Clear Interior Projects Ltd - Period Ending 2016-12-31

Registration number: 09410840

Clear Interior Projects Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2016

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

Clear Interior Projects Ltd

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Abridged Balance Sheet	4 to 5
Statement of Changes in Equity	6
Notes to the Abridged Financial Statements	7 to 9

Clear Interior Projects Ltd

Company Information

Directors

Mr Christopher David Young Mr Michael John East

Registered office

Office Number 117 Omnibus Workspace Ltd 39-41 North Road London N7 9DP

Solicitors

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

Accountants

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

Page 1

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Clear Interior Projects Ltd
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 Clear Interior Projects Ltd for the year ended 31 December 2016 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that Clear Interior Projects Ltd 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 of Clear Interior Projects Ltd. You consider that Clear Interior Projects Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Clear Interior Projects Ltd. 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 statutory accounts.

......................................

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

27 February 2017

Page 2

Clear Interior Projects Ltd

Statement of Comprehensive Income for the Year Ended 31 December 2016

	Note	2016 £	2015 £
Profit for the year		29,518	27,340
Total comprehensive income for the year		29,518	27,340

The notes on pages 7 to 9 form an integral part of these abridged financial statements.

Page 3

Clear Interior Projects Ltd

(Registration number: 09410840)
Abridged Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	4	802	375
Current assets
Debtors		295,620	77,244
Cash at bank and in hand		(25,450)	22,054
		270,170	99,298
Creditors: Amounts falling due within one year		(223,364)	(71,583)
Net current assets		46,806	27,715
Total assets less current liabilities		47,608	28,090
Accruals and deferred income		(650)	(650)
Net assets		46,958	27,440
Capital and reserves
Called up share capital		100	100
Profit and loss account		46,858	27,340
Total equity		46,958	27,440

For the financial 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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

Directors' 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 directors acknowledge their 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.

The notes on pages 7 to 9 form an integral part of these abridged financial statements.

Page 4

Clear Interior Projects Ltd

(Registration number: 09410840)
Abridged Balance Sheet as at 31 December 2016

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 1 March 2017 and signed on its behalf by:
 

.........................................

Mr Christopher David Young

Director

.........................................

Mr Michael John East

Director

The notes on pages 7 to 9 form an integral part of these abridged financial statements.

Page 5

Clear Interior Projects Ltd

Statement of Changes in Equity for the Year Ended 31 December 2016

	Share capital £	Profit and loss account £	Total £
At 1 January 2016	100	27,340	27,440
Profit for the year	-	29,518	29,518
Total comprehensive income	-	29,518	29,518
Dividends	-	(10,000)	(10,000)
At 31 December 2016	100	46,858	46,958

	Share capital £	Profit and loss account £	Total £
Profit for the year	-	27,340	27,340
Total comprehensive income	-	27,340	27,340
New share capital subscribed	100	-	100
At 31 December 2015	100	27,340	27,440

The notes on pages 7 to 9 form an integral part of these abridged financial statements.

Page 6

Clear Interior Projects Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 December 2016

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:
Office Number 117
Omnibus Workspace Ltd
39-41 North Road
London
N7 9DP
United Kingdom

These financial statements were authorised for issue by the Board on 1 March 2017.

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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged 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

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

Page 7

Clear Interior Projects Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 December 2016

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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2015 - 1).

Page 8

Clear Interior Projects Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 December 2016

4	Tangible assets

	Total £
Cost or valuation
At 1 January 2016	500
Additions	695
At 31 December 2016	1,195
Depreciation
At 1 January 2016	125
Charge for the period	268
At 31 December 2016	393
Carrying amount
At 31 December 2016	802
At 31 December 2015	375

5

Dividends

	2016	2015
	£	£
Interim dividend of £100.00 (2015 - £Nil) per ordinary share	10,000	-

The directors are proposing a final dividend of £Nil (2015 - £Nil) per share totalling £Nil (2015 - £Nil). This dividend has not been accrued in the Balance Sheet.

6	Parent and ultimate parent undertaking

The company's immediate parent is CDY Holdings Ltd, incorporated in England and Wales.

 

Page 9