CLEARANCE TEXTILES LTD.

Company Registration Number:
03729772 (England and Wales)

Unaudited abridged accounts for the year ended 30 November 2024

Period of accounts

Start date: 01 December 2023

End date: 30 November 2024

CLEARANCE TEXTILES LTD.

Contents of the Financial Statements

for the Period Ended 30 November 2024

Balance sheet
Notes

CLEARANCE TEXTILES LTD.

Balance sheet

As at 30 November 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 30 40
Total fixed assets: 30 40
Current assets
Debtors:   40,976 37,250
Cash at bank and in hand: 1,274 5,193
Total current assets: 42,250 42,443
Creditors: amounts falling due within one year:   (568) (1,047)
Net current assets (liabilities): 41,682 41,396
Total assets less current liabilities: 41,712 41,436
Provision for liabilities: (10) (10)
Total net assets (liabilities): 41,702 41,426
Capital and reserves
Called up share capital: 1,000 1,000
Profit and loss account: 40,702 40,426
Shareholders funds: 41,702 41,426

The notes form part of these financial statements

CLEARANCE TEXTILES LTD.

Balance sheet statements

For the year ending 30 November 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 20 August 2025
and signed on behalf of the board by:

Name: Steve Lowe
Status: Director

The notes form part of these financial statements

CLEARANCE TEXTILES LTD.

Notes to the Financial Statements

for the Period Ended 30 November 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Sales comprise the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Sales are presented, net of value-added tax, 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 when specific criteria have been met for each of the company's activities as follows: Revenue from the sale of goods is recognised at the point at which the goods have been delivered to the customer.

Tangible fixed assets and depreciation policy

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings - 25% on reducing balance

Other accounting policies

Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Financial instruments The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss. Taxation Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. Foreign currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

CLEARANCE TEXTILES LTD.

Notes to the Financial Statements

for the Period Ended 30 November 2024

2. Employees

2024 2023
Average number of employees during the period 2 2

CLEARANCE TEXTILES LTD.

Notes to the Financial Statements

for the Period Ended 30 November 2024

3. Tangible Assets

Total
Cost £
At 01 December 2023 9,541
Additions 0
At 30 November 2024 9,541
Depreciation
At 01 December 2023 9,501
Charge for year 10
At 30 November 2024 9,511
Net book value
At 30 November 2024 30
At 30 November 2023 40

CLEARANCE TEXTILES LTD.

Notes to the Financial Statements

for the Period Ended 30 November 2024

4. Loans to directors

Name of director receiving advance or credit: Mr M Rahman
Description of the loan: Advance towards a house deposit
£
Balance at 01 December 2023 15,188
Advances or credits repaid: 15,188
Balance at 30 November 2024 0