Company Registration No. 07279506 (England and Wales)
CLEAR STUDIOS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
PAGES FOR FILING WITH REGISTRAR
CLEAR STUDIOS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CLEAR STUDIOS LTD
BALANCE SHEET
AS AT
30 JUNE 2019
30 June 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,816
1,260
Current assets
Debtors
4
3,587
35,682
Cash at bank and in hand
44,359
30,466
47,946
66,148
Creditors: amounts falling due within one year
5
(24,983)
(39,377)
Net current assets
22,963
26,771
Total assets less current liabilities
25,779
28,031
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
25,679
27,931
Total equity
25,779
28,031
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 30 June 2019 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.
The financial statements were approved and signed by the director and authorised for issue on 28 February 2020
J Reynolds
Director
Company Registration No. 07279506
CLEAR STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
- 2 -
1
Accounting policies
Company information
Clear Studios Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
5a Bear Lane, Southwark, London, United Kingdom, SE1 0UH.
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:
Plant and machinery
15% Straight Line basis
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.4
Taxation
The tax expense represents the sum of the tax currently payable
.
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.
CLEAR STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 3 -
1.5
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 2).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2018
38,284
Additions
1,831
At 30 June 2019
40,115
Depreciation and impairment
At 1 July 2018
37,024
Depreciation charged in the year
275
At 30 June 2019
37,299
Carrying amount
At 30 June 2019
2,816
At 30 June 2018
1,260
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
2,608
16,578
Other debtors
979
19,104
3,587
35,682
CLEAR STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 4 -
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
963
2,449
Corporation tax
15,635
26,738
Other taxation and social security
4,007
6,264
Other creditors
4,378
3,926
24,983
39,377
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
100
100