CLEARBEST LIMITED Company accounts

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COMPANY REGISTRATION NUMBER: 06228266

CLEARBEST LIMITED

Unaudited Financial Statements

30 April 2021

CLEARBEST LIMITED

Financial Statements

Year ended 30 April 2021

Contents	Page

Directors' report	1

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of income and retained earnings	3

Statement of financial position	4

Notes to the financial statements	6

CLEARBEST LIMITED

Directors' Report

Year ended 30 April 2021

The directors present their report and the unaudited financial statements of the company for the year ended 30 April 2021 .

Directors

The directors who served the company during the year were as follows:

S Ackerman
A Ackerman

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 27 January 2022 and signed on behalf of the board by:

A Ackerman

Director

Trading address:

Hallswelle House

1 Hallswelle Road

London

NW11 0DH

CLEARBEST LIMITED

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of CLEARBEST LIMITED

Year ended 30 April 2021

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 April 2021, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

GK & CO. LLP Chartered accountants

Hallswelle House 1 Hallswelle Road London NW11 0DH

27 January 2022

CLEARBEST LIMITED

Statement of Income and Retained Earnings

Year ended 30 April 2021

	2021	2020
Note	£	£
Turnover	7,731	29,255

Property outgoings	7,014	5,218
	-------	--------
Gross income	717	24,037

Administrative expenses	13,188	23,953
	--------	--------
Operating (loss)/profit	( 12,471)	84

Other interest receivable and similar income	5	10,250	–
Interest payable and similar expenses	6	4,800	–
		--------	--------
(Loss)/profit before taxation		( 7,021)	84

Tax on (loss)/profit	–	16
	-------	----
(Loss)/profit for the financial year and total comprehensive income	( 7,021)	68
	-------	----

Retained earnings at the start of the year	464,203	464,135
	---------	---------
Retained earnings at the end of the year	457,182	464,203
	---------	---------

All the activities of the company are from continuing operations.

CLEARBEST LIMITED

Statement of Financial Position

30 April 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	7		1,073,750	1,073,750

Current assets

Debtors	8	13,368	9,018
Cash at bank and in hand		3,017	8,781
		--------	--------
		16,385	17,799

Creditors: amounts falling due within one year	9	624,951		627,344
		---------		---------
Net current liabilities			608,566	609,545
			------------	------------
Total assets less current liabilities			465,184	464,205

Creditors: amounts falling due after more than one year	10	8,000	–
		---------	---------
Net assets		457,184	464,205
		---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	457,182	464,203
	---------	---------
Shareholders funds	457,184	464,205
	---------	---------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

CLEARBEST LIMITED

Statement of Financial Position (continued)

30 April 2021

These financial statements were approved by the board of directors and authorised for issue on 27 January 2022 , and are signed on behalf of the board by:

A Ackerman

Director

Company registration number: 06228266

CLEARBEST LIMITED

Notes to the Financial Statements

Year ended 30 April 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

(a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2020: 1 ).

5. Other interest receivable and similar income

	2021	2020
	£	£
Other interest receivable and similar income	10,250	–
	--------	----

6. Interest payable and similar expenses

	2021	2020
	£	£
Other interest payable and similar charges	4,800	–
	-------	----

7. Tangible assets

	Land and buildings
	£
Cost
At 1 May 2020 and 30 April 2021	1,073,750
	------------
Depreciation
At 1 May 2020 and 30 April 2021	–
	------------
Carrying amount
At 30 April 2021	1,073,750
	------------
At 30 April 2020	1,073,750
	------------

8. Debtors

	2021	2020
	£	£
Other debtors	13,368	9,018
	--------	-------

9. Creditors: amounts falling due within one year

	2021	2020
	£	£
Accruals and deferred income	4,848	8,897
Corporation tax	–	16
Director loan accounts	158,300	142,630
Other creditors	461,803	475,801
	---------	---------
	624,951	627,344
	---------	---------

10. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	8,000	–
	-------	----

11. Related party transactions

The company was under the control of Mr A Ackerman throughout the current and previous year.