Clerkswell Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 07905188 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Clerkswell Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K Young

R Killick

SECRETARY:

S A Stubbs

REGISTERED OFFICE:

309-310 Metal Box Factory

30 Great Guildford Street

London

SE1 0HS

REGISTERED NUMBER:

07905188 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

43,045

33,076

43,045

33,076

CURRENT ASSETS

Debtors

6

261,183

554,590

Prepayments and accrued income

18,264

11,940

Cash at bank

624,494

460,998

903,941

1,027,528

CREDITORS

Amounts falling due within one year

7

558,146

372,056

NET CURRENT ASSETS

345,795

655,472

TOTAL ASSETS LESS CURRENT LIABILITIES

388,840

688,548

PROVISIONS FOR LIABILITIES

-

6,284

NET ASSETS

388,840

682,264

CAPITAL AND RESERVES

Called up share capital

95,000

95,000

Retained earnings

293,840

587,264

SHAREHOLDERS' FUNDS

388,840

682,264

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2023 and were signed on its behalf by:

R Killick - Director

1.	STATUTORY INFORMATION

Clerkswell 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 and revenue recognition

The turnover is the total amount, excluding value added tax, receivable by the company in the ordinary course of business for the services provided as a principal.

Revenue consists primarily of fees from the provision of information technology consultancy services which is recognised as the services are provided. These services are generally provided and billed on a time basis or on a fixed price contract basis, where contract terms generally do not exceed one year.

Revenue from fixed price contracts is generally recognised in the per period the services are provided.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

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 etc

-

25% 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.

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.

Financial assets and liabilities

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2021 - 22 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2022

and 31 December 2022

38,000

AMORTISATION

At 1 January 2022

and 31 December 2022

38,000

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

195,852

Additions

25,763

At 31 December 2022

221,615

DEPRECIATION

At 1 January 2022

162,776

Charge for year

15,794

At 31 December 2022

178,570

NET BOOK VALUE

At 31 December 2022

43,045

At 31 December 2021

33,076

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

127,811

221,218

Other debtors

133,372

333,372

261,183

554,590

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade creditors

78,410

43,185

Taxation and social security

148,262

116,025

Other creditors

331,474

212,846

558,146

372,056

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2022 and 31 December 2021:

31.12.22

31.12.21

£

£

K Young

Balance outstanding at start of year

300,000

-

Amounts advanced

-

300,000

Amounts repaid

(300,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

300,000

R Killick

Balance outstanding at start of year

10,000

60,000

Amounts advanced

110,000

50,000

Amounts repaid

(10,000

)

(100,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

110,000

10,000

During the year, the company advanced an unsecured loan of £110,000 to Mr R.Killick, a director and shareholder of the company. This was in addition to the balance of £10,000 shown in the 2021 accounts which was repaid in September 2022.

There is loan interest is charged on a monthly basis based on the rate of 2% per annum and the loan has no fixed date for repayment. The company has received £475 in respect of interest due on the loan during the year.

The amount of £110,000 (2021-£10,000) is outstanding at the year end and is included in current assets.

During the year, the balance of £300,000 shown in the 2021 accounts from Mr K.Young, a director and shareholder of the company was repaid in September 2022.

There is loan interest is charged on a monthly basis based on the rate of 2% per annum repayment. The company has received £3,915 in respect of interest due on the loan during the year.

The amount of £Nil (2021-£300,000) is outstanding at the year end and was included in current assets.

9.	ULTIMATE CONTROLLING PARTY

The directors each own 50% of the company.