Clara-Pensions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10925368 (England and Wales)

Audited Financial Statements

for the Period 21 August 2017 to 31 December 2018

for

Clara-Pensions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A B Saron

K Toker

L Churchill

G Tait

S J Groves

REGISTERED OFFICE:

1st Floor

Healthaid House

Marlborough Hill

Harrow

Middlesex

HA1 1UD

REGISTERED NUMBER:

10925368 (England and Wales)

AUDITORS:

Grant Harrod Lerman Davis LLP

Chartered Accountants

Statutory Auditors

1st Floor

Healthaid House

Marlborough Hill

Harrow

Middlesex

HA1 1UD

FIXED ASSETS

Tangible assets

4

13,804

CURRENT ASSETS

Debtors

5

224,050

Cash at bank

1,480,908

1,704,958

CREDITORS

Amounts falling due within one year

6

703,832

NET CURRENT ASSETS

1,001,126

TOTAL ASSETS LESS CURRENT LIABILITIES

1,014,930

CREDITORS

Amounts falling due after more than one year

7

3,494,462

NET LIABILITIES

(2,479,532

)

CAPITAL AND RESERVES

Called up share capital

1,000

Retained earnings

(2,480,532

)

SHAREHOLDERS' FUNDS

(2,479,532

)

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 20 May 2019 and were signed on its behalf by:

K Toker - Director

1.	STATUTORY INFORMATION

Clara-Pensions Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared under the going concern basis. The company's finances are supported by loans

and loan notes from the holding company Clara-Pensions Group Limited.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation

Taxation for the period 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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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 period end and that are expected to apply to the reversal of the

timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 4 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

15,088

At 31 December 2018

15,088

DEPRECIATION

Charge for period

1,284

At 31 December 2018

1,284

NET BOOK VALUE

At 31 December 2018

13,804

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

224,050

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

2,790

Taxation and social security

93,624

Other creditors

607,418

703,832

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Amounts owed to group undertakings

3,494,462

Included in creditors due after more than one year are the following: -

- £1,480,729 representing Unsecured Loan Notes 2018, issued to the company's parent, Clara-Pensions Group

Limited on 14 December 2018. The Loan Notes carry interest at 8% per annum and as at the balance sheet date

the total amount of unpaid interest amounted to £5,841. Repayment of the loan notes and interest is due on any

date which falls within the repayment period, on which it is agreed between the company and the Noteholder.

The repayment period is from 14 December 2018 to 31 December 2020.

- £2,000,002 representing an Intra-Group Loan from the company's parent, Clara-Pensions Group Limited, on

14 December 2018. Interest of 8% per annum is applicable to the loan and is payable quarterly. Repayment of

the loan is on demand. Interest of £7,890 has accrued as at the balance sheet date.

- The company's parent, Clara-Pensions Group Limited, has confirmed that repayment of both the loan notes and

intra-group loan will not be demanded within 12 months of the date of the approval of these financial statements.

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Lerman FCA (Senior Statutory Auditor)

for and on behalf of Grant Harrod Lerman Davis LLP