Cleymore Limited iXBRL

Cleymore Limited

Unaudited Financial Statements

for the year ended 31 December 2016

Cleymore Limited

DIRECTOR AND OTHER INFORMATION

Director	James Ferrin
Company Secretary	Peter Greene
Company Number	NI058249
Registered Office	The Office Dock, Unit 2
	Channel Wharf
	21 Old Channel Road
	Belfast
	Co. Antrim
	BT3 9DE
	Northern Ireland
Accountants	PGR Accountants Limited
	Chartered Accountants
	The Office Dock
	Unit 2 Channel Wharf
	21 Old Channel Road
	Belfast
	Co. Antrim
	BT3 9DE
	Northern Ireland
Bankers	First Trust Bank
	31-35 High St
	Belfast
	County Antrim
	BT1 2AL

Cleymore Limited

Company Number: NI058249

BALANCE SHEET

as at 31 December 2016

			2016		2015
		Notes	£		£
Current Assets

Stocks		5	255,610		1,835,448
Debtors		6	100		1,092
			─────────		─────────
			255,710		1,836,540
			─────────		─────────
Creditors: Amounts falling due within one year		7	(249,799)		(639,839)
			─────────		─────────
Net Current Assets			5,911		1,196,701
			─────────		─────────
Total Assets less Current Liabilities			5,911		1,196,701
Creditors

Amounts falling due after more than one year		8	(1,844,000)		(1,844,000)
			─────────		─────────
Net Liabilities			(1,838,089)		(647,299)
			═════════		═════════
Capital and Reserves

Called up share capital			100		100
Profit and Loss Account			(1,838,189)		(647,399)
			─────────		─────────
Equity attributable to owners of the company			(1,838,089)		(647,299)
			═════════		═════════
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.

For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The director confirms that 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 of the Companies Act 2006.

The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.

Approved by the Director and authorised for issue on 26 September 2017

________________________________
James Ferrin
Director

Cleymore Limited

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2016

1.	GENERAL INFORMATION
	Cleymore Limited is a company limited by shares incorporated in Northern Ireland.

2.	ACCOUNTING POLICIES
	The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company’s financial statements.
	Statement of compliance
	The financial statements of the company for the year ended 31 December 2016 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. These are the company's first set of financial statements prepared in accordance with FRS 102.
	Basis of preparation
	The financial statements have been prepared under the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
	Cash flow statement
	The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Cash Flow Statement because it is classified as a small company.
	Stocks
	Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
	Trade and other debtors
	Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
	Trade and other creditors
	Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
	Taxation
	Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

3.	ADOPTION OF FRS 102 SECTION 1A
	This is the first set of financial statements prepared by Cleymore Limited in accordance with accounting standards issued by the Financial Reporting Council, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A (Small Entities). The company transitioned from previously extant Irish and UK GAAP to FRS 102 Section 1A as at 1 January 2015.

4.	EMPLOYEES
	The average monthly number of employees, including director, during the year was as follows: 0.

5.	STOCKS	2016	2015
		£	£
	Work in progress	255,610	1,835,448
		═════════	═════════
	The replacement cost of stock did not differ significantly from the figures shown.

6.	DEBTORS	2016	2015
		£	£
	Other debtors	100	100
	Prepayments and accrued income	-	992
		─────────	─────────
		100	1,092
		═════════	═════════

7.	CREDITORS	2016	2015
	Amounts falling due within one year	£	£
	Bank overdrafts	12,546	12,546
	Other creditors	-	390,040
	Accruals	237,253	237,253
		─────────	─────────
		249,799	639,839
		═════════	═════════

8.	CREDITORS	2016	2015
	Amounts falling due after more than one year	£	£
	Bank loan	1,844,000	1,844,000
		═════════	═════════
	Loans
	Repayable in one year or less, or on demand (Note 7)	12,546	12,546
	Repayable in five years or more	1,844,000	1,844,000
		─────────	─────────
		1,856,546	1,856,546
		═════════	═════════
	The bank loan has been secured as follows:- Mortgage Debenture incorporating a fixed and floating charge over all company assets present and future including a specific charge over 2.5 acres at North Howard Street Belfast. Letter of guarantee executed by Mossgiel Developments Limited for £1,220,000 plus interest.