REGISTERED NUMBER:
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CLARITY LIMITED |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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REGISTERED NUMBER:
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CLARITY LIMITED |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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CLARITY LIMITED (REGISTERED NUMBER: 03466459) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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CLARITY LIMITED |
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COMPANY INFORMATION |
for the year ended 31 December 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
and Statutory Auditors |
Station House |
Connaught Road |
Brookwood |
Woking |
Surrey |
GU24 0ER |
CLARITY LIMITED (REGISTERED NUMBER: 03466459) |
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BALANCE SHEET |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium | 9 |
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Retained earnings | 9 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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CLARITY LIMITED (REGISTERED NUMBER: 03466459) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Clarity Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Income is recognised net of vat as follows: |
- Fee income is recognised when the service has been performed if this can be easily |
determined; but if this cannot be easily determined, then any invoices raised in the last |
quarter of the year with a Nov or Dec start, it can be presumed that the service for them is |
more likely to be delivered in the next financial year, therefore this income is deferred. |
Likewise, it is presumed that any invoice which is raised after the y/e even if it relates to the |
financial year, it is more likely that the service has been delivered at the time of invoicing, |
therefore this income is not accrued. |
- Investment management income is recognised in the period to which it relates; |
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Tangible fixed assets |
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Short leasehold | - |
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Office equipment | - |
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Fixtures and fittings | - |
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The company has a policy for capitalising computer equipment costing > £1,000, anything less is expensed. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
CLARITY LIMITED (REGISTERED NUMBER: 03466459) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2020 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Office | and |
leasehold | equipment | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2020 |
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Additions |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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5. | FIXED ASSET INVESTMENTS |
Interest |
in joint |
venture |
£ |
COST |
At 1 January 2020 |
and 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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CLARITY LIMITED (REGISTERED NUMBER: 03466459) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2020 |
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5. | FIXED ASSET INVESTMENTS - continued |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Joint venture |
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Registered office: |
Nature of business:
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Class of shares: | holding |
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2020 | 2019 |
£ | £ |
Aggregate capital and reserves |
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Profit for the year |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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Deferred tax | 41,000 | 38,500 |
Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Amounts owed to participating interests | 49,260 | 16,926 |
Tax |
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Social security and other taxes |
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VAT | 27,108 | 33,429 |
Other creditors |
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Accruals and deferred income |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
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Between one and five years |
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CLARITY LIMITED (REGISTERED NUMBER: 03466459) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2020 |
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9. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 January 2020 |
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2,723,977 |
Profit for the year |
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Dividends | ( |
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At 31 December 2020 |
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2,777,186 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | RELATED PARTY DISCLOSURES |
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The company owns 51% of clarityTV 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 £354,149 (2019: £338,945) which in turn it passed on to the joint venture, and has charged service fees of £265,612 (2019: £254,209). The company also received a dividend of £21,140 (2019: £Nil) from clarityTV Ltd during the financial year, and at the balance sheet date, the amount payable to clarityTV Ltd was £49,260 (2019: £16,926). |