2023-09-012024-08-312024-08-31false03343714Fairclear 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Fairclear Limited

Registered Number
03343714
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

Fairclear Limited
Company Information
for the year from 1 September 2023 to 31 August 2024

Directors

Mrs DA Freeman
Mr T Freeman

Company Secretary

Mrs DA Freeman

Registered Address

22 Greenfields
Nettleham
Lincoln
LN2 2RY

Registered Number

03343714 (England and Wales)
Fairclear Limited
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets318,86024,513
18,86024,513
Current assets
Debtors414,60436,080
Cash at bank and on hand67,68062,466
82,28498,546
Creditors amounts falling due within one year5(55,531)(62,916)
Net current assets (liabilities)26,75335,630
Total assets less current liabilities45,61360,143
Creditors amounts falling due after one year6(4,051)(9,055)
Provisions for liabilities7(3,656)(4,657)
Net assets37,90646,431
Capital and reserves
Called up share capital44
Profit and loss account37,90246,427
Shareholders' funds37,90646,431
The financial statements were approved and authorised for issue by the Board of Directors on 28 May 2025, and are signed on its behalf by:
Mrs DA Freeman
Director
Registered Company No. 03343714
Fairclear Limited
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Interest income
Interest income is recognised using the effective interest rate method.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Borrowing costs
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.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery20
Vehicles25
Office Equipment20
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year33
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 September 239,88949,4955,91565,299
Additions817--817
Disposals(2,737)-(1,347)(4,084)
At 31 August 247,96949,4954,56862,032
Depreciation and impairment
At 01 September 238,71027,0615,01540,786
Charge for year2965,6091806,085
On disposals(2,466)-(1,233)(3,699)
At 31 August 246,54032,6703,96243,172
Net book value
At 31 August 241,42916,82560618,860
At 31 August 231,17922,43490024,513
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables9,13231,283
Other debtors4,9194,065
Prepayments and accrued income553732
Total14,60436,080
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables34,19226,867
Bank borrowings and overdrafts5,0005,000
Taxation and social security7,97512,244
Other creditors6,70517,235
Accrued liabilities and deferred income1,6591,570
Total55,53162,916
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts4,0519,055
Total4,0519,055
Bounce Back Loan is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 31 May 2026. The carrying amount at year end is £9,051 (2023 - £14,055).
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)3,6564,657
Total3,6564,657