Clockwork Organisation Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01701385 (England and Wales)

Financial Statements for the Year Ended 31 December 2021

for

Clockwork Organisation Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J R Marsden

Mrs J L Marsden

SECRETARY:

Mrs J L Marsden

REGISTERED OFFICE:

Manorfields Farm

Great Lyth

Shrewsbury

Shropshire

SY3 0BA

REGISTERED NUMBER:

01701385 (England and Wales)

ACCOUNTANTS:

Haines Watts Wolverhampton Limited

Keepers Lane

The Wergs

Wolverhampton

West Midlands

WV6 8UA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

538,722

800,049

Investments

6

2

2

538,724

800,051

CURRENT ASSETS

Debtors

7

424,412

530,803

Cash at bank and in hand

1,055,232

685,875

1,479,644

1,216,678

CREDITORS

Amounts falling due within one year

8

544,631

680,418

NET CURRENT ASSETS

935,013

536,260

TOTAL ASSETS LESS CURRENT LIABILITIES

1,473,737

1,336,311

CREDITORS

Amounts falling due after more than one year

9

148,580

251,583

NET ASSETS

1,325,157

1,084,728

CAPITAL AND RESERVES

Called up share capital

11

5,002

5,002

Retained earnings

1,320,155

1,079,726

SHAREHOLDERS' FUNDS

1,325,157

1,084,728

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2022 and were signed on its behalf by:

Mr J R Marsden - Director

1.	STATUTORY INFORMATION

Clockwork Organisation 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 as modified by the revaluation of certain assets.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

The turnover shown in the profit and loss account is the amount receivable for the provision of goods and services falling within the Company's activities, net of Value Added Tax, rebates and trade discounts. Turnover from the provision of goods and services are recognised in the accounting period in which the Company obtains the right to consideration in exchange for its performance and when the amounts to be recognised are fixed or determinable and collectability is reasonably assured.

Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the profit and loss account over its estimated economic life.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property

- Not depreciated

Motor vehicles

- 25% straight line

Fixtures & fittings

- 25% straight line

Office & computer equipment

- 25% - 50% straight line

Investments

Investments held as fixed assets are shown at cost less provision for impairment.

Government grants

Government grants receivable in relation to the Coronavirus Job Retention Scheme (CJRS) are recognised as income over the periods necessary to match them against the related costs which they are intended to compensate, on a systematic basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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 12 (2020 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2021

and 31 December 2021

40,000

AMORTISATION

At 1 January 2021

and 31 December 2021

40,000

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

-

5.	TANGIBLE FIXED ASSETS

Office

Fixtures

and

Freehold

and

Motor

computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 January 2021

703,829

14,388

123,852

32,324

874,393

Additions

-

2,737

57,902

26,965

87,604

Disposals

(257,721

)

(2,353

)

(61,128

)

(7,360

)

(328,562

)

Revaluations

(31,108

)

-

-

-

(31,108

)

At 31 December 2021

415,000

14,772

120,626

51,929

602,327

DEPRECIATION

At 1 January 2021

-

6,017

40,230

28,097

74,344

Charge for year

-

3,230

25,939

9,036

38,205

Eliminated on disposal

-

(2,353

)

(39,231

)

(7,360

)

(48,944

)

At 31 December 2021

-

6,894

26,938

29,773

63,605

NET BOOK VALUE

At 31 December 2021

415,000

7,878

93,688

22,156

538,722

At 31 December 2020

703,829

8,371

83,622

4,227

800,049

Cost or valuation at 31 December 2021 is represented by:

Office

Fixtures

and

Freehold

and

Motor

computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

Valuation in 2021

(31,108

)

14,772

120,626

51,929

156,219

Cost

446,108

-

-

-

446,108

415,000

14,772

120,626

51,929

602,327

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2021

and 31 December 2021

2

NET BOOK VALUE

At 31 December 2021

2

At 31 December 2020

2

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

409,939

483,745

Other debtors

14,473

47,058

424,412

530,803

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

19,557

30,960

Trade creditors

39,513

34,097

Taxation and social security

407,185

446,492

Other creditors

78,376

168,869

544,631

680,418

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

148,480

251,483

Other creditors

100

100

148,580

251,583

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

168,037

282,443

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

2,501

Ordinary shares

£1

2,501

2,501

2,501

Ordinary A shares

£1

2,501

2,501

5,002

5,002

Shares classed as debt

Allotted, called up and fully paid

100 Preference shares of £1 each

100

100

The preference shares are redeemable by option and there are no current plans to redeem these in the next 5 years.