REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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CLEARLY SO LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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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 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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CLEARLY SO LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Court House |
Court Road |
Bridgend |
CF31 1BE |
CLEARLY SO LIMITED (REGISTERED NUMBER: 06686965) |
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BALANCE SHEET |
31 DECEMBER 2020 |
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2020 | 2019 |
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 |
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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)/ASSETS | ( |
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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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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CLEARLY SO LIMITED (REGISTERED NUMBER: 06686965) |
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BALANCE SHEET - continued |
31 DECEMBER 2020 |
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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 and authorised for issue on
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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 2020 |
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1. | STATUTORY INFORMATION |
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Clearly So Limited is a
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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 2020, the company made a loss of £1,308,802 (2019: £908,392). |
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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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The directors have considered the effect of the present uncertainty surrounding the Covid-19 virus. |
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The company relies primarily on sales of corporate finance services to high-impact enterprises and funds. In the short-term there has been a hiatus on new mandates, but the directors consider that ultimately the market will recover. |
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The directors have confirmed that they believe that shareholders will continue to support the company and provide the appropriate levels of investment necessary to enable the company to continue to trade. |
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Accordingly, the directors consider that the company will be able to meet its liabilities as they fall due in the next 12 months and the going concern basis of preparation is appropriate. |
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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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CLEARLY SO LIMITED (REGISTERED NUMBER: 06686965) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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% - 50% 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. |
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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. |
CLEARLY SO LIMITED (REGISTERED NUMBER: 06686965) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2020 |
and 31 December 2020 |
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AMORTISATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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5. | TANGIBLE FIXED ASSETS |
Short | Plant and |
leasehold | machinery | Totals |
£ | £ | £ |
COST |
At 1 January 2020 |
and 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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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 2020 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 January 2020 |
and 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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7. | DEBTORS |
2020 | 2019 |
£ | £ |
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 |
2020 | 2019 |
£ | £ |
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 |
2020 | 2019 |
£ | £ |
Amounts owed to group undertakings |
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Other creditors |
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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 2020 |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2020 | 2019 |
£ | £ |
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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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. | 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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11. | RELATED PARTY DISCLOSURES |
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At the balance sheet date £Nil (2019: £NIL) was owed to the directors. |
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During the year the company was invoiced £6,225 by it's wholly owned subsidiary in respect of services rendered. At the balance sheet date the company owed this related party £51,924 and is included in creditors. |