Company Registration No. 10270371 (England and Wales)
CLEARSTONE ENERGY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
3,100
2,900
Current assets
Debtors
4
5,470,103
4,463,566
Cash at bank and in hand
1,235,974
811,044
6,706,077
5,274,610
Creditors: amounts falling due within one year
5
(1,867,777)
(1,392,146)
Net current assets
4,838,300
3,882,464
Total assets less current liabilities
4,841,400
3,885,364
Creditors: amounts falling due after more than one year
6
(13,972)
Net assets
4,841,400
3,871,392
Capital and reserves
Called up share capital
7
1,866
2,000
Capital redemption reserve
134
Profit and loss reserves
4,839,400
3,869,392
Total equity
4,841,400
3,871,392
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 2023 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.
The 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 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 April 2024 and are signed on its behalf by:
J Kilduff
Director
CLEARSTONE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 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 amounts 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
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.
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 payments 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 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
3,100
2,900
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 October 2022
2,900
Additions
1,100
Disposals
(900)
At 30 September 2023
3,100
Carrying amount
At 30 September 2023
3,100
At 30 September 2022
2,900
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
5,467,445
4,460,909
Other debtors
2,658
2,657
5,470,103
4,463,566
CLEARSTONE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
406,075
871,054
Other creditors
1,461,702
521,092
1,867,777
1,392,146
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
13,972
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
-
1,000
-
1,000
Ordinary shares of £1 each
-
1,000
-
1,000
Ordinary A 1p shares of 1p each
933,000
-
933
-
Ordinary 1p shares of 1p each
933,000
-
933
-
1,866,000
2,000
1,866
2,000
During the year the company purchased back 6.7% of the share capital, being 67 shares from each class. The remaining 1,866 shares were split into 1p shares.
8
Related party transactions
At the balance sheet date the company owed £3,194 (2020 - £3,042) to the director, B Pratt. Interest is accrued at 5% per annum on the outstanding balance and is included within the above balance.