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REGISTERED NUMBER: 08561259 (England and Wales)








Unaudited Financial Statements

for the Year Ended

31 August 2024

for

Clearaway Limited

Clearaway Limited (Registered number: 08561259)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Clearaway Limited

Company Information
for the Year Ended 31 August 2024







DIRECTOR: C B Williams





REGISTERED OFFICE: Rushock Trading Estate
Rushock
Droitwich
Worcestershire
WR9 0NR





REGISTERED NUMBER: 08561259 (England and Wales)





ACCOUNTANTS: Nicklin Accountancy Services Limited
Church Court
Stourbridge Road
Halesowen
West Midlands
B63 3TT

Clearaway Limited (Registered number: 08561259)

Balance Sheet
31 August 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 11,596 13,555
Tangible assets 5 2,206,985 1,839,122
2,218,581 1,852,677

CURRENT ASSETS
Stocks 6,380 4,724
Debtors 6 3,185,216 2,661,197
Cash at bank and in hand 45,272 30,860
3,236,868 2,696,781
CREDITORS
Amounts falling due within one year 7 1,639,024 1,526,548
NET CURRENT ASSETS 1,597,844 1,170,233
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,816,425

3,022,910

CREDITORS
Amounts falling due after more than one year 8 (1,452,576 ) (919,431 )

PROVISIONS FOR LIABILITIES (501,593 ) (404,320 )
NET ASSETS 1,862,256 1,699,159

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,862,156 1,699,059
SHAREHOLDERS' FUNDS 1,862,256 1,699,159

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Clearaway Limited (Registered number: 08561259)

Balance Sheet - continued
31 August 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 October 2024 and were signed by:





C B Williams - Director


Clearaway Limited (Registered number: 08561259)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Clearaway Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Clearaway Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents net invoiced sales of goods & services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - over the lease term
Plant and machinery - at variable rates on reducing balance
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Clearaway Limited (Registered number: 08561259)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2023 - 31 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 19,595
AMORTISATION
At 1 September 2023 6,040
Amortisation for year 1,959
At 31 August 2024 7,999
NET BOOK VALUE
At 31 August 2024 11,596
At 31 August 2023 13,555

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 September 2023 81,898 1,104,765 82,071 2,740,527 4,009,261
Additions 1,231 63,569 16,700 916,335 997,835
Disposals - - - (575,807 ) (575,807 )
At 31 August 2024 83,129 1,168,334 98,771 3,081,055 4,431,289
DEPRECIATION
At 1 September 2023 73,622 632,238 63,181 1,401,098 2,170,139
Charge for year 3,115 88,264 10,659 433,999 536,037
Eliminated on disposal - - - (481,872 ) (481,872 )
At 31 August 2024 76,737 720,502 73,840 1,353,225 2,224,304
NET BOOK VALUE
At 31 August 2024 6,392 447,832 24,931 1,727,830 2,206,985
At 31 August 2023 8,276 472,527 18,890 1,339,429 1,839,122

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 932,220 930,116
Other debtors 306,640 216,275
1,238,860 1,146,391

Clearaway Limited (Registered number: 08561259)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

6. DEBTORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings 1,946,356 1,514,806

Aggregate amounts 3,185,216 2,661,197

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 535,721 439,493
Trade creditors 408,470 427,145
Taxation and social security 236,809 236,123
Other creditors 458,024 423,787
1,639,024 1,526,548

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 1,237,076 849,431
Other creditors 215,500 70,000
1,452,576 919,431

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
HSBC Invoice Finance 366,576 350,275

10. CONTINGENT LIABILITIES

The company has entered into a cross guarantee agreement with HSBC UK Limited to secure the borrowings of its related companies Wingib Holdings Limited and Nivlac Holdings Limited.

11. OTHER FINANCIAL COMMITMENTS

The total amount of commitments, guarantees and contingencies at the end of the year was £45,157 (2021 - £70,000).

12. RELATED PARTY DISCLOSURES

The amount due to the director at 31st August 2024 was £215,500 (2023 £70,000). The amount due is included within Creditors: amounts falling due after more than one year.

The aggregate balance due by the parent company, Wingib Holdings Limited, at 31st August 2024 was £1,560,601 (2023 - £1,470,076).

The balance due by the ultimate holding company, Nivlac Holdings Ltd, was £910,756 as at 31 August 2024 (2023 - £44,731).

Clearaway Limited (Registered number: 08561259)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

13. ULTIMATE CONTROLLING PARTY

The ultimate parent company of Clearaway Limited is Nivlac Holdings Limited, a company with a principal place of business at Rushock Trading Estate, Rushock, Droitwich, Worcestershire WR9 0NR.