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Registered number: 02487927
Themeclear Limited
Unaudited Financial Statements
For the Period 1 April 2023 to 30 June 2024
Martin Nye Limited
Chartered Certified Accountants
186 High Street
Winslow
Buckinghamshire
MK18 3DQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02487927
30 June 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 93 124
Investment Properties 5 560,000 560,000
560,093 560,124
CURRENT ASSETS
Debtors 6 601 942
Cash at bank and in hand 92,564 71,439
93,165 72,381
Creditors: Amounts Falling Due Within One Year 7 (91,498 ) (89,518 )
NET CURRENT ASSETS (LIABILITIES) 1,667 (17,137 )
TOTAL ASSETS LESS CURRENT LIABILITIES 561,760 542,987
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,698 ) (5,698 )
NET ASSETS 556,062 537,289
CAPITAL AND RESERVES
Called up share capital 9 22 22
Fair value reserve 10 178,254 178,254
Profit and Loss Account 377,786 359,013
SHAREHOLDERS' FUNDS 556,062 537,289
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For the period ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Ann Hawkins
Director
24th March 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Themeclear Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02487927 . The registered office is 186 High Street, Winslow, Buckinghamshire, MK18 3DQ. The presentation currency is £ Sterling rounded to the nearest £1.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
These accounts cover a fifteen month period, the accounting reference date was extended for commercial reasons. The comparative amounts are not entirely comparable in this regard.
These financial statements for the period ended 30th June 2024 are the first financial statements that comply with FRS 102 section 1A Small Entities. The date of transition is 1st April 2022. The transition to FRS 102 section 1A Small Entities has resulted in a change in accounting policy to that used previously. The nature of this change and its impact on opening equity and profit for the comparative period is explained in the notes.
2.2. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing Balance
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 4 (2023: 4)
4 4
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4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 April 2023 5,329
As at 30 June 2024 5,329
Depreciation
As at 1 April 2023 5,205
Provided during the period 31
As at 30 June 2024 5,236
Net Book Value
As at 30 June 2024 93
As at 1 April 2023 124
5. Investment Property
30 June 2024
£
Fair Value
As at 1 April 2023 and 30 June 2024 560,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
30 June 2024 31 March 2023
£ £
Cost 376,048 376,048
Accumulated depreciation and impairment 97,514 96,363
Carrying amount 278,534 279,685
The company adopted FRS 102 section 1A Small Entities, the date of transition was 1st April 2022, as a result of the change, investment properties with a historical cost of £376,048 were revalued to their fair value of £560,000, historical accumulated depreciation of £96,363 was written back to the profit and loss account. A fair value reserve was created to include deferred taxation of £5,698 should the assets be sold at their revalued amount.
6. Debtors
30 June 2024 31 March 2023
£ £
Due within one year
Other debtors 601 942
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7. Creditors: Amounts Falling Due Within One Year
30 June 2024 31 March 2023
£ £
Other creditors 86,545 84,100
Taxation and social security 4,953 5,418
91,498 89,518
8. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 April 2023 5,698 5,698
Balance at 30 June 2024 5,698 5,698
9. Share Capital
30 June 2024 31 March 2023
£ £
Allotted, Called up and fully paid 22 22
10. Reserves
Fair Value Reserve
£
As at 1 April 2023 178,254
As at 30 June 2024 178,254
The Fair Value reserve is in respect of the revaluation of investment properties to their Fair Value of £560,000, together with a deferred taxation provision of £5,698. The Fair Value reserve is considered unrealised and therefore not available for distribution. Full taxation provision has been made with indexation to 31st December 2017, no indexation is available after this date.
11. Transition to FRS 102
Reconciliation of Equity as at 1st April 2022
Capital & reserves as previously stated as at 1st April 2022 were £259,408, historical depreciation has been reversed amounting to £95,442, deferred taxation has been included amounting to a reduction of £5,698, together with an increase of £183,952 in respect of the revaluation of investment properties.
Reconciliation of Equity as at 31st March 2023
Capital & reserves as previously stated as at 31st March 2023 were £262,650, historical depreciation has been reversed amounting to £95,442, depreciation charged in the year to 31st March 2023 amounting to £921 has been reversed, deferred taxation has been included amounting to a reduction of £5,698, together with an increase of £183,952 in respect of the revaluation of investment properties.
Reconciliation of Profit & Loss as at 31st March 2023
Profit as previously stated of £7,242 has increased to £8,163 in respect of the reversal of depreciation of £921.
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