Clearfleau Ltd
Registered number: 05567212
Balance Sheet
as at 31 December 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 153,066 178,978
Current assets
Debtors 3 1,965,425 917,716
Cash at bank and in hand 729,892 1,783,843
2,695,317 2,701,559
Creditors: amounts falling due within one year 4 (1,857,946) (1,992,098)
Net current assets 837,371 709,461
Net assets 990,437 888,439
Capital and reserves
Called up share capital 263,518 263,518
Share premium 2,071,607 2,071,607
Profit and loss account (1,344,688) (1,446,686)
Shareholders' funds 990,437 888,439
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A D Gover
Director
Approved by the board on 5 April 2017
Clearfleau Ltd
Notes to the Accounts
for the year ended 31 December 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 20% straight line
Plant and machinery 10% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 January 2016 407,431 18,840 426,271
Additions 11,811 - 11,811
At 31 December 2016 419,242 18,840 438,082
Depreciation
At 1 January 2016 230,575 16,718 247,293
Charge for the year 35,601 2,122 37,723
At 31 December 2016 266,176 18,840 285,016
Net book value
At 31 December 2016 153,066 - 153,066
At 31 December 2015 176,856 2,122 178,978
3 Debtors 2016 2015
£ £
Trade debtors 1,804,501 867,701
Other debtors and prepayments 160,924 50,015
1,965,425 917,716
4 Creditors: amounts falling due within one year 2016 2015
£ £
Trade creditors 425,566 959,588
Other taxes and social security costs 472,678 487,644
Other creditors and accruals 959,702 544,866
1,857,946 1,992,098
5 Other information
Clearfleau Ltd is a private company limited by shares and incorporated in England. Its registered office is:
10 Wellington Street
Cambridge
CB1 1HW
Clearfleau Ltd 05567212 false 2016-01-01 2016-12-31 2016-12-31 VT Final Accounts March 2017 Mr A D Gover No description of principal activity 05567212 core:WithinOneYear 2015-12-31 05567212 core:ShareCapital 2015-12-31 05567212 core:SharePremium 2015-12-31 05567212 core:RetainedEarningsAccumulatedLosses 2015-12-31 05567212 2016-01-01 2016-12-31 05567212 bus:PrivateLimitedCompanyLtd 2016-01-01 2016-12-31 05567212 bus:AuditExemptWithAccountantsReport 2016-01-01 2016-12-31 05567212 bus:Director40 2016-01-01 2016-12-31 05567212 1 2016-01-01 2016-12-31 05567212 2 2016-01-01 2016-12-31 05567212 core:PlantMachinery 2016-01-01 2016-12-31 05567212 core:Vehicles 2016-01-01 2016-12-31 05567212 countries:England 2016-01-01 2016-12-31 05567212 bus:FRS102 2016-01-01 2016-12-31 05567212 bus:FullAccounts 2016-01-01 2016-12-31 05567212 2016-12-31 05567212 core:WithinOneYear 2016-12-31 05567212 core:ShareCapital 2016-12-31 05567212 core:SharePremium 2016-12-31 05567212 core:RetainedEarningsAccumulatedLosses 2016-12-31 05567212 core:PlantMachinery 2016-12-31 05567212 core:Vehicles 2016-12-31 05567212 2015-12-31 05567212 core:PlantMachinery 2015-12-31 05567212 core:Vehicles 2015-12-31 iso4217:GBP