Clearwater Industrial Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04142539 (England and Wales)

CLEARWATER INDUSTRIAL LIMITED

Unaudited Financial Statements for the Year Ended 31 March 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Dalby

REGISTERED OFFICE:

Clearwater House

17 Heath Terrace

Leamington Spa

Warwickshire

CV32 5NA

REGISTERED NUMBER:

04142539 (England and Wales)

ACCOUNTANTS:

Michael Dufty Partnership Limited

59-61 Charlotte Street

St Pauls Square

Birmingham

West Midlands

B3 1PX

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

62,207

70,011

62,207

70,011

CURRENT ASSETS

Stocks

44,900

104,400

Debtors

6

340,309

594,423

Cash at bank

993

20,079

386,202

718,902

CREDITORS

Amounts falling due within one year

7

246,444

517,883

NET CURRENT ASSETS

139,758

201,019

TOTAL ASSETS LESS CURRENT LIABILITIES

201,965

271,030

CREDITORS

Amounts falling due after more than one year

8

45,293

-

NET ASSETS

156,672

271,030

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

156,572

270,930

SHAREHOLDERS' FUNDS

156,672

271,030

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 23 December 2021 and were signed by:

J Dalby - Director

1.	STATUTORY INFORMATION

Clearwater Industrial 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of ten 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.

Improvements to property

-

20% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

77,000

AMORTISATION

At 1 April 2020

and 31 March 2021

77,000

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2020

80,146

18,259

104,971

23,498

226,874

Additions

-

-

2,278

-

2,278

At 31 March 2021

80,146

18,259

107,249

23,498

229,152

DEPRECIATION

At 1 April 2020

49,278

17,337

67,564

22,684

156,863

Charge for year

-

230

9,584

268

10,082

At 31 March 2021

49,278

17,567

77,148

22,952

166,945

NET BOOK VALUE

At 31 March 2021

30,868

692

30,101

546

62,207

At 31 March 2020

30,868

922

37,407

814

70,011

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

302,256

577,871

Amounts due from related party

37,547

-

Prepayments

506

16,552

340,309

594,423

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

4,707

-

Trade creditors

10,546

129,195

Social security and other taxes

94,175

71,902

Other creditors

2,512

26,952

Amounts due to related party

-

1,264

Directors' current accounts

133,504

287,570

Accruals & deferred income

1,000

1,000

246,444

517,883

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

9,371

-

Bank loans - 2-5 years

30,775

-

Bank loans more 5 yr by instal

5,147

-

45,293

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

5,147

-

9.	RELATED PARTY DISCLOSURES

During the year, a management charge of £10,000 was charged to the company from Clearwater Technologies Limited, a company with a shared directorship.

At the balance sheet date the company was owed £37,547 (2020: owed £1,264) from Clearwater Technologies Limited.