ACCOUNTS - Final Accounts preparation

CLARITY PROPERTY BETA LIMITED - Company Information

Caseware UK (AP4) 2019.0.227 2019.0.227 2020-04-052020-04-0511293409falsetrueTurnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: the Company has transferred the significant risks and rewards of ownership to the buyer; the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the amount of turnover can be measured reliably; it is probable that the Company will receive the consideration due under the transaction; and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: the amount of turnover can be measured reliably; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably.2019-04-06The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.development of building projects.true 11293409 2019-04-06 2020-04-05 11293409 2018-04-05 2019-04-05 11293409 2020-04-05 11293409 2019-04-05 11293409 1 2019-04-06 2020-04-05 11293409 d:Director1 2019-04-06 2020-04-05 11293409 c:CurrentFinancialInstruments 2020-04-05 11293409 c:CurrentFinancialInstruments 2019-04-05 11293409 c:Non-currentFinancialInstruments 2020-04-05 11293409 c:Non-currentFinancialInstruments 2019-04-05 11293409 c:CurrentFinancialInstruments c:WithinOneYear 2020-04-05 11293409 c:CurrentFinancialInstruments c:WithinOneYear 2019-04-05 11293409 c:Non-currentFinancialInstruments c:AfterOneYear 2020-04-05 11293409 c:Non-currentFinancialInstruments c:AfterOneYear 2019-04-05 11293409 c:ShareCapital 2020-04-05 11293409 c:ShareCapital 2019-04-05 11293409 c:RetainedEarningsAccumulatedLosses 2019-04-06 2020-04-05 11293409 c:RetainedEarningsAccumulatedLosses 2020-04-05 11293409 c:RetainedEarningsAccumulatedLosses 2019-04-05 11293409 d:OrdinaryShareClass1 2019-04-06 2020-04-05 11293409 d:OrdinaryShareClass1 2018-04-05 2019-04-05 11293409 d:OrdinaryShareClass1 2020-04-05 11293409 d:FRS102 2019-04-06 2020-04-05 11293409 d:AuditExempt-NoAccountantsReport 2019-04-06 2020-04-05 11293409 d:FullAccounts 2019-04-06 2020-04-05 11293409 d:PrivateLimitedCompanyLtd 2019-04-06 2020-04-05 xbrli:shares iso4217:GBP xbrli:pure

Clarity Property Beta Limited

Registered number: 11293409

Information for filing with the registrar

For the year ended 5 April 2020

CLARITY PROPERTY BETA LIMITED

REGISTERED NUMBER: 11293409

BALANCE SHEET

AS AT 5 APRIL 2020

		2020		2019
Note		£		£


Current assets
Stocks		872,128		865,383
Debtors	4	2,316		100
Cash at bank and in hand		3,245		1,770
		877,689		867,253
Creditors: Amounts falling due within one year	5	(886,493)		(138,990)
Net current (liabilities)/assets			(8,804)		728,263
Total assets less current liabilities			(8,804)		728,263
Creditors: Amounts falling due after more than one year	6		-		(767,156)

Net liabilities			(8,804)		(38,893)

Capital and reserves
Called up share capital	7	100	100
Profit and loss account		(8,904)	(38,993)
		(8,804)	(38,893)

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

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CLARITY PROPERTY BETA LIMITED

REGISTERED NUMBER: 11293409

BALANCE SHEET (CONTINUED)

AS AT 5 APRIL 2020

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

R E Donohoe

Director

Date: 10 November 2020

The notes on pages 3 to 6 form part of these financial statements.

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CLARITY PROPERTY BETA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2020

1.	General information

Clarity Property Beta Limited is a private Company, limited by shares, incorporated in England. The Company’s registered number is 11293409. The address of its registered office is St Mary's Chambers, 9 St Mary's Road, Market Harborough, LE16 7DS.
The principal activity of the Company during the year continued to be that of the development of building projects.
The financial statements have been presented in Pounds Sterling (£) as this is currency of the primary economic environment in which the Company operates and is rounded to the nearest pound.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102 ("FRS 102"), the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

The Directors consider that the Company has adequate resources to continue in operational existence for the foreseeable future. The key potential source of uncertainty noted by the Directors is the Coronavirus and COVID-19 pandemic. However at the date of this report it is not possible to reliably determine the effects that these developments will have on the Company. Accordingly the Directors have continued to prepare the financial statements on the going concern basis.

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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CLARITY PROPERTY BETA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2020

2.Accounting policies (continued)

2.3

Turnover (continued)

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Finance costs

Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Borrowing costs

All borrowing costs are recognised in the profit and loss account in the year in which they are incurred.

2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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CLARITY PROPERTY BETA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2020

2.Accounting policies (continued)

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Employees

The average monthly number of employees, including Directors, during the year was 2 (2019 - 2).

Debtors

					2020	2019
					£	£


Other debtors	-	100
Prepayments and accrued income	2,316	-
	2,316	100

5.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Bank loans	768,829	13,158
Amounts owed to group undertakings	83,935	115,750
Other taxation and social security	2,459	559
Accruals and deferred income	31,270	9,523
	886,493	138,990

Bank loans are secured over the assets of the Company and that of its parent undertaking, Clarity Midlands Limited, and a joint and several personal guarantee limited to £100,000 in favours of the Company's Directors.

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CLARITY PROPERTY BETA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2020

6.	Creditors: Amounts falling due after more than one year
		2020	2019
		£	£

Bank loans	-	767,156
	-	767,156

7.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

100 Ordinary shares of £1 each	100	100

Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses of the Company.

9.	Related party transactions
	The Company is a wholly owned subsidiary of Clarity Midlands Limited, and as such has taken advantage of the exemption permitted by FRS 102 Section 1A not to provide disclosures of transactions entered into with other wholly members of the group.

10.	Post balance sheet events

The Directors consider the Coronavirus pandemic and the associated household isolation measures introduced by the UK government to have begun on 23 March 2020. Although this was prior to the year end of the Company, the resultant economic deterioration in the United Kingdom is considered to have materialised after year end. Insofar as they are able, the Directors will reflect the effects of these developments in the balance sheet of the Company as at 05 April 2021.

11.	Immediate and ultimate parent undertaking

The immediate and ultimate parent undertaking is Clarity Midlands Limited, a Company incorporated in the United Kingdom and registered in England and Wales. The companies registered office is St Mary's Chambers, 9 St Mary's Road, Market Harborough, Leicestershire, England, LE16 7DS.

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