Company Registration No. 9689825 (England and Wales)
CLEARCOMPRESS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2018
PAGES FOR FILING WITH REGISTRAR
CLEARCOMPRESS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
CLEARCOMPRESS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2018
31 January 2018
- 1 -
2018
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
3
98,500
-
Tangible assets
4
1,500
-
Current assets
Debtors
5
19,296
100
Cash at bank and in hand
13,994
-
33,290
100
Creditors: amounts falling due within one year
6
(258,619)
-
Net current (liabilities)/assets
(225,329)
100
Total assets less current liabilities
(125,329)
100
Creditors: amounts falling due after more than one year
7
(203,068)
-
Net (liabilities)/assets
(328,397)
100
Capital and reserves
Called up share capital
8
1,102
100
Share premium account
199,896
-
Profit and loss reserves
(529,395)
-
Total equity
(328,397)
100
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 period ended 31 January 2018 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 period 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.
CLEARCOMPRESS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2018
31 January 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 May 2018 and are signed on its behalf by:
Mr D Hill
Director
Company Registration No. 9689825
CLEARCOMPRESS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2018
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2015
100
-
-
100
Period ended 31 October 2016:
Profit and total comprehensive income for the period
-
-
-
-
Balance at 31 October 2016
100
-
-
100
Period ended 31 January 2018:
Loss and total comprehensive income for the period
-
-
(529,395)
(529,395)
Issue of share capital
8
1,002
199,896
-
200,898
Balance at 31 January 2018
1,102
199,896
(529,395)
(328,397)
CLEARCOMPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2018
- 4 -
1
Accounting policies
Company information
ClearCompress Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
c/o Whittles, The Old Exchange, 64 West Stockwell Street, Colchester, Essex, CO1 1HE.
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.
These financial statements for the period ended 31 January 2018
are the
first
financial statements of ClearCompress Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 November 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
The accounting period is for the 15 months to 31 January 2018, therefore the comparatives are not entirely comparable.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The business is funded by existing shareholders and this is agreed to continue for the foreseeable future whilst future external funding is agreed. Thus there is no current gap in the ongoing funding requirements of the business.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 2 years.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost or value of the asset can be measured reliably.
CLEARCOMPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2018
1
Accounting policies
(Continued)
- 5 -
Amortisation 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:
Intellectual property rights & software
2 years
Customer contracts
2 years
Sales information
2 years
1.5
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:
Computer equipment
2 years
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
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
CLEARCOMPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2018
1
Accounting policies
(Continued)
- 6 -
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.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from
fellow group companies 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.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 6 (2016 - 2).
CLEARCOMPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2018
- 7 -
3
Intangible fixed assets
Goodwill
Intellectual property rights & software
Customer contracts
Sales information
Total
£
£
£
£
£
Cost
At 1 November 2016
-
-
-
-
-
Additions
1,000
190,000
2,000
4,000
197,000
At 31 January 2018
1,000
190,000
2,000
4,000
197,000
Amortisation and impairment
At 1 November 2016
-
-
-
-
-
Amortisation charged for the period
500
95,000
1,000
2,000
98,500
At 31 January 2018
500
95,000
1,000
2,000
98,500
Carrying amount
At 31 January 2018
500
95,000
1,000
2,000
98,500
At 31 October 2016
-
-
-
-
-
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2016
-
Additions
3,000
At 31 January 2018
3,000
Depreciation and impairment
At 1 November 2016
-
Depreciation charged in the period
1,500
At 31 January 2018
1,500
Carrying amount
At 31 January 2018
1,500
At 31 October 2016
-
CLEARCOMPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2018
- 8 -
5
Debtors
2018
2016
Amounts falling due within one year:
£
£
Other debtors
19,296
100
6
Creditors: amounts falling due within one year
2018
2016
£
£
Trade creditors
2,253
-
Amounts due to group undertakings
143,003
-
Other taxation and social security
4,938
-
Other creditors
108,425
-
258,619
-
7
Creditors: amounts falling due after more than one year
2018
2016
£
£
Other creditors
203,068
-
8
Called up share capital
2018
2016
£
£
Ordinary share capital
Issued and not fully paid
110,220 Ordinary shares of 1p each
1,102
100
1,102
100
During the period the Company subdivided its original 100 ordinary shares of £1 each into 10,000 ordinary shares of £0.01 each. Subsequent to this the company issued 100,220 new £0.01 shares which included share premium of £199,896.
At the year end there was a total nominal value of £148.20 (2016: £100) of ordinary share capital which had not been paid.
CLEARCOMPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2018
- 9 -
9
Parent company
The company is controlled by New Link Consulting LLP, a Limited Liability Partnership incorporated in England & Wales. The registered office of New Link Consulting LLP is The Old Exchange, 64 West Stockwell Street, Colchester, CO1 1HE.
During the period New Link Consulting LLP charged the company £43,500 (2016: £nil) in management fees and recharged expenditure of £100,953 (2016: £nil). At the year end ClearCompress Limited owed New Link Consulting LLP £143,003 (2016: £nil). New Link Consulting LLP also sold business assets to ClearCompress Ltd of £200,000 during the period, payment for these assets being due in more than one year.
The group of which ClearCompress Limited is a member of is classified as small under section 399 of the Companies Act 2006 and has taken advantage of the exemption from preparing consolidated financial statements.
2018-01-31
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CCH Software
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No description of principal activity
02 May 2018
Mr D Newland
Mrs C Lincoln-White
Mr D Wright
Mr A Broderick
Mr D Hill
Mr C Ladde
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