Clearance Brands Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 07687572

CLEARANCE BRANDS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

28 June 2024

CLEARANCE BRANDS LIMITED

STATEMENT OF FINANCIAL POSITION

28 June 2024

	28 Jun 24		30 Jun 23
Note	£	£	£	£

FIXED ASSETS

Tangible assets	6		1,188		498

CURRENT ASSETS

Stocks		96,025	95,950
Debtors	7	91,507	105,149
Cash at bank and in hand		9,786	4,408
		---------	---------
		197,318	205,507

CREDITORS: amounts falling due within one year	8	( 184,559)		( 181,524)
		---------		---------
NET CURRENT ASSETS			12,759		23,983
			--------		--------
TOTAL ASSETS LESS CURRENT LIABILITIES			13,947		24,481

CREDITORS: amounts falling due after more than one year	9		( 11,330)		( 22,080)

PROVISIONS

Taxation including deferred tax	( 226)	( 95)
	--------	--------
NET ASSETS	2,391	2,306
	--------	--------

CAPITAL AND RESERVES

Called up share capital	1	1
Profit and loss account	2,390	2,305
	-------	-------
SHAREHOLDERS FUNDS	2,391	2,306
	-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the period ending 28 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

CLEARANCE BRANDS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

28 June 2024

These financial statements were approved by the board of directors and authorised for issue on 23 October 2025 , and are signed on behalf of the board by:

A Casper
Director

Company registration number: 07687572

CLEARANCE BRANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

PERIOD FROM 1 JULY 2023 TO 28 JUNE 2024

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20-22 Bridge End, Leeds, West Yorkshire, LS1 4DJ.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises revenue recognised by the company in respect of goods supplied, exclusive of Value Added Tax.

Income tax

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

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings	-	15% reducing balance
Computer Equipment	-	33% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the period amounted to 2 (2023: 3 ).

5. TAX ON PROFIT

Major components of tax expense

	Period from
	1 Jul 23 to	Year to
	28 Jun 24	30 Jun 23
	£	£

Current tax:

UK current tax expense	88	3,920
Adjustments in respect of prior periods	–	254
	----	-------
Total current tax	88	4,174
	----	-------

Deferred tax:

Origination and reversal of timing differences	131	( 214)
	----	-------
Tax on profit	219	3,960
	----	-------

6. TANGIBLE ASSETS

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 July 2023	2,750	6,435	9,185
Additions	–	1,141	1,141
	-------	-------	--------
At 28 June 2024	2,750	7,576	10,326
	-------	-------	--------
Depreciation
At 1 July 2023	2,252	6,435	8,687
Charge for the period	75	376	451
	-------	-------	--------
At 28 June 2024	2,327	6,811	9,138
	-------	-------	--------
Carrying amount
At 28 June 2024	423	765	1,188
	-------	-------	--------
At 30 June 2023	498	–	498
	-------	-------	--------

7. DEBTORS

	28 Jun 24	30 Jun 23
	£	£
Trade debtors	24,239	79,275
Other debtors	67,268	25,874
	--------	---------
	91,507	105,149
	--------	---------

8. CREDITORS: amounts falling due within one year

	28 Jun 24	30 Jun 23
	£	£
Bank loans and overdrafts	10,750	10,736
Trade creditors	125,522	110,484
Corporation tax	31,772	32,284
Social security and other taxes	3,198	1,966
Other creditors	–	10,425
Amounts due to related companies	9,297	11,147
Other creditors	4,020	4,482
	---------	---------
	184,559	181,524
	---------	---------

9. CREDITORS: amounts falling due after more than one year

	28 Jun 24	30 Jun 23
	£	£
Bank loans and overdrafts	11,330	22,080
	--------	--------