Cleverpenny Investments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06447576 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2018

for

Cleverpenny Investments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

10

DIRECTORS:

Mrs A J Penny

K Penny

SECRETARY:

Shrewdchoice Limited

REGISTERED OFFICE:

Beechey House

87 Church Street

Crowthorne

Berkshire

RG45 7AW

REGISTERED NUMBER:

06447576 (England and Wales)

ACCOUNTANTS:

PKB Accountants Limited

Chartered Certified Accountants

Beechey House

87 Church Street

Crowthorne

Berkshire

RG45 7AW

FIXED ASSETS

Tangible assets

4

325

194

CURRENT ASSETS

Debtors

5

30,422

29,418

Cash at bank

13,918

8,678

44,340

38,096

CREDITORS

Amounts falling due within one year

6

39,245

34,773

NET CURRENT ASSETS

5,095

3,323

TOTAL ASSETS LESS CURRENT LIABILITIES

5,420

3,517

PROVISIONS FOR LIABILITIES

63

39

NET ASSETS

5,357

3,478

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

5,257

3,378

SHAREHOLDERS' FUNDS

5,357

3,478

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

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.

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 and authorised for issue by the Board of Directors on 23 September 2019 and were signed on its behalf by:

K Penny - Director

1.	STATUTORY INFORMATION

Cleverpenny Investments 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A

"Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in

the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been

prepared under the historical costs convention.

Going Concern

At the time of approving the financial statements, the directors have a reasonable expectation that

the company has adequate resources to continue in operational existence for the foreseeable

future. Thus the directors continue to adopt the going concern basis of accounting in preparing the

financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make

judgements, estimates and assumptions about the carrying values of assets and liabilities that are

not readily apparent from other sources. The estimates and underlying 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 if the revision

affects only that period, or in the period of the revision and future periods if the revision affects both

current and future periods

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Turnover comprises the value of commissions and fees receivable from product providers, excluding

VAT, in the normal course of business. All turnover arises in the United Kingdom. Initial commissions

are accounted for when the policies are accepted by the product providers, or mortgages complete,

after taking into account provisions for potential cancellation of policies where commission is

received under indemnity terms. Renewal commissions are accounted for when received. Fees for

financial advice and administration charges are accounted for as invoiced with accruals being made

for work performed but not invoiced.

Tangible fixed assets

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

Computer equipment

-

33% on cost

Computer Equipment is stated at cost less accumulated depreciation and accumulated impairment

losses.

At each balance sheet date, the Company reviews the carrying amounts of its Tangible Fixed Assets

to determine whether there is any indication that any items have suffered an impairment loss. If any

such indication exists, the recoverable amount of an asset is estimated in order to determine the

extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying

amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an

expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to

the revised estimate of its recoverable amount, to the extent that the increased carrying amount

does not exceed the carrying amount that would have been determined ( net of depreciation ) had

no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is

recognised as income immediately.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as

reported in the statement of comprehensive income because of items of income or expense that are

taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and

liabilities in the financial statements and the corresponding tax bases used in the computation of

taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences.

Deferred tax assets are generally recognised for all deductible temporary differences to the extent

that it is probable that taxable profits will be available against which those deductible timing

differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each

reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits

will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the

period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that

have been enacted or substantively enacted by the end of the reporting period. The measurement

of deferred tax liabilities and assets reflects the tax consequences that would follow from the

manner in which the Company expects, to recover or settle the carrying amounts of its assets and

liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items

that are recognised in other comprehensive income or directly in equity, in which case, the current

and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

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.

Related parties

For the purposes of these financial statements, a party is considered to be related to the Company if

any of the following are applicable :-

(1) The party has the ability, directly or indirectly, through one or more intermediaries, to control

the Company or exercise significant influence over the company in making financial and operating

policy decisions, or has joint control over the Company.

(2) The Company and the party are subject to common control

(3) The party is an associate of the Company

(4) The party is a member of key management personnel of the Company or the Company's parent,

or a close family member of such an individual.

(5) The party is a post - employment benefit plan which is for the benefit of employees of the

Company or of any entity that is a related party of the Company.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes

party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements

when there is a legally enforceable right to set off the recognised amounts and there is an intention

to settle on a net basis or the realise the asset and settle the liability simultaneously.

Loans and Receivables

Trade debtors, loans and other receivables that have fixed or determinable payments that are not

quoted in an active market are classified as 'loans and receivables'. Loans and other receivables are

measured at amortised cost using the effective interest method,less any impairment.

Interest is recognised by applying the effective interest rate, except for short term receivables when

the recognition of interest would be immaterial. The effective interest method is a method of

calculating the amortised cost of a debt instrument and of allocating the interest income over the

relevant period. The effective interest rate is the rate that exactly discounts estimated future cash

receipts through the expected life of the debt instrument to the net carrying amount on initial

recognition.

Trade debtors with no stated interest rate and receivable within one year are recorded at a

transaction price. Any losses arising from impairment are recognised in the income statement in any

other administrative expenses.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for

indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more

events that occurred after the initial recognition of the financial asset, the estimated future cash

flows have been affected. The impairment loss is recognised in the income statement.

Derecognition of financial assets

Financial assets are decrocognised only when the contractual rights to the cash flows from the asset

expire or are settled, or when the the company transfers the financial asset and substantially all the

risks and rewards of ownership to another entity, or if some significant risks and rewards of

ownership are retained but control of the asset has transferred to another party that is able to sell

the asset in its entirety to an unrelated third party.

Financial liabilities

basic financial liabilities, including trade and other payables, bank loans, loans from fellow group

companies are that are classified as debt, are initially recognised at transaction price unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the

present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised costs, using the effective interest rate

method.

Trade payable are obligations to pay for goods or services that have been acquired in the ordinary

course of business from suppliers. Accounts payable are classified as current liabilities if pay,ment is

due within one year or less. if not, they are presented as non-current liabilities. Trade payables with

no stated interest rate or payable within one year are recorded at transaction price. Any losses

arising from impairment are recognised in the income statement in administrative expenses.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are

discharged or cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue

costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer

at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2018

622

Additions

340

Disposals

(324

)

At 31 December 2018

638

DEPRECIATION

At 1 January 2018

428

Charge for year

108

Eliminated on disposal

(223

)

At 31 December 2018

313

NET BOOK VALUE

At 31 December 2018

325

At 31 December 2017

194

5.

DEBTORS

31.12.18

31.12.17

£

£

Amounts falling due within one year:

Other debtors

-

1,582

Amounts falling due after more than one year:

Other debtors

30,422

27,836

Aggregate amounts

30,422

29,418

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Taxation and social security

37,456

31,585

Other creditors

1,789

3,188

39,245

34,773

7.	RELATED PARTY DISCLOSURES

During the year Cleverpenny Investments Limited loaned Cosmonaut Holdings Limited £1,750.

Interest was charged at 3% per annum , being £835.

At the balance sheet date, the amount owed by Cosmonaut Holdings Limited was £30,422 (2017 :

£27,836)

K Penny is a director and shareholder of both of these companies.

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only

required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Cleverpenny Investments Limited for the year ended

31 December 2018 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity

and the related notes from the company's accounting records and from information and explanations you

have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Cleverpenny Investments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Cleverpenny Investments Limited and state those matters that we have agreed to state to the Board of Directors of Cleverpenny Investments Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Cleverpenny Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cleverpenny Investments Limited. You consider that Cleverpenny Investments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Cleverpenny Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

PKB Accountants Limited

Chartered Certified Accountants

Beechey House

87 Church Street

Crowthorne

Berkshire

RG45 7AW

23 September 2019