Company registration number 07279506 (England and Wales)
CLEAR STUDIOS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
CLEAR STUDIOS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CLEAR STUDIOS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,391
Current assets
Debtors
5
37,077
Cash at bank and in hand
27,502
64,579
Creditors: amounts falling due within one year
6
100
(25,378)
Net current assets
100
39,201
Total assets less current liabilities
100
40,592
Creditors: amounts falling due after more than one year
7
(33,215)
Net assets
100
7,377
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
7,277
Total equity
100
7,377
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 period 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.
CLEAR STUDIOS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 February 2023 and are signed on its behalf by:
J Reynolds
Director
Company Registration No. 07279506
CLEAR STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 3 -
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
Reporting period
The
entity’s
reporting period change
d
and the annual financial statements are presented for a
period longer than one year
. as the company is ceasing trading
,
The
comparative amounts presented in the financial statements (including
the related notes) are not entirely comparable.
1.2
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.
1.3
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company will not
continue in operational existence for the foreseeable future. Thus
t
he
directors have not
adop
ted
the going concern basis of accounting in preparing the financial statements.
1.4
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.
1.5
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
1.6
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 PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.7
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.8
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
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
2021
Number
Number
Total
2
2
CLEAR STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2021
40,665
Disposals
(40,665)
At 31 December 2022
Depreciation and impairment
At 1 July 2021
39,274
Depreciation charged in the period
1,391
Eliminated in respect of disposals
(40,665)
At 31 December 2022
Carrying amount
At 31 December 2022
At 30 June 2021
1,391
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
5,817
Other debtors
31,260
37,077
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
6,643
Trade creditors
571
Corporation tax
10,693
Other taxation and social security
4,273
Other creditors
(100)
3,198
(100)
25,378
CLEAR STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 6 -
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
33,215
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Directors' transactions
Description
% Rate
Opening balance
Interest charged
Amounts repaid
Closing balance
£
£
£
£
J Reynolds -
2.00
29,736
441
(30,177)
-
29,736
441
(30,177)
-
10
Events after the reporting date
The company ceased trading on the 31 December 2022.