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REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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CLEARLY SO LIMITED |
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REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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CLEARLY SO LIMITED |
CLEARLY SO LIMITED (REGISTERED NUMBER: 06686965) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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CLEARLY SO LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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(Statutory Auditor) |
Court House |
Court Road |
Bridgend |
CF31 1BE |
CLEARLY SO LIMITED (REGISTERED NUMBER: 06686965) |
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BALANCE SHEET |
31 DECEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
9 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
on its behalf by: |
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CLEARLY SO LIMITED (REGISTERED NUMBER: 06686965) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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1. | STATUTORY INFORMATION |
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Clearly So Limited is a
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company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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For the year ended 31st December 2018, the company made a loss of £974,666 (2017: £816,497), |
Since the period end the company has had sufficient working capital to enable the company to |
continue trading and to meet third party obligations as they fall due. The directors have reviewed |
cashflow forecasts for the next twelve months and in the Board's view the business will be able to |
meet its obligations as they fall due and they, or other third party investors, will be able to provide |
any necessary funds to ensure the company can continue trading. Accordingly the accounts have |
been prepared on a going concern basis. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment |
losses. Cost includes the original purchase price, plus any costs directly attributable to bringing the |
asset to its working condition for intended use. |
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Depreciation is provided at the following annual rates in order to write off the cost less estimated |
residual value of each asset over its estimated useful life. |
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Short leasehold | - Over the life of the lease |
Plant and machinery | - 33% on cost |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income |
Statement, except to the extent that it relates to items recognised in other comprehensive income or |
directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
CLEARLY SO LIMITED (REGISTERED NUMBER: 06686965) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed |
at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that |
are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is |
probable that they will be recovered against the reversal of deferred tax liabilities or other future |
taxable profits. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Development costs are capitalised and amortised where they relate to an asset for which the |
company derives future economic benefit expected to last for a period greater than one year. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
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Pension |
The company pays contributions to the directors' and employees' personal pension schemes. |
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Grants income |
Grants receivable are credited to the profit and loss account as the appropriate milestone |
achievements are satisfied and the grant becomes due for payment by the donor. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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CLEARLY SO LIMITED (REGISTERED NUMBER: 06686965) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2018 |
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Additions |
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Disposals | ( |
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At 31 December 2018 |
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AMORTISATION |
At 1 January 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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5. | TANGIBLE FIXED ASSETS |
Short | Plant and |
leasehold | machinery | Totals |
£ | £ | £ |
COST |
At 1 January 2018 |
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Additions |
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Disposals |
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( |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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CLEARLY SO LIMITED (REGISTERED NUMBER: 06686965) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 January 2018 |
and 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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7. | DEBTORS |
2018 | 2017 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Amounts owed to group undertakings |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Other loans more 5yrs non-inst |
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CLEARLY SO LIMITED (REGISTERED NUMBER: 06686965) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
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The balance included in creditors due after more than one year relates to a convertible loan. |
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Subject to various conditions the loan provider can elect to convert all or part of the loan into |
ordinary shares following the end of the fourth year of the agreement. |
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On the occurrence of various events prior to this point the loan provider can elect to convert the loan |
into preference shares. |
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Interest is charged at 3% per annum. |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | CONTINGENT LIABILITIES |
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The company is currently in discussions with HMRC on the possible reassessment of its VAT status. |
It is thought likely that some, but by no means all, of the company's services will in future be treated |
as exempt supplies instead of as standard rated. It is also possible that HMRC would wish to |
backdate any ruling, the scope of which could be: |
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a) Four years, unlikely but possible. |
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b) Thirty months with effect from July 2016, possible. |
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At the date of approval of the financial statements, given the on-going nature of the discussions, it is |
impracticable to disclose an estimate of the financial effect on the company, when any cash outflow, |
if any, may occur and the possibility of any potential reimbursement. |
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12. | RELATED PARTY DISCLOSURES |
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During the year to 31 December 2018, R Schwartz purchased an additional 67 shares at £300 per |
share totalling £20,100. R Schwartz purchased a further 143 shares at £350 per share totalling |
£50,049. |
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At the balance sheet date £10,177 was owed to the directors. |