| REGISTERED NUMBER: |
| CLARITY LIMITED |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| REGISTERED NUMBER: |
| CLARITY LIMITED |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| CLARITY LIMITED (REGISTERED NUMBER: 03466459) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| CLARITY LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITOR: |
| 264 Banbury Road |
| Oxford |
| Oxfordshire |
| OX2 7DY |
| CLARITY LIMITED (REGISTERED NUMBER: 03466459) |
| BALANCE SHEET |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium | 9 |
| Retained earnings | 9 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| CLARITY LIMITED (REGISTERED NUMBER: 03466459) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Clarity Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Income is recognised net of VAT as follows: |
| - | Fee income is recognised in the period to which it relates. |
| - | Investment management income is recognised in the period to which it relates. |
| Tangible fixed assets |
| Short leasehold | - |
| Office equipment | - |
| Fixtures and fittings | - |
| The company has a policy for capitalising computer equipment costing > £1,500, anything less is expensed. |
| 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. |
| 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 |
| CLARITY LIMITED (REGISTERED NUMBER: 03466459) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Short | Office | and |
| leasehold | equipment | fittings | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | FIXED ASSET INVESTMENTS |
| Interest |
| in joint |
| venture |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Joint venture |
| Registered office: 1 Crown Square, Woking, Surrey, GU21 6HR |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| CLARITY LIMITED (REGISTERED NUMBER: 03466459) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Tax |
| Deferred tax | 28,105 | 23,000 |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to participating interests | 19,105 | 22,083 |
| Tax |
| Social security and other taxes |
| VAT | 73,375 | 35,507 |
| Other creditors |
| Accruals and deferred income |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 9. | RESERVES |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 January 2024 | 2,901,200 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 December 2024 | 3,261,286 |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditor was unqualified. |
| for and on behalf of |
| CLARITY LIMITED (REGISTERED NUMBER: 03466459) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 11. | RELATED PARTY DISCLOSURES |
| The company owns 51% of MDRclarity Ltd, a joint venture which it shares with a law firm, and during the financial year under the terms of this arrangement, it received a total of £433,697 (2023: £413,183 ) which in turn it passed on to the joint venture, and has charged service fees of £325,273 (2023: £309,888). The company received dividends of £328,142 from MDRclarity Ltd during the financial year (2023: £NIL), and at the balance sheet date, the amount payable to MDRclarity Ltd was £19,105 (2023: £22,083). |