Company Registration No. 10863286 (England and Wales)
CLEARSTONE ONE LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2022
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
CLEARSTONE ONE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CLEARSTONE ONE LIMITED
Company Registration No. 10863286
BALANCE SHEET
AS AT
30 SEPTEMBER 2022
30 September 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
3
600
600
Current assets
Debtors
4
1,266,060
724,561
Cash at bank and in hand
356
192,543
1,266,416
917,104
Creditors: amounts falling due within one year
5
(1,268,254)
(918,828)
Net current liabilities
(1,838)
(1,724)
Net liabilities
(1,238)
(1,124)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(1,338)
(1,224)
Total equity
(1,238)
(1,124)
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 2022 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.
The financial statements were approved by the board of directors and authorised for issue on 27 June 2023 and are signed on its behalf by:
J Kilduff
Director
CLEARSTONE ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 2 -
1
Accounting policies
Company information
Clearstone One 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.
1.2
Going concern
During the year the company made a loss of £114 and at the balance sheet date had net liabilities of £1,238. At the balance sheet date £1,267,654 was owed to Clearstone Energy Limited, the parent company, who has confirmed its continued support for the company and that they will not withdraw this 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
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
CLEARSTONE ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
600
600
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 October 2021 & 30 September 2022
600
Carrying amount
At 30 September 2022
600
At 30 September 2021
600
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,266,060
724,561
5
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
1,268,254
918,828
1,268,254
918,828
CLEARSTONE ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 4 -
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Controlling party
The company is under the control of Clearstone Energy Limited which is the parent company.