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 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Certified Accountants' Report

7

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

3,547

5,465

3,547

5,465

CURRENT ASSETS

Debtors

6

23,534

79,587

Prepayments and accrued income

5,885

1,566

Cash at bank

85,005

83,858

114,424

165,011

CREDITORS

Amounts falling due within one year

7

51,106

112,925

NET CURRENT ASSETS

63,318

52,086

TOTAL ASSETS LESS CURRENT LIABILITIES

66,865

57,551

PROVISIONS FOR LIABILITIES

9

669

1,032

NET ASSETS

66,196

56,519

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

11

65,196

55,519

SHAREHOLDERS' FUNDS

66,196

56,519

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 and authorised for issue on 27 August 2021 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 (2020 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

10,000

AMORTISATION

At 1 April 2020

and 31 March 2021

10,000

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2020

712

3,753

3,991

19,102

27,558

Additions

-

540

-

-

540

At 31 March 2021

712

4,293

3,991

19,102

28,098

DEPRECIATION

At 1 April 2020

251

3,511

2,553

15,778

22,093

Charge for year

115

163

360

1,820

2,458

At 31 March 2021

366

3,674

2,913

17,598

24,551

NET BOOK VALUE

At 31 March 2021

346

619

1,078

1,504

3,547

At 31 March 2020

461

242

1,438

3,324

5,465

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

20,546

77,505

Other debtors

252

2,044

Directors' current accounts

2,736

38

23,534

79,587

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

10,924

54,518

Corporation tax

16,799

20,502

Social security and other taxes

2,617

1,597

VAT

11,715

26,410

Other creditors

5,920

6,719

Accruals and deferred income

3,131

3,179

51,106

112,925

8.	LEASING AGREEMENTS

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

2021

2020

£

£

Within one year

8,643

8,452

Between one and five years

2,498

5,495

11,141

13,947

9.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

669

1,032

Deferred

tax

£

Balance at 1 April 2020

1,032

Credit to Income Statement during year

(363

)

Balance at 31 March 2021

669

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

2021

2020

value:

£

£

1,000

Ordinary shares of £1

£1

1,000

1,000

11.

RESERVES

Retained

earnings

£

At 1 April 2020

55,519

Profit for the year

69,602

Dividends

(59,925

)

At 31 March 2021

65,196

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020:

2021

2020

£

£

T Jenkins

Balance outstanding at start of year

38

10,487

Amounts advanced

2,736

51

Amounts repaid

(38

)

(10,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,736

38

The loan is interest free and repayable on demand.

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £47,940 were paid to the director .

At the beginning of the year the company owed the amount of £6,282 to the wife of the director. During the year she withdrew aggregated amounts of £855 from the company. At the end of the year the balance due to her by the company was £5,427.

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 2021 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

27 August 2021