Company registration number 11100655 (England and Wales)
CLEARSAFE ASBESTOS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
PAGES FOR FILING WITH REGISTRAR
CLEARSAFE ASBESTOS LTD
BALANCE SHEET
AS AT
31 AUGUST 2022
31 August 2022
1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
12,637
7,366
Current assets
Debtors
5
75,388
28,692
Cash at bank and in hand
6,573
29,144
81,961
57,836
Creditors: amounts falling due within one year
6
(44,706)
(27,065)
Net current assets
37,255
30,771
Total assets less current liabilities
49,892
38,137
Creditors: amounts falling due after more than one year
7
(19,267)
(26,067)
Net assets
30,625
12,070
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
30,525
11,970
Total equity
30,625
12,070
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
CLEARSAFE ASBESTOS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2022
31 August 2022
2
The financial statements were approved and signed by the director and authorised for issue on 7 April 2023
Mr D Lendon
Director
Company Registration No. 11100655
CLEARSAFE ASBESTOS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
3
1
Accounting policies
Company information
Clearsafe Asbestos Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Flat 2, 111 Millbrook Road East, Southampton, SO15 1HT.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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:
Motor vehicles
25% Reducing balance
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.
1.4
Cash at bank and in hand
Cash and cash equivalents 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.
CLEARSAFE ASBESTOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies (Continued)
4
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
3
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
12,641
11,839
Adjustments in respect of prior periods
(26)
Total current tax
12,615
11,839
CLEARSAFE ASBESTOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
5
4
Tangible fixed assets
Motor vehicles
£
Cost
At 1 September 2021
12,151
Additions
13,100
Disposals
(7,150)
At 31 August 2022
18,101
Depreciation and impairment
At 1 September 2021
4,785
Depreciation charged in the year
4,213
Eliminated in respect of disposals
(3,534)
At 31 August 2022
5,464
Carrying amount
At 31 August 2022
12,637
At 31 August 2021
7,366
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
29,729
8,311
Other debtors
45,659
20,381
75,388
28,692
CLEARSAFE ASBESTOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
6
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
6,800
6,800
Trade creditors
4,534
266
Corporation tax
19,114
11,839
Other taxation and social security
13,491
7,393
Other creditors
767
767
44,706
27,065
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
19,267
26,067
8
Controlling party
The ultimate controlling party is the director, D Lendon, by virtue of his shareholdings.