Company Registration No. 10270371 (England and Wales)
CLEARSTONE ENERGY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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. 10270371
BALANCE SHEET
AS AT
30 SEPTEMBER 2021
30 September 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
3
2,000
2,000
Current assets
Debtors
4
3,568,874
2,104,018
Cash at bank and in hand
357,118
3,568,874
2,461,136
Creditors: amounts falling due within one year
5
(1,072,125)
(33,972)
Net current assets
2,496,749
2,427,164
Total assets less current liabilities
2,498,749
2,429,164
Creditors: amounts falling due after more than one year
6
(502,966)
(411,620)
Net assets
1,995,783
2,017,544
Capital and reserves
Called up share capital
7
2,000
2,000
Profit and loss reserves
1,993,783
2,015,544
Total equity
1,995,783
2,017,544
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 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.
CLEARSTONE ENERGY LIMITED
Company Registration No. 10270371
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2021
30 September 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 September 2022 and are signed on its behalf by:
J Kilduff
Director
CLEARSTONE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 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
8 Devonshire Square, London, EC2M 4PL.
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
Going concern
The current COVID-19 pandemic has created uncertainty over the future financial implications to the worldwide economy. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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 shown in the profit and loss account.
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
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.
CLEARSTONE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 4 -
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.
1.6
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
2,000
2,000
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,567,435
2,102,580
Other debtors
1,439
1,438
3,568,874
2,104,018
CLEARSTONE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 5 -
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
400,017
Amounts owed to group undertakings
1,600
1,700
Other creditors
670,508
32,272
1,072,125
33,972
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
502,966
411,620
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
1,000
1,000
1,000
1,000
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
2,000
2,000
2,000
2,000
8
Related party transactions
At the balance sheet date the company owed £502,966
(20
20
-
£
411,620
)
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.
At the balance sheet date the company owed £88,971
(20
20
-
£
Nil
)
to
the director,
J Kilduff
. Interest is
accrued
at
5
% per annum on the outstanding balance and is
included within the above balance.
At the balance sheet date the company owed £32,185
(20
20
-
£
1,248
)
to
the director,
B Pratt
. Interest is
accrued
at
5
% per annum on the outstanding balance and is
included within the above balance.