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Registration number: 09410840

Clear Interior Projects Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Clear Interior Projects Ltd

Contents

Company Information

1

Director's Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Clear Interior Projects Ltd

Company Information

Director

Mr Christopher David Young

Registered office

Unit 2 Venture Business Park
Witty Street
Hull
East Yorkshire
HU3 4TT

Solicitors

Gosschalks Solicitors
Queens Gardens
Dock Street
Hull
East Yorkshire
HU1 3DZ

Bankers

Svenska Handelsbanken AB (publ)
Hessle
First Floor
Westcott House
Hesslewood Business Park
Hessle
East Yorkshire
HU13 0PF

Accountants

Flexibility Professional Services (UK) Ltd Cherry Tree Court
36 Ferensway
Hull
East Yorkshire
HU2 8NH

 

Clear Interior Projects Ltd

Director's Report for the Year Ended 31 December 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director of the company

The director who held office during the year was as follows:

Mr Christopher David Young

Principal activity

The principal activity of the company is construction works including commercial fit out.

Going concern

These financial statements are prepared on a going concern basis. The director has assessed whether this going concern assumption is appropriate and has taken into account all available information about the future, which is at least, but is not limited to, twelve months from the date when these financial statements are authorised for issue.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 24 March 2025
 

.........................................
Mr Christopher David Young
Director

 

Clear Interior Projects Ltd

(Registration number: 09410840)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

143

191

Current assets

 

Debtors

5

61,289

141,491

Cash at bank and in hand

 

7,241

54,806

 

68,530

196,297

Creditors: Amounts falling due within one year

6

(70,230)

(207,654)

Net current liabilities

 

(1,700)

(11,357)

Total assets less current liabilities

 

(1,557)

(11,166)

Creditors: Amounts falling due after more than one year

6

(6,160)

(16,514)

Provisions for liabilities

(36)

(48)

Net liabilities

 

(7,753)

(27,728)

Capital and reserves

 

Called up share capital

7

100

100

Share premium reserve

2,475

2,475

Retained earnings

(10,328)

(30,303)

Shareholders' deficit

 

(7,753)

(27,728)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account and Director's Report.

Approved and authorised by the director on 24 March 2025
 

 

Clear Interior Projects Ltd

(Registration number: 09410840)
Balance Sheet as at 31 December 2024

.........................................
Mr Christopher David Young
Director

 

Clear Interior Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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:
Unit 2 Venture Business Park
Witty Street
Hull
East Yorkshire
HU3 4TT
United Kingdom

These financial statements were authorised for issue by the director on 24 March 2025.

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.

Going concern

These financial statements are prepared on a going concern basis. The director has assessed whether this going concern assumption is appropriate and has taken into account all available information about the future, which is at least, but is not limited to, twelve months from the date when these financial statements are authorised for issue.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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 amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Clear Interior Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Contract revenue recognition

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when costs incurred and costs to complete can be reliably estimated. The stage of completion is calculated by comparing costs incurred in relation to contractual hourly labour rates and materials as a proportion of total costs. Where the outcome cannot be reliably estimated, revenue is recognised only to the extent of the expenses that are recoverable.

Government grants

Government grants are charged to the Profit and Loss account on accrual basis unless they are connected to an asset purchase in which case they amortised over the life of the asset. Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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 income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Depreciation

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

Office equipment

Reducing balance at 25%

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.

 

Clear Interior Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Trade 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 5).

 

Clear Interior Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

1,607

1,607

At 31 December 2024

1,607

1,607

Depreciation

At 1 January 2024

1,416

1,416

Charge for the year

48

48

At 31 December 2024

1,464

1,464

Carrying amount

At 31 December 2024

143

143

At 31 December 2023

191

191

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

50,365

85,545

Amounts owed by related parties

10

-

38,500

Prepayments

 

1,162

890

Other debtors

 

9,762

16,556

   

61,289

141,491

 

Clear Interior Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

8,936

9,192

Trade creditors

 

70,507

162,563

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

10

-

13,640

Taxation and social security

 

15,458

29,476

Accruals and deferred income

 

960

960

Other creditors

 

(25,631)

(8,177)

 

70,230

207,654

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

6,160

16,514

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,160

16,514

 

Clear Interior Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Current loans and borrowings

2024
£

2023
£

Bank borrowings

8,936

9,192

Bank borrowings

Starling Bank is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 31 August 2026. The carrying amount at year end is £15,100 (2023 - £25,706).

Unsecured loan provided under the Bounce Back Loan Scheme. No repayments for 12 months and fees/interest paid by the UK government.

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £83.55 (2023 - £Nil) per each Ordinary £1

8,355

-

 

 

10

Related party transactions

Transactions with the director

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

Mr Christopher David Young

Director's Loan Account

8,356

25,810

(8,356)

25,810

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr Christopher David Young

Director's Loan Account

2,500

13,356

(7,500)

8,356

Mr Michael John East

Director's Loan Account

44,811

-

(44,811)

-

 

Clear Interior Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Summary of transactions with associates

CDY Ceilings and Partitions Ltd
SRY Development (Hull) Ltd
CDY Property Ltd
Supply of services and loan capital provided by associated group company.
Unsecured loan provided without repayment terms.

Summary of transactions with other related parties

Young & East Property Ltd Loan capital provided to related party company.
Unsecured loan provided without repayment terms.

Income and receivables from related parties

2024

2023

Associates
£

Receipt of services

171,747

Amounts receivable from related party

55,000

Expenditure with and payables to related parties

2024

2023

Associates
£

Rendering of services

125,000

Loans to related parties

2024

Associates
£

Total
£

At start of period

38,500

38,500

Advanced

12,960

12,960

Impairment

(51,460)

(51,460)

At end of period

-

-

2023

Associates
£

Other related parties
£

Total
£

At start of period

37,500

39,400

76,900

Advanced

1,000

-

1,000

Repaid

-

(39,400)

(39,400)

At end of period

38,500

-

38,500

 

Clear Interior Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Loans from related parties

2024

Associates
£

Total
£

At start of period

13,640

13,640

Advanced

510

510

Repaid

(1,140)

(1,140)

Impairment

(13,010)

(13,010)

At end of period

-

-

2023

Associates
£

Total
£

At start of period

111,798

111,798

Repaid

(98,158)

(98,158)

At end of period

13,640

13,640

Terms of loans from related parties

No repayment terms and 0% interest.
 

11

Parent and ultimate parent undertaking

The company's immediate parent is Young & Family Ltd, incorporated in England and Wales.