Company Registration No. 05592012 (England and Wales)
CLEAR PURPOSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
CLEAR PURPOSE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
CLEAR PURPOSE LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CLEAR PURPOSE LIMITED FOR THE YEAR ENDED 31 DECEMBER 2017
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Clear Purpose Limited for the year ended 31 December 2017 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Clear Purpose Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Clear Purpose Limited
and state those matters that we have agreed to state to the Board of Directors of Clear Purpose Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clear Purpose Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Clear Purpose Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of Clear Purpose Limited. You consider that Clear Purpose Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Clear Purpose Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
9 April 2018
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
CLEAR PURPOSE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2017
31 December 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
224
100
Current assets
Debtors
4
750
2,452
Cash at bank and in hand
18,101
11,563
18,851
14,015
Creditors: amounts falling due within one year
5
(6,168)
(1,437)
Net current assets
12,683
12,578
Total assets less current liabilities
12,907
12,678
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
12,906
12,677
Total equity
12,907
12,678
The director 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 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he director acknowledges his responsibilities for complying with the requirements of the Act 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 and signed by the director and authorised for issue on 9 April 2018
Mr P A O'Neill
Director
Company Registration No. 05592012
CLEAR PURPOSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information
Clear Purpose Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.
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 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 services provided in the normal course of business
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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:
Office refurbishment
10% on cost
Office equipment
25% on cost
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
.
1.4
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.
CLEAR PURPOSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 1).
3
Tangible fixed assets
Office refurbishment
Office equipment
Total
£
£
£
Cost
At 1 January 2017
10,540
2,513
13,053
Additions
-
299
299
At 31 December 2017
10,540
2,812
13,352
Depreciation and impairment
At 1 January 2017
10,540
2,413
12,953
Depreciation charged in the year
-
175
175
At 31 December 2017
10,540
2,588
13,128
Carrying amount
At 31 December 2017
-
224
224
At 31 December 2016
-
100
100
CLEAR PURPOSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
750
1,745
Other debtors
-
707
750
2,452
5
Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
1,178
816
Other creditors
4,990
621
6,168
1,437
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
7
Directors' transactions
Advances or credits have been granted by the company to its director as follows:
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Loan account
-
707
(707)
-
707
(707)
-
8
Ultimate controlling party
The ultimate controlling party is Mr P A O'Neill.