Registration number:
for the
Year Ended
Clearwater Hampers Limited
Company Information
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Directors |
Mr Patrick Gore Mr Adam Gethin Mrs Hannah Lia Mr Nicholas Bostock |
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Company secretary |
Mr Patrick Gore |
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Registered office |
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Solicitors |
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Bankers |
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Accountants |
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Clearwater Hampers Limited
(Registration number: 06167203)
Balance Sheet as at 31 January 2025
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Note |
31 January |
31 January |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Deferred tax assets |
71,504 |
86,682 |
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Net assets |
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Capital and reserves |
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Called up share capital |
90,000 |
90,000 |
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Capital redemption reserve |
633,996 |
633,996 |
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Retained earnings |
157,684 |
115,515 |
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Shareholders' funds |
881,680 |
839,511 |
For the financial 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:
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• |
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• |
The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Company secretary and director
Clearwater Hampers Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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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 for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Group accounts not prepared
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operation existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
A dilapidations provision has been recognised in these accounts, as the directors' best estimate of the costs that will be incurred at the end of the premises lease period. No other significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Clearwater Hampers Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
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2 |
Accounting policies (continued) |
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 and after eliminating sales within the company.
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.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position 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:
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Asset class |
Depreciation method and rate |
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Short leasehold property |
25%-33% of cost |
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Other tangibles |
25%-33% of cost |
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Motor vehicles |
25%-33% of cost |
Clearwater Hampers Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
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2 |
Accounting policies (continued) |
Intangible assets
Website expenditure incurred on development related directly to trade can be carried forward when it is reasonable to assume that it is probable that future economic benefits will be generated.
The ERP system costs are initially recorded at cost and written off over the term of the lease.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life. Recognition starts at the point the asset becomes available for use. The useful lives considered for intangibles is as follows:
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Asset class |
Amortisation method and rate |
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ERP system |
20% of cost |
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Website development |
33% of cost |
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Assets under construction |
33% of cost on completion of the asset |
Investments held as fixed assets
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using a weighted average cost formula.
The cost of finished goods and work in progress comprises direct materials. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
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.
Clearwater Hampers Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
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2 |
Accounting policies (continued) |
Financial Instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the balance sheet when, and only when, there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
Non-financial assets:
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Financial assets:
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Clearwater Hampers Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
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2 |
Accounting policies (continued) |
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Deferred tax |
Deferred tax assets and liabilities
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2025 |
Asset |
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Tax losses carried forward |
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Short term timing difference |
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Fixed asset timing difference |
( |
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The deferred tax asset predominantly relates to losses carried forward. The directors believe that the asset will be realised in the short and medium term against future profits.
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2024 |
Asset |
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Tax losses carried forward |
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Short term timing difference |
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Fixed asset timing difference |
( |
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Clearwater Hampers Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
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Intangible assets |
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ERP system and website development |
Assets under construction |
Total |
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Cost |
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At 1 February 2024 |
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Additions |
- |
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Disposals |
( |
- |
( |
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At 31 January 2025 |
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Amortisation |
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At 1 February 2024 |
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- |
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Amortisation charge |
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- |
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Amortisation eliminated on disposals |
( |
- |
( |
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At 31 January 2025 |
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- |
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Carrying amount |
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At 31 January 2025 |
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At 31 January 2024 |
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Tangible assets |
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Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost |
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At 1 February 2024 |
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Additions |
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- |
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Disposals |
- |
( |
( |
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At 31 January 2025 |
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Depreciation |
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At 1 February 2024 |
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Charge for the period |
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Eliminated on disposal |
- |
( |
( |
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At 31 January 2025 |
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Carrying amount |
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At 31 January 2025 |
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At 31 January 2024 |
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Clearwater Hampers Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
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Investments held as fixed assets |
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31 January |
31 January |
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Shares in group undertakings |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Country of incorporation |
Holding |
Proportion of voting rights and shares held |
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31 January 2025 |
31 January |
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Subsidiary undertakings |
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England and Wales |
Ordinary |
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England and Wales |
Ordinary |
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England and Wales |
Ordinary |
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Clearwater Hampers Operations Limited is dormant. The profit for the financial period was £nil and the aggregate amount of capital and reserves at the end of the period was £100.
The Corporate Hamper Company Limited is dormant. The profit for the financial period of was £nil and the aggregate amount of capital and reserves at the end of the period was £1.
Clearwater Gifts Limited is dormant. The profit for the financial period of was £nil and the aggregate amount of capital and reserves at the end of the period was £1.
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Stocks |
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31 January 2025 |
31 January 2024 |
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Stocks |
468,912 |
563,264 |
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Debtors |
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31 January |
31 January |
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Trade debtors |
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Receivables from related parties |
860,859 |
764,518 |
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Other debtors and prepayments |
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Clearwater Hampers Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
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Creditors |
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Note |
31 January |
31 January |
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Due within one year |
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Finance lease liabilities |
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Trade creditors |
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Amounts due to related parties |
2 |
2 |
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Taxation and social security |
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Other creditors |
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Other loans |
333,333 |
- |
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Due after one year |
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Finance lease liabilities |
- |
119,561 |
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Other loans |
666,667 |
1,000,000 |
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666,667 |
1,119,561 |
Included in other creditors is a provision for dilapidations of £99,273 (2024 - £107,273), being the directors' best estimate of amounts which might be payable on the expiry of leases to reinstate the premises to an acceptable condition.
Other loans is a secured loan received during the previous period from Throne Limited (a company owned and controlled by director and shareholder Nick Bostock). The loan is secured by a cross guarantee debenture with the company and its immediate and ultimate parent, GOMP Limited. Interest is charged at the higher rate of 6% per annum or Bank of England base rate plus 1.75% per annum.
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Share capital |
Allotted, called up and fully paid shares
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31 January 2025 |
31 January 2024 |
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No. |
£ |
No. |
£ |
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|
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90,000 |
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90,000 |
Clearwater Hampers Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
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Commitments |
The company has committed to an intra-group cross guarantee arrangement with its parent company GOMP Limited to guarantee loans and borrowings.
Amounts not provided for in the balance sheet - Operating leases
The total of future minimum lease payments is as follows:
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31 January 2025 |
31 January |
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Not later than one year |
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Later than one year and not later than five years |
- |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
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Related party transactions |
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As at 31 January 2025 the balance owed by GOMP Limited was £860,859 (2024 - £764,518). |
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Parent undertaking |
The company's immediate parent company is GOMP Limited, a company under the control of P Gore and N Bostock, both Directors of the company. The financial statements of GOMP Limited are available from Companies House.