Company Registration No. 10270371 (England and Wales)
CLEARSTONE ENERGY LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 SEPTEMBER 2017
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
CLEARSTONE ENERGY LIMITED
COMPANY INFORMATION
Directors
T Kilduff
(Appointed 11 July 2016)
J Kilduff
(Appointed 11 July 2016)
B Pratt
(Appointed 11 July 2016)
Company number
10270371
Registered office
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
Accountants
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. 10270371
BALANCE SHEET
AS AT
30 SEPTEMBER 2017
30 September 2017
- 1 -
2017
Notes
£
£
Fixed assets
Investments
3
1,200
Current assets
Debtors
4
470,774
Cash at bank and in hand
59,891
530,665
Creditors: amounts falling due within one year
5
(12,200)
Net current assets
518,465
Total assets less current liabilities
519,665
Creditors: amounts falling due after more than one year
6
(558,743)
Net liabilities
(39,078)
Capital and reserves
Called up share capital
7
2,000
Profit and loss reserves
(41,078)
Total equity
(39,078)
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 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their 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 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.
CLEARSTONE ENERGY LIMITED
Company Registration No. 10270371
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2017
30 September 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 April 2018 and are signed on its behalf by:
J Kilduff
Director
CLEARSTONE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2017
- 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
The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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
Going concern
During the year the company has made a loss of £41,078 and has net liabilities of £39,078. Included in creditors are amounts due to a related party of £558,743. The directors have confirmed that they will continue to support the company for the foreseeable future and are confident about the company's ability to trade as a going concern and meet its financial obligations. Therefore the accounts have been prepared on the going concern basis.
1.3
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 are organised in the Statement of Comprehensive Income.
1.4
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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
CLEARSTONE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.6
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 1
.
3
Fixed asset investments
2017
£
Investments
1,200
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 11 July 2016
-
Additions
1,200
At 30 September 2017
1,200
Carrying amount
At 30 September 2017
1,200
4
Debtors
2017
Amounts falling due within one year:
£
Amounts owed by group undertakings
469,135
Other debtors
1,639
470,774
CLEARSTONE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2017
- 5 -
5
Creditors: amounts falling due within one year
2017
£
Amounts due to group undertakings
700
Other creditors
11,500
12,200
6
Creditors: amounts falling due after more than one year
2017
£
Other creditors
558,743
7
Called up share capital
2017
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary A shares of £1 each
1,000
1,000 Ordinary shares of £1 each
1,000
2,000
During the period the company issued 1,000 Ordinary £1 shares at par value.
During the period the company issued 1,000 A Ordinary £1 shares at par value.
8
Related party transactions
The company is a parent to it's wholly owned subsidiaries and accordingly has taken exemptions provided within paragraph 33.1A of FRS 102 and therefore transactions with group companies have not been disclosed.
At the balance sheet date the company owed £558,743 to Quay Investments APS, a company owned by the director T Kilduff. Interest is charged at 4% per annum on the outstanding balance and is repayable in 2020.