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

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

CLARA-PENSIONS LIMITED - Company Information

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REGISTERED NUMBER: 10925368 (England and Wales)















Audited Financial Statements for the Year Ended 31 December 2019

for

Clara-Pensions Limited
Clara-Pensions Limited (Registered number: 10925368)






Contents of the Financial Statements
for the year ended 31 December 2019




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Clara-Pensions Limited

Company Information
for the year ended 31 December 2019







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
Page 1
Clara-Pensions Limited (Registered number: 10925368)

Balance Sheet
31 December 2019

2019 2018
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 16,101 13,804

CURRENT ASSETS
Debtors 5 620,123 224,050
Cash at bank 136,264 1,480,908
756,387 1,704,958
CREDITORS
Amounts falling due within one year 6 406,395 703,832
NET CURRENT ASSETS 349,992 1,001,126
TOTAL ASSETS LESS CURRENT
LIABILITIES
366,093
1,014,930

CREDITORS
Amounts falling due after more than one
year
7
7,416,199
3,494,462
NET LIABILITIES (7,050,106 ) (2,479,532 )

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (7,051,106 ) (2,480,532 )
SHAREHOLDERS' FUNDS (7,050,106 ) (2,479,532 )

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 Board of Directors and authorised for issue on 24 November 2020 and were signed on its behalf by:





K Toker - Director


The notes form part of these financial statements

Page 2
Clara-Pensions Limited (Registered number: 10925368)

Notes to the Financial Statements
for the year ended 31 December 2019

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.
Plant and machinery etc - 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.

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 12 (2018 - 4 ) .

Page 3 continued...
Clara-Pensions Limited (Registered number: 10925368)

Notes to the Financial Statements - continued
for the year ended 31 December 2019

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2019 15,088
Additions 9,436
At 31 December 2019 24,524
DEPRECIATION
At 1 January 2019 1,284
Charge for year 7,139
At 31 December 2019 8,423
NET BOOK VALUE
At 31 December 2019 16,101
At 31 December 2018 13,804

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Amounts owed by group undertakings 500,000 -
Other debtors 120,123 224,050
620,123 224,050

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade creditors 248,964 2,790
Amounts owed to group undertakings 500 -
Taxation and social security 66,736 93,624
Other creditors 90,195 607,418
406,395 703,832

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2019 2018
£    £   
Amounts owed to group undertakings 7,416,199 3,494,462

Page 4 continued...
Clara-Pensions Limited (Registered number: 10925368)

Notes to the Financial Statements - continued
for the year ended 31 December 2019

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

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 £124,300. 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.

- £5,499,502 representing an Intra-Group Loan from the company's parent, Clara-Pensions Group Limited. Interest of 8% per annum is applicable to the loan and is payable quarterly. Repayment of the loan is on demand. Interest of £311,669 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

9. POST BALANCE SHEET EVENTS

COVID-19 Pandemic

The directors of Clara Pensions Group have considered the impact of the COVID-19 pandemic on its operations. The group has recently acquiring approval from regulators. The directors expect the pandemic to have a minimal impact on operations in the future.

10. ULTIMATE CONTROLLING PARTY

The controlling party is Clara-Pensions Group Ltd.

The ultimate controlling party is Sixth Street Partners.

Page 5