Company Registration No. 10270371 (England and Wales)
CLEARSTONE ENERGY LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2019
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
CLEARSTONE ENERGY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
CLEARSTONE ENERGY LIMITED
Company Registration No. 03016497
BALANCE SHEET
AS AT
30 SEPTEMBER 2019
30 September 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investments
2
2,100
2,100
Current assets
Debtors
3
1,380,957
1,011,848
Cash at bank and in hand
94,758
334,137
1,475,715
1,345,985
Creditors: amounts falling due within one year
4
(61,700)
(61,700)
Net current assets
1,414,015
1,284,285
Total assets less current liabilities
1,416,115
1,286,385
Creditors: amounts falling due after more than one year
5
(525,267)
(379,427)
Net assets
890,848
906,958
Capital and reserves
Called up share capital
6
2,000
2,000
Profit and loss reserves
888,848
904,958
Total equity
890,848
906,958
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 30 September 2019 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.
CLEARSTONE ENERGY LIMITED
Company Registration No. 03016497
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2019
30 September 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 June 2020 and are signed on its behalf by:
J Kilduff
Director
CLEARSTONE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 3 -
1
Accounting policies
Company information
Clearstone Energy Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1 Fore St Ave, Barbican, London, UK, EC2Y 9DT.
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.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Fixed asset investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and shown in the profit and loss account.
1.3
Cash at bank and in hand
Cash at bank and in hand
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.
1.4
Financial instruments
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.
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.
CLEARSTONE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 4 -
2
Fixed asset investments
2019
2018
£
£
Shares in group undertakings and participating interests
2,100
2,100
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 October 2018 & 30 September 2019
2,100
Carrying amount
At 30 September 2019
2,100
At 30 September 2018
2,100
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,379,518
1,010,409
Other debtors
1,439
1,439
1,380,957
1,011,848
4
Creditors: amounts falling due within one year
2019
2018
£
£
Amounts owed to group undertakings
1,700
1,700
Other creditors
60,000
60,000
61,700
61,700
5
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
525,267
379,427
CLEARSTONE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 5 -
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary A shares of £1 each
1,000
1,000
1,000 Ordinary shares of £1 each
1,000
1,000
2,000
2,000
7
Related party transactions
At the balance sheet date the company owed £3
94,605
(201
8
-
£379,427
)
to Quay Investments APS, a company owned by the director
,
T Kilduff. Interest is
accrued
at 4% per annum on the outstanding balance and
is included within the above balance,
repayable in 2020.
At the balance sheet date the company owed £
87,534
(201
8
-
£Nil
)
to
the director,
J Kilduff
. Interest is
accrued
at
5
% per annum on the outstanding balance and is
included within the above balance,
repayable in 2020.
At the balance sheet date the company owed £
43,128
(201
8
-
£Nil
)
to
the director,
B Pratt
. Interest is
accrued
at
5
% per annum on the outstanding balance and is
included within the above balance,
repayable in 2020.