Clear Interior Projects Ltd - Period Ending 2022-12-31

CLEAR INTERIOR PROJECTS LTD - Company Information

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Registration number: 09410840

Clear Interior Projects Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

Clear Interior Projects Ltd

Contents

Company Information	1
Director's Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 14

Clear Interior Projects Ltd

Company Information

Director	Mr Christopher David Young

Registered office

Unit 2 Venture Business Park
Witty Street
Hull
East Yorkshire
HU3 4TT

Solicitors

Gosschalks Solicitors
Queens Gardens
Dock Street
Hull
East Yorkshire
HU1 3DZ

Bankers

Svenska Handelsbanken AB (publ)
Hessle
First Floor
Westcott House
Hesslewood Business Park
Hessle
East Yorkshire
HU13 0PF

Accountants

Flexibility Professional Services (UK) Ltd
1 Tall Trees
Jenny Brough Lane
Hessle
East Yorkshire
HU13 0LE

Clear Interior Projects Ltd

Director's Report for the Year Ended 31 December 2022

The director presents his report and the financial statements for the year ended 31 December 2022.

Directors of the company

The directors who held office during the year were as follows:

Mr Christopher David Young

Mr Michael John East (ceased 14 April 2022)

Principal activity

The principal activity of the company is construction works including commercial fit out.

Going concern

These financial statements are prepared on a going concern basis. The director has assessed whether this going concern assumption is appropriate in light of the Coronavirus pandemic. The director has taken into account all available information about the future, which is at least, but is not limited to, twelve months from the date when these financial statements are authorised for issue.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 31 March 2023

.........................................
Mr Christopher David Young
Director

Clear Interior Projects Ltd

(Registration number: 09410840)
Balance Sheet as at 31 December 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	255	339
Current assets
Debtors	5	221,427	166,568
Cash at bank and in hand		64,511	600
		285,938	167,168
Creditors: Amounts falling due within one year	6	(248,745)	(83,050)
Net current assets		37,193	84,118
Total assets less current liabilities		37,448	84,457
Creditors: Amounts falling due after more than one year	6	(26,612)	(36,461)
Provisions for liabilities		(48)	(63)
Net assets		10,788	47,933
Capital and reserves
Called up share capital	7	100	100
Share premium reserve		2,475	2,475
Retained earnings		8,213	45,358
Shareholders' funds		10,788	47,933

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 March 2023

Clear Interior Projects Ltd

(Registration number: 09410840)
Balance Sheet as at 31 December 2022

.........................................
Mr Christopher David Young
Director

Clear Interior Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 2 Venture Business Park
Witty Street
Hull
East Yorkshire
HU3 4TT
United Kingdom

These financial statements were authorised for issue by the director on 31 March 2023.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Clear Interior Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Contract revenue recognition

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when costs incurred and costs to complete can be reliably estimated. The stage of completion is calculated by comparing costs incurred in relation to contractual hourly labour rates and materials as a proportion of total costs. Where the outcome cannot be reliably estimated, revenue is recognised only to the extent of the expenses that are recoverable.

Government grants

Government grants are charged to the Profit and Loss account on accrual basis unless they are connected to an asset purchase in which case they amortised over the life of the asset. Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	Reducing balance at 25%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Clear Interior Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Clear Interior Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2021 - 5).

4	Tangible assets

	Furniture, fittings and equipment £	Total £
Cost or valuation
At 1 January 2022	1,607	1,607
At 31 December 2022	1,607	1,607
Depreciation
At 1 January 2022	1,268	1,268
Charge for the year	84	84
At 31 December 2022	1,352	1,352
Carrying amount
At 31 December 2022	255	255
At 31 December 2021	339	339

Debtors

Current	Note	2022 £	2021 £
Trade debtors		72,823	113,718
Amounts owed by related parties	10	76,900	51,900
Prepayments		1,278	950
Other debtors		70,426	-
		221,427	166,568

Clear Interior Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Loans and borrowings	8	9,454	59,330
Trade creditors		144,723	30,462
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10	111,798	28,105
Taxation and social security		28,162	27,509
Accruals and deferred income		1,140	1,140
Other creditors		(46,532)	(63,496)
		248,745	83,050

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings	8	26,612	36,461

7	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary £1 of £1 each	100	100	100	100

8	Loans and borrowings

	2022 £	2021 £
Non-current loans and borrowings
Bank borrowings	26,612	36,461

Clear Interior Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

	2022 £	2021 £
Current loans and borrowings
Bank borrowings	9,454	9,543
Bank overdrafts	-	49,787
	9,454	59,330

Bank borrowings

Starling Bank is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 31 August 2026. The carrying amount at year end is £36,461 (2021 - £46,068).

Unsecured loan provided under the Bounce Back Loan Scheme. No repayments for 12 months and fees/interest paid by the UK government.

Dividends

Interim dividends paid

	2022 £	2021 £
Interim dividend of £285.93 (2021 - £286.22) per each Ordinary £1	28,593	28,622

10	Related party transactions

Clear Interior Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Transactions with the director

2022	At 1 January 2022 £	Advances to director £	Repayments by director £	Other payments made to company by director £	At 31 December 2022 £
Mr Christopher David Young
Director's Loan Account	-	2,500	-	-	2,500


Mr Michael John East
Director's Loan Account	63,593	78,227	(28,593)	(68,416)	44,811

2021	At 1 January 2021 £	Advances to director £	Repayments by director £	At 31 December 2021 £
Mr Michael John East
Director's Loan Account	53,622	63,593	(53,622)	63,593

Page 11

Clear Interior Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Director's remuneration

The director's remuneration for the year was as follows:

	2022 £	2021 £
Remuneration	74,025	26,319

Dividends paid to the director

	2022 £	2021 £
Mr Christopher David Young
Ordinary £1	-	-

Mr Michael John East
Ordinary £1	28,593	28,622

Summary of transactions with parent

CDY Holdings Ltd
Unsecured loan provided without repayment terms.

Summary of transactions with associates

CDY Ceilings and Partitions Ltd
SRY Developments (Hull) Ltd
Supply of services and loan capital provided by associated group company.
Unsecured loan provided without repayment terms.

Summary of transactions with other related parties

Young & East Property Ltd
Loan capital provided to related party company.
Unsecured loan provided without repayment terms.

Clear Interior Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Expenditure with and payables to related parties

2022	Associates £
Amounts payable to related party	132,557

2021	Associates £
Rendering of services	62,115

Loans to related parties

2022	Parent £	Total £
At start of period	12,500	12,500
At end of period	12,500	12,500

2021	Parent £	Total £
At start of period	12,500	12,500
At end of period	12,500	12,500

Terms of loans to related parties

Monies paid to parent company in respect of shares previously issued in company. No repayment terms.

Loans from related parties

2022	Associates £	Other related parties £	Total £
At start of period	28,105	39,400	67,505
Advanced	99,298	-	99,298
Repaid	(15,605)	-	(15,605)
At end of period	111,798	39,400	151,198

2021	Associates £	Other related parties £	Total £
At start of period	39,615	39,400	79,015
Repaid	(11,510)	-	(11,510)
At end of period	28,105	39,400	67,505

Terms of loans from related parties

No repayment terms and 0% interest.

Clear Interior Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

11	Parent and ultimate parent undertaking

The company's immediate parent is Young & Family Ltd, incorporated in England and Wales.

The ultimate controlling party is Young & Family Ltd and Mr M J East (director).