Clear Edge Search & Selection Ltd
Clear Edge Search & Selection Ltd
Registered number: 06437708
Financial Statements
For The Year Ended
30 June 2021
Clear Edge Search & Selection Ltd
Financial Statements
For The Year Ended
30 June 2021
Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—10 |
Clear Edge Search & Selection Ltd
Balance Sheet
As at
30 June 2021
Balance Sheet
Registered number:
06437708
| 2021 | 2020 as restated |
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 237,057 | 121,700 | |||
Clear Edge Search & Selection Ltd
Balance Sheet (continued)
As at
30 June 2021
Directors' responsibilities:
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These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 4 to 10 form part of these financial statements.
Clear Edge Search & Selection Ltd
Notes to the Financial Statements
For The Year Ended
30 June 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The presentation currency is £ sterling and the financial statements have been rounded to the nearest £1.
The 2020 comparative figures have been amended to re-analyse certain costs between administration costs and direct costs to reflect both their nature and to bring the reporting in line with the Group costs analysis.
1.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold improvements |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.5.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Clear Edge Search & Selection Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
1.6.
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 year 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related 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.
1.7.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.8.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
1.9.
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
Clear Edge Search & Selection Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
1.10.
Employee benefits
The costs of short term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 18 (2020: 17)
3.
Tangible Assets
| Land & Property | ||||
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| Leasehold improvements | Fixtures & Fittings | Computer Equipment | Total | |
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| Depreciation | ||||
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| Net Book Value | ||||
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Clear Edge Search & Selection Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
4.
Debtors
| 2021 | 2020 as restated |
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| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Corporation tax recoverable assets |
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| Directors' loan accounts |
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5.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 as restated |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Accruals and deferred income |
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| Directors' loan accounts |
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| Amounts owed to group undertakings |
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6.
Creditors: Amounts Falling Due After More Than One Year
| 2021 | 2020 as restated |
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| Bank loans |
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Clear Edge Search & Selection Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
8.
Contingent Liabilities
Under group banking arrangements the company is party to an unlimited, multilateral guarantee dated 7 May 2013 in favour of HSBC Bank Plc by the following group companies: Combined Selection Group Limited, Core Consulting UK Limited, BW Penman Limited, Rilwood Associates Limited, Clear Edge Search and Selection Limited, Crossley Scott Limited (formerly BWE Recruitment Limited), Blue Marble (International) Limited, Combined Selection Contracting Limited, Whiterock Executive (Leeds) Limited, Whiterock Executive (London) Limited.
At 30 June 2021 the total group secured borrowing amounted to £nil (2020: £nil).
The company is also subject to a debenture including a fixed charge over all present freehold and leasehold property, first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future, and first floating charge over all assets and undertaking both present and future dated 9 May 2013.
9.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| Land and buildings | ||
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| 2021 | 2020 | |
| £ | £ | |
| Within 1 year | 6,245 | 7,806 |
| 6,245 | 7,806 | |
Clear Edge Search & Selection Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
10.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at
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Amounts advanced | Amounts repaid | Amounts written off | As at
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| Mr Thomas Fox |
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The above loan is unsecured, interest free and repayable on demand.
11.
Post Balance Sheet Events
On 6 August 2022 the business was acquired from Combined Selection Group Limited by the existing management.
As part of the sale agreement the company was released from the group banking arrangements and multilateral guarantee dated 7 May 2013.
The debenture including a fixed and floating charge under the group arrangement was also released.
12.
Related Party Transactions
Combined Selection Group Limited
Parent company
As at the balance sheet date the amount owed to the related party was £14,435 (2020: £5,810).
13.
FRC Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
14.
Ultimate Controlling Party
50.20% of the share capital of Clear Edge Search & Selection Limited is owned by the Combined Selection Group Ltd, a company incorporated in the United Kingdom. This is the smallest and largest group in which this company is consolidated. Copies of the Combined Selection Group Ltd financial statements are available from Hermes House Manor Road Horsforth Leeds LS18 4DX. The directors do not beloieve there to be an ultimate controlling party.
15.
Audit Information
The auditors report on the account of Clear Edge Search & Selection Ltd for the year ended 30 June 2021 was unqualified
The auditor's report was signed by
Linda Cooper
(Senior Statutory Auditor)
for and on behalf of
Brown Butler, Chartered Accountants
, Statutory Auditor
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Leigh House
28-32 St Paul's Street
Leeds
West Yorkshire
LS1 2JT
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Clear Edge Search & Selection Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
16.
General Information
Clear Edge Search & Selection Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
06437708
. The registered office is Lister House Lister Hill, Horsforth, Leeds, LS18 5AZ.