grants or support income. Therefore, the accounts have been prepared on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
33.33% and 25% and 10% - % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2024: 2 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 February 2024 150,718 - 150,718
Additions 5,739 3,919 9,658
_______ _______ _______
At 31 January 2025 156,457 3,919 160,376
_______ _______ _______
Depreciation
At 1 February 2024 85,989 - 85,989
Charge for the year 11,875 384 12,259
_______ _______ _______
At 31 January 2025 97,864 384 98,248
_______ _______ _______
Carrying amount
At 31 January 2025 58,593 3,535 62,128
_______ _______ _______
At 31 January 2024 64,729 - 64,729
_______ _______ _______
6. Debtors
2025 2024
£ £
Trade debtors 48,330 -
Other debtors 133,319 49,314
_______ _______
181,649 49,314
_______ _______
7. Creditors: amounts falling due within one year
2025 2024
£ £
Bank loans and overdrafts 19,898 11,027
Trade creditors 43,354 210
Social security and other taxes 11,284 4,412
Other creditors 74,028 2,410
_______ _______
148,564 18,059
_______ _______
8. Creditors: amounts falling due after more than one year
2025 2024
£ £
Bank loans and overdrafts 69,628 58,610
Other creditors 1,988,664 107,664
_______ _______
2,058,292 166,274
_______ _______
Other creditors of £107,654 (2024-£107,654) relate to an interest free loan from other companies owned by the shareholders. Other creditors of £10 (2024-£10) relate to the share subscription money overpaid.
Also, other creditors of £ 1,881,000 (2024-nil) relate to an agreement for funding a research and development project . These funds are provided interest free but may be repayable as not used at 31st January 2025.
Included within creditors: amounts falling due after more than one year is an amount of £ 3,842 (2024 £ 8,963 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Interest is charged at 2.5% on the loan and is repayable over the period to October 2030.
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 22,000 8,500
Later than 1 year and not later than 5 years 66,396 20,896
Later than 5 years 6,188 -
_______ _______
94,584 29,396
_______ _______