Clearview Networks Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC353902 (Scotland)

CLEARVIEW NETWORKS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Certified Accountants' Report

6

DIRECTOR:

T Jenkins

REGISTERED OFFICE:

Unit 3

1a Northinch Court

Whiteinch

Glasgow

G14 0UG

REGISTERED NUMBER:

SC353902 (Scotland)

ACCOUNTANTS:

JCWallace & Co

Chartered Certified Accountants

1875 Great Western Road

Glasgow

G13 2YD

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

7,332

4,461

7,332

4,461

CURRENT ASSETS

Debtors

6

36,026

45,862

Prepayments and accrued income

1,830

2,947

Cash at bank

49,037

39,666

86,893

88,475

CREDITORS

Amounts falling due within one year

7

46,592

57,466

NET CURRENT ASSETS

40,301

31,009

TOTAL ASSETS LESS CURRENT LIABILITIES

47,633

35,470

PROVISIONS FOR LIABILITIES

9

1,385

838

NET ASSETS

46,248

34,632

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

11

45,248

33,632

SHAREHOLDERS' FUNDS

46,248

34,632

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director on 11 December 2019 and were signed by:

T Jenkins - Director

1.	STATUTORY INFORMATION

Clearview Networks Limited is a private company, limited by shares , registered in Scotland. 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 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.

Turnover

The turnover shown in the profit and loss account represents the invoice value of services rendered and goods

supplied during the year, exclusive of value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of three years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Taxation

Taxation for the year 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 year 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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 year was 3 (2018 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

10,000

AMORTISATION

At 1 April 2018

and 31 March 2019

10,000

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2018

-

3,507

3,991

14,053

21,551

Additions

712

246

-

3,945

4,903

At 31 March 2019

712

3,753

3,991

17,998

26,454

DEPRECIATION

At 1 April 2018

-

3,273

1,433

12,384

17,090

Charge for year

97

139

640

1,156

2,032

At 31 March 2019

97

3,412

2,073

13,540

19,122

NET BOOK VALUE

At 31 March 2019

615

341

1,918

4,458

7,332

At 31 March 2018

-

234

2,558

1,669

4,461

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

24,823

36,946

Other debtors

716

3,518

Directors' current accounts

10,487

5,398

36,026

45,862

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

13,148

23,435

Corporation tax

14,931

14,875

Social security and other taxes

2,632

1,631

VAT

12,768

11,200

Other creditors

365

1,580

Accruals and deferred income

2,748

4,745

46,592

57,466

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

5,792

5,619

9.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

1,385

838

Deferred

tax

£

Balance at 1 April 2018

838

Charge to Income Statement during year

547

Balance at 31 March 2019

1,385

The provision for deferred tax consists of the tax effect of timing differences in respect of the excess of taxation

allowances over depreciation on fixed assets.

10.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2019

2018

value:

£

£

1,000

Ordinary shares of £1

£1

1,000

1,000

11.

RESERVES

Retained

earnings

£

At 1 April 2018

33,632

Profit for the year

65,866

Dividends

(54,250

)

At 31 March 2019

45,248

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2019 and

31 March 2018:

2019

2018

£

£

T Jenkins

Balance outstanding at start of year

5,398

1,208

Amounts advanced

10,489

5,398

Amounts repaid

(5,400

)

(1,208

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

10,487

5,398

The loan is interest free and repayable on demand.

The following reproduces the text of the report prepared for the director 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 Director 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 Clearview Networks Limited for the year ended 31 March 2019 which comprise the Income

Statement, Balance Sheet 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 director of Clearview Networks Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Clearview Networks Limited and state those matters that we have agreed to state to the director of Clearview Networks Limited 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 director for our work or for this report.

It is your duty to ensure that Clearview Networks 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 Clearview Networks Limited. You consider that Clearview Networks 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 Clearview Networks 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.

JCWallace & Co

Chartered Certified Accountants

1875 Great Western Road

Glasgow

G13 2YD

11 December 2019