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No description of principal activities is disclosed
2024-02-01
Sage Accounts Production 23.0 - FRS102_2023
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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
|
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Directors |
Mr Paul Ray |
|
|
Mr Bruce Cardno |
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Company number |
SC584699 |
|
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Registered office |
No 3 Inchloan |
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Durris |
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Banchory |
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Aberdeenshire |
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AB31 6DL |
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Accountant |
Nicola Woodburn FCA |
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100 Station Road |
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Bannockburn |
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|
Stirling |
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FK7 8JP |
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Clearwell Technology Ltd
Balance sheet
31 January 2025
|
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2025 |
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2024 |
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Note |
£ |
|
£ |
|
£ |
|
£ |
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|
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|
|
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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) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
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|
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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) |
|
|
|
|
|
_______ |
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|
_______ |
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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:
|
|
|
|
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33.33% and 25% and 10% |
- |
% |
straight line |
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|
|
|
|
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
|
|
|
|
|
|
|
_______ |
_______ |
_______ |
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|
|
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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 |
|
|
|
_______ |
_______ |
|
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|
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 |
|
_______ |
_______ |
|
|
|