CLARITY INVESTMENT GROUP LONDON LTD


2022-04-012023-03-312023-03-31false12313474CLARITY INVESTMENT GROUP LONDON 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CLARITY INVESTMENT GROUP LONDON LTD

Registered Number
12313474
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

CLARITY INVESTMENT GROUP LONDON LTD
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

BASI, Gurminder Singh
BASI, Jagjit Singh
FREE, Martin Alan
PAGE, Mark Graham

Registered Address

181-183 Station Lane
Hornchurch
RM12 6LL

Registered Number

12313474 (England and Wales)
CLARITY INVESTMENT GROUP LONDON LTD
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets383,46989,336
83,46989,336
Current assets
Stocks41,677,0001,677,000
Debtors-1,469
Cash at bank and on hand3,150395
1,680,1501,678,864
Creditors amounts falling due within one year5(560,640)(506,547)
Net current assets (liabilities)1,119,5101,172,317
Total assets less current liabilities1,202,9791,261,653
Creditors amounts falling due after one year6(1,482,405)(1,428,299)
Net assets(279,426)(166,646)
Capital and reserves
Called up share capital100100
Profit and loss account(279,526)(166,746)
Shareholders' funds(279,426)(166,646)
  • The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
  • The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.
The financial statements were approved and authorised for issue by the Board of Directors on 13 May 2024, and are signed on its behalf by:
BASI, Gurminder Singh
Director
BASI, Jagjit Singh
Director
PAGE, Mark Graham
Director

Registered Company No. 12313474
CLARITY INVESTMENT GROUP LONDON LTD
Notes to the Financial Statements
for the year ended 31 March 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Development costs
Capitalised development costs are stated at cost less accumulated amortisation and accumulated impairment losses (cost model). Amortisation is recognised using the straight-line basis and results in the carrying amount being expensed in profit or loss over the estimated useful life.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20232022
Average number of employees during the year00
3.Tangible fixed assets

Land & buildings

Vehicles

Total

£££
Cost or valuation
At 01 April 2260,00037,15097,150
At 31 March 2360,00037,15097,150
Depreciation and impairment
At 01 April 22-7,8147,814
Charge for year-5,8675,867
At 31 March 23-13,68113,681
Net book value
At 31 March 2360,00023,46983,469
At 31 March 2260,00029,33689,336
4.Stocks
Stock in this period is the competed construction of 3 detached properties with the intension of disposing of to create a trading profit.

2023

2022

££
Other stocks1,677,0001,677,000
Total1,677,0001,677,000
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables40,80141,933
Bank borrowings and overdrafts515,614462,898
Taxation and social security3,325-
Accrued liabilities and deferred income9001,716
Total560,640506,547
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts1,482,4051,428,299
Total1,482,4051,428,299