Company Registration No. 03986970 (England and Wales)
CLEARDATA UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
PAGES FOR FILING WITH REGISTRAR
CLEARDATA UK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
CLEARDATA UK LIMITED
BALANCE SHEET
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,219,195
1,792,580
Investments
4
36,917
2,219,195
1,829,497
Current assets
Debtors
5
1,601,219
1,435,645
Cash at bank and in hand
1,386,010
1,096,501
2,987,229
2,532,146
Creditors: amounts falling due within one year
6
(1,100,993)
(927,892)
Net current assets
1,886,236
1,604,254
Total assets less current liabilities
4,105,431
3,433,751
Creditors: amounts falling due after more than one year
7
(1,028,888)
(902,041)
Provisions for liabilities
(213,164)
(63,512)
Deferred grants
(285,048)
(291,124)
Net assets
2,578,331
2,177,074
Capital and reserves
Called up share capital
8
1,000
1,000
Share premium account
39,600
39,600
Capital redemption reserve
201
201
Profit and loss reserves
2,537,530
2,136,273
Total equity
2,578,331
2,177,074
CLEARDATA UK LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
26 November 2021
and are signed on its behalf by:
D A Bryce
Director
Company Registration No. 03986970
CLEARDATA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
- 3 -
1
Accounting policies
Company information
Cleardata UK Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Innovation House, Coniston Court, Blyth Riverside Business Park, Blyth, Northumberland, NE24 4RP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% on cost
Land and buildings Leasehold
Over the period of the lease
Plant and machinery
25% on cost and 20% on reducing balance
Assets in the course of construction are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
CLEARDATA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
CLEARDATA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CLEARDATA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
1
Accounting policies
(Continued)
- 6 -
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
Deferred government grants
Capital grants received are credited to the profit and loss account over the expected useful lives of the assets to which they relate, being 50 years. Training grants are written off to the profit and loss account as they are received. The amount of grants shown in the balance sheet consists of the total grants receivable to date less the amounts credited to the profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
135
130
CLEARDATA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 7 -
3
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Total
£
£
£
£
Cost
At 1 June 2020
1,579,414
149,955
1,364,773
3,094,142
Additions
83,065
535,235
618,300
Disposals
(43,156)
(43,156)
At 31 May 2021
1,579,414
233,020
1,856,852
3,669,286
Depreciation and impairment
At 1 June 2020
65,672
125,466
1,110,424
1,301,562
Depreciation charged in the year
31,573
19,876
140,236
191,685
Eliminated in respect of disposals
(43,156)
(43,156)
At 31 May 2021
97,245
145,342
1,207,504
1,450,091
Carrying amount
At 31 May 2021
1,482,169
87,678
649,348
2,219,195
At 31 May 2020
1,513,742
24,489
254,349
1,792,580
4
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
36,917
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 June 2020
36,917
Disposals
(36,917)
At 31 May 2021
-
Carrying amount
At 31 May 2021
-
At 31 May 2020
36,917
CLEARDATA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 8 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
534,623
438,792
Corporation tax recoverable
51,805
19,012
Amounts owed by group undertakings
752,433
775,925
Other debtors
262,358
201,916
1,601,219
1,435,645
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
111,312
43,434
Obligations under finance leases
39,206
45,027
Trade creditors
358,049
250,609
Corporation tax
67,201
Other taxation and social security
445,153
345,155
Accruals and deferred income
147,273
176,466
1,100,993
927,892
Included within creditors due within one year are the following amounts which are secured:
2021
2020
£
£
Bank loans
111,312
43,434
Obligations under finance leases
39,206
45,027
CLEARDATA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 9 -
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
1,004,538
838,485
Obligations under finance leases
24,350
63,556
1,028,888
902,041
Included within creditors due after more than one year are the following amounts which are secured:
2021
2020
£
£
Bank loans
1,004,538
838,485
Obligations under finance leases
24,350
63,556
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares class A of 1p each
15,000
15,000
150
150
Ordinary shares class B of 1p each
47,500
47,500
475
475
Ordinary shares class C of 1p each
34,500
34,500
345
345
Ordinary shares class D of 1p each
3,000
3,000
30
30
100,000
100,000
1,000
1,000
In the prior year 3,000 ordinary D shares of £0.01 each were issued at par.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
55,932
26,025
CLEARDATA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 10 -
10
Related party transactions
Included within other debtors is an amount of £12,425 (2020 - £27,925) due from a company in which Cleardata UK Limited held a participating interest. During the year the company sold it's shareholding in the related party and a payment plan is in place for the full repayment of the debt.
11
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Directors' loan
-
4,433
(4,433)
-
4,433
(4,433)
-
There are no set terms as to repayment of the above balances and no interest is accrued thereon.
12
Parent company
The parent company of
Cleardata UK Limited
is
Cleardata Limited
. The
registered office of
Cleardata Limited is Innovation House, Coniston Court, Blyth Riverside Business Park, Blyth, Northumberland, NE24 4RP.
2021-05-31
2020-06-01
false
26 November 2021
CCH Software
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D A Bryce
R J Wood
R M L Jones
J Cahill
M Liddell
E Young
R J Wood
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