Carbon Clear Limited
Carbon Clear Limited
Registered number: 05575619
Unaudited Financial Statements
For The Year Ended 31 December 2016
Taylorcocks (S.E) Ltd
3 Acorn Business Centre
Northarbour Road
Portsmouth
Hampshire
PO6 3TH
Carbon Clear Limited
Unaudited Financial Statements
For The Year Ended 31 December 2016
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Accountants' Report | 1 |
| Statement of Financial Position | 2—3 |
| Statement of Changes in Equity | 4 |
| Notes to the Financial Statements | 5—9 |
Carbon Clear Limited
Accountants' Report
For The Year Ended 31 December 2016
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of Carbon Clear Limited For The Year Ended 31 December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Carbon Clear Limited For The Year Ended 31 December 2016 which comprise the Income Statement, the Statement of Financial Position and the related notes from the accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the directors of Carbon Clear Limited , as a body, in accordance with the terms of our engagement letter dated 06 September 2013. Our work has been undertaken solely to prepare for your approval the accounts of Carbon Clear Limited and state those matters that we have agreed to state to the directors of Carbon Clear Limited , as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Carbon Clear Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Carbon Clear Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Carbon Clear Limited . You consider that Carbon Clear Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Carbon Clear Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
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3 Acorn Business Centre
Northarbour Road
Portsmouth
Hampshire
PO6 3TH
Page 1
Carbon Clear Limited
Statement of Financial Position
For The Year Ended 31 December 2016
Statement of Financial Position
Registered number:
05575619
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2016 | 2015 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 7 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Share premium account |
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| Profit and loss account |
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| SHAREHOLDERS' FUNDS | 351,551 | 416,295 | |||
Page 2
Carbon Clear Limited
Statement of Financial Position (continued)
For The Year Ended 31 December 2016
Directors' responsibilities:
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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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
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The notes on pages 5 to 9 form part of these financial statements.
Page 3
Carbon Clear Limited
Statement of Changes in Equity
For The Year Ended 31 December 2016
Statement of Changes in Equity
| Share Capital | Share Premium | Profit & Loss Account | Total | |
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| £ | £ | £ | £ | |
| As at 1 January 2015 |
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429,362 |
| Profit for the year and total comprehensive income | - | - |
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142,946 |
| Dividends paid | - | - | (178,809) | (178,809) |
| Arising on shares issued during the period |
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22,796 | - | 22,796 |
| As at 31 December 2015 and 1 January 2016 |
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416,295 |
| Loss for the year and total comprehensive income | - | - |
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(64,741) |
| Dividends paid | - | - | (3,550) | (3,550) |
| Arising on shares issued during the period |
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3,527 | - | 3,527 |
| As at |
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351,551 |
Page 4
Carbon Clear Limited
Notes to the Unaudited Accounts
For The Year Ended 31 December 2016
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases. It should be noted that the accounting policy for the depreciation of Computer Equipment has been changed from 25% reducing balance to 33% on cost. It is felt that the new policy reflects a fairer residual value of the assets.
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| Computer Equipment |
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1.4.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is recorded at cost price in accordance with FRS 102 1A.
1.5.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.6.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the statement of financial position date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the statement of financial position date.
Page 5
Carbon Clear Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 December 2016
1.7.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
1.8.
Operating Lease
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
1.9.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the income statement, directors report, and notes to the financial statements relating to the income statement. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
2.
Average number of employees
Average number of employees, including directors, during the year was as follows:
| 2016 | 2015 | ||
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| Office and administration |
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Page 6
Carbon Clear Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 December 2016
3.
Tangible Assets
| Land & Property | |||
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| Leasehold | Computer Equipment | Total | |
| £ | £ | £ | |
| Cost | |||
| As at |
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| Additions |
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| Disposals |
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| Depreciation | |||
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| Provided during the period |
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| Disposals |
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| Net Book Value | |||
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4.
Stocks
| 2016 | 2015 | ||
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| £ | £ | ||
| Stock - finished goods |
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| Stock - work in progress |
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5.
Debtors
| 2016 | 2015 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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Page 7
Carbon Clear Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 December 2016
6.
Creditors: Amounts Falling Due Within One Year
| 2016 | 2015 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts |
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7.
Deferred Taxation
| 2016 | 2015 | ||
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| £ | £ | ||
| As at |
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| Deferred taxation |
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| Deferred tax |
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The provision for deferred taxation is made up of accelerated capital allowances
Page 8
Carbon Clear Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 December 2016
9.
Dividends
| 2016 | 2015 | ||
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| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid |
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| 3,550 | 178,809 | ||
10.
General Information
Carbon Clear Limited Registered number 05575619 is a limited by shares company incorporated in England & Wales. The Registered Office is Unit A, 70-78 York Way, London, N1 9AG.
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