Company Registration No. 11100655 (England and Wales)
CLEARSAFE ASBESTOS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
PAGES FOR FILING WITH REGISTRAR
CLEARSAFE ASBESTOS LTD
BALANCE SHEET
AS AT
31 AUGUST 2021
31 August 2021
1
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
7,366
4,821
Current assets
Debtors
6
28,692
9,007
Cash at bank and in hand
29,144
42,328
57,836
51,335
Creditors: amounts falling due within one year
5
(27,065)
(21,831)
Net current assets
30,771
29,504
Total assets less current liabilities
38,137
34,325
Creditors: amounts falling due after more than one year
7
(26,067)
(34,000)
Net assets
12,070
325
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
11,970
225
Total equity
12,070
325
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 2021 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.
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.
CLEARSAFE ASBESTOS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2021
31 August 2021
2
The financial statements were approved and signed by the director and authorised for issue on 1 March 2022
Mr D Lendon
Director
Company Registration No. 11100655
CLEARSAFE ASBESTOS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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 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.
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 2021
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:
2021
2020
Number
Number
Total
1
1
3
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
11,839
2,788
CLEARSAFE ASBESTOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
5
4
Tangible fixed assets
Motor vehicles
£
Cost
At 1 September 2020
7,150
Additions
5,001
At 31 August 2021
12,151
Depreciation and impairment
At 1 September 2020
2,329
Depreciation charged in the year
2,456
At 31 August 2021
4,785
Carrying amount
At 31 August 2021
7,366
At 31 August 2020
4,821
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
6,800
Trade creditors
266
1,763
Corporation tax
11,839
5,652
Other taxation and social security
7,393
7,069
Other creditors
767
7,347
27,065
21,831
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
8,311
9,174
Other debtors
20,381
(167)
28,692
9,007
CLEARSAFE ASBESTOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
6
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
26,067
34,000
8
Controlling party
The ultimate controlling party is the director, D Lendon, by virtue of his shareholdings.