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Registered number: 03457724 CLOCK LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
CLOCK LIMITED
CONTENTS
| Page
Statement of Financial Position | 1 - 2
Notes to the Financial Statements | 3 - 9
CLOCK LIMITED REGISTERED NUMBER:03457724
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible Assets | 4 |  | 199,500 |  | 210,000
Tangible assets | 5 |  | 44,060 |  | 48,384
Fixed Asset Investments | 6 |  | 66,300 |  | 66,300
|  |  | 309,860 |  | 324,684
Current assets |  |  |  |  |
Stocks |  | 8,098 |  | 7,598 |
Debtors: amounts falling due within one year | 7 | 215,715 |  | 396,842 |
Cash at bank and in hand |  | 36,188 |  | 2,253 |
|  | 260,001 |  | 406,693 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 8 | (473,920) |  | (618,702) |
Net current liabilities |  |  | (213,919) |  | (212,009)
Total assets less current liabilities |  |  | 95,941 |  | 112,675
Creditors: amounts falling due after more than one year | 9 |  | (10,781) |  | (40,339)
Provisions for liabilities |  |  |  |  |
Deferred tax |  |  | (10,778) |  | (11,807)
Net assets |  |  | 74,382 |  | 60,529
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 1,226 |  | 1,226
Share premium account |  |  | 118,199 |  | 118,199
Capital redemption reserve |  |  | 507 |  | 507
Profit and loss account |  |  | (45,550) |  | (59,403)
|  |  | 74,382 |  | 60,529
Page 1
CLOCK LIMITED REGISTERED NUMBER:03457724
STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025 The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 August 2025.
Dr S Nadim
Director
The notes on pages 3 to 9 form part of these financial statements. Page 2
CLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Clock Limited is a private company limited by shares and incorporated in England. Its registered office is 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD. The principal activity of the Company during the year was information technology consultancy activities, specialised design activities and data processing, hosting and related activities. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Turnover
Turnover is measured at the fair value of amounts receivable in respect of goods and services provided in the year, net of trade discounts and excluding value added tax. The company recognises revenue from goods when the goods are delivered to the customer. Revenue from services is recognised when all contractual obligations have been met. Turnover is recognised based on the terms of the contract.
| 2.3 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.4 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 3
CLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 25% on reducing balance
|  |  |  | Office equipment | - | 25% on reducing balance
|  |  |  | Computer equipment | - | 25% on reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.5 | Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.6 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is 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.
| 2.7 | Basic financial instruments
The Company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties. Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties. Interest bearing borrowings, such bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method. Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Page 4
CLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.8 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
| 2.9 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.10 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.11 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.12 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 5
CLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.13 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
3. | Employees
| The average monthly number of employees, including directors, during the year was 14 (2024 - 22).
4. | Intangible assets
|  | Development expenditure
|  | £
| Cost |
| At 1 April 2024 | 210,000
| At 31 March 2025 | 210,000
| Amortisation |
| Charge for the year on owned assets | 10,500
| At 31 March 2025 | 10,500
| Net book value |
| At 31 March 2025 | 199,500
| At 31 March 2024 | 210,000
Page 6
CLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Tangible fixed assets
|  | Fixtures and fittings | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 April 2024 | 50,436 | 28,151 | 123,506 | 202,093
| Additions | - | - | 8,931 | 8,931
| At 31 March 2025 | 50,436 | 28,151 | 132,437 | 211,024
| Depreciation |  |  |  |
| At 1 April 2024 | 47,333 | 26,534 | 79,843 | 153,710
| Charge for the year on owned assets | 776 | 404 | 12,074 | 13,254
| At 31 March 2025 | 48,109 | 26,938 | 91,917 | 166,964
| Net book value |  |  |  |
| At 31 March 2025 | 2,327 | 1,213 | 40,520 | 44,060
| At 31 March 2024 | 3,103 | 1,617 | 43,664 | 48,384
6. | Fixed asset investments
|  | Unlisted investments
|  | £
| Cost or valuation |
| At 1 April 2024 | 66,300
| At 31 March 2025 | 66,300
| Net book value |
| At 31 March 2025 | 66,300
| At 31 March 2024 | 66,300
Page 7
CLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 139,984 | 271,462
| Other debtors | 7,995 | 8,571
| Prepayments and accrued income | 11,483 | 5,385
| Tax recoverable | 56,253 | 111,424
|  | 215,715 | 396,842
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | - | 10,467
| Bank loans | 10,000 | 10,000
| Other loans | 19,556 | 16,335
| Trade creditors | 44,576 | 54,552
| Other taxation and social security | 158,847 | 218,152
| Other creditors | 144,912 | 196,784
| Accruals and deferred income | 96,029 | 112,412
|  | 473,920 | 618,702
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 1,667 | 11,667
| Other loans | 9,114 | 28,672
|  | 10,781 | 40,339
Page 8
CLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 10,000 | 10,000
| Other loans | 19,556 | 16,335
|  | 29,556 | 26,335
| Amounts falling due 2-5 years |  |
| Bank loans | 1,667 | 11,667
| Other loans | 9,116 | 28,672
|  | 40,339 | 66,674
11. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 122,600 (2024 - 122,600) Ordinary shares of £0.01 each | 1,226 | 1,226
12. | Pension commitments
The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £31,752 (2024- £46,866) Contributions totaling £11,136 (2024 - £6,611) were payable to the fund at the balance sheet date.
Page 9