Company Registration No. 10487840 (England and Wales)
CLEARSTONE SERVICES 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 SERVICES LIMITED
COMPANY INFORMATION
Directors
T Kilduff
J Kilduff
B Pratt
Company number
10487840
Registered office
1 Fore St Ave
Barbican
London
UK
EC2Y 9DT
Accountants
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
CLEARSTONE SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CLEARSTONE SERVICES LIMITED
Company Registration No. 03016497
BALANCE SHEET
AS AT
30 SEPTEMBER 2019
30 September 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,905
3,822
Current assets
Stocks
231,216
569,766
Debtors
4
930,504
236,341
Cash at bank and in hand
6,979
16,428
1,168,699
822,535
Creditors: amounts falling due within one year
5
(1,424,168)
(1,039,138)
Net current liabilities
(255,469)
(216,603)
Total assets less current liabilities
(253,564)
(212,781)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(253,664)
(212,881)
Total equity
(253,564)
(212,781)
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 member has 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.
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 SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 2 -
1
Accounting policies
Company information
Clearstone Services 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
Going concern
During the year the company made a loss of £
40,783
and at the balance sheet date had
net
liabilities of £
2
53,564
.
At the balance sheet date £
1
,379,518
was owed to the Clearstone Energy Limited, the parent company, who has
confirmed
its
continued support for the company and that
t
he
y
will
not withdraw
t
his from the company to the detriment of the company or other creditors.
Accordingly
,
the accounts have been prepared on a going concern basis.
1.3
Turnover
Turnover
comprises revenue recognised by the company in respect of
managing live projects and associated costs
incurred on behalf of its
fellow
subsidiaries
during the period, which are recharged to the subsidiaries once a viable grid connection offer is made and accepted. These are
exclusive of Value Added Tax and
trade discounts.
1.4
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:
Computers
3 years straight line
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
.
CLEARSTONE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
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.
1.7
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.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
CLEARSTONE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
4
4
3
Tangible fixed assets
Computers
£
Cost
At 1 October 2018 and 30 September 2019
5,750
Depreciation and impairment
At 1 October 2018
1,928
Depreciation charged in the year
1,917
At 30 September 2019
3,845
Carrying amount
At 30 September 2019
1,905
At 30 September 2018
3,822
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
893,919
173,840
Other debtors
36,585
62,501
930,504
236,341
CLEARSTONE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 5 -
5
Creditors: amounts falling due within one year
2019
2018
£
£
Amounts due to group undertakings
1,379,518
1,010,409
Trade creditors
22,321
10,273
Other taxation and social security
11,741
7,482
Other creditors
6,613
7,103
Accruals and deferred income
3,975
3,871
1,424,168
1,039,138
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
7
Directors' benefits: advances, credits and guarantees
At the beginning of the year the company was owed £10,172 by the director, J Kilduff. No advances and repayment of £2,108 was made.
Interest on the balance due to the company was calculated at the official rate of 2.5% and totalled £
86
. At the balance sheet date the director owed the company £
8,149
.
At the beginning of the year the company was owed £10,319 by the director, B Pratt. Advances of £102 was made with no repayments during the year.
Interest on the balance due to the company was calculated at the official rate of 2.5% and totalled £
258
. At the balance sheet date the director owed the company £
10,679
.
8
Parent company
The ultimate parent undertaking is
Clearstone Energy
Limited, there is no sole controlling party.