Clerkswell Limited - Limited company accounts 17.3
Clerkswell Limited - Limited company accounts 17.3
| REGISTERED NUMBER: |
| Report of the Directors and |
| Unaudited Financial Statements for the Year Ended 31 December 2016 |
| for |
| Clerkswell Limited |
| Clerkswell Limited (Registered number: 07905188) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2016 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Income Statement | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 6 |
| Clerkswell Limited |
| Company Information |
| for the Year Ended 31 December 2016 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| Clerkswell Limited (Registered number: 07905188) |
| Report of the Directors |
| for the Year Ended 31 December 2016 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2016. |
| REVIEW OF BUSINESS |
| During the year reported in these accounts the the Directors believe it was a transitional year for Clerkswell Limited. The |
| company has moved its business almost entirely onto the web platforms of Sitecore and Umbraco. This was reflected in |
| increased time spent on training and research and development and accounts for much of the losses reflected in the |
| accounts. |
| We have also reduced staff costs and other administration costs in order to create a more efficient platform for 2017. |
| The latter part of 2016 was marked by the addition of significant new clients to our portfolio of clients which will come |
| through into the profit and loss account in 2017. |
| The Directors are confident that Clerkswell Limited will prosper in 2017 and continue to support the business with full |
| confidence. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 December 2016. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2016 to the date of this |
| report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
| applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
| have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
| Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
| approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
| company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
| are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
| company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
| enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
| safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
| and other irregularities. |
| ON BEHALF OF THE BOARD: |
| Clerkswell Limited (Registered number: 07905188) |
| Income Statement |
| for the Year Ended 31 December 2016 |
| 31.12.16 | 31.12.15 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| (257,589 | ) | (413,154 | ) |
| Other operating income |
| OPERATING LOSS | 4 | ( |
) | ( |
) |
| Interest payable and similar expenses |
| LOSS BEFORE TAXATION | ( |
) | ( |
) |
| Tax on loss | ( |
) | ( |
) |
| LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
| Clerkswell Limited (Registered number: 07905188) |
| Balance Sheet |
| 31 December 2016 |
| 31.12.16 | 31.12.15 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Prepayments and accrued income |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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. |
| Clerkswell Limited (Registered number: 07905188) |
| Balance Sheet - continued |
| 31 December 2016 |
| The financial statements were approved by the Board of Directors on by: |
| Clerkswell Limited (Registered number: 07905188) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2016 |
| 1. | STATUTORY INFORMATION |
| Clerkswell Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| There was a net deficiency of assets of £125,972 at the balance sheet date, however the directors have confirmed |
| continued support and consider the company retains sufficient working capital to continue trading for the |
| foreseeable future. |
| Turnover and revenue recognition |
| The turnover is the total amount, excluding value added tax, receivable by the company in the ordinary course of |
| business for the services provided as a principal. |
| Revenue consists primarily of fees from the provision of information technology consultancy services which is |
| recognised as the services are provided. These services are generally provided and billed on a time basis or on a |
| fixed price contract basis, where contract terms generally do not exceed one year. |
| Revenue from fixed price contracts is generally recognised in the per period the services are provided. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the balance sheet date. |
| Clerkswell Limited (Registered number: 07905188) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
| have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
| timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
| will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average monthly number of employees during the year was |
| 4. | OPERATING LOSS |
| The operating loss is stated after charging: |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Depreciation - owned assets |
| Goodwill amortisation |
| 5. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 January 2016 |
| and 31 December 2016 |
| AMORTISATION |
| At 1 January 2016 |
| Charge for year |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| Clerkswell Limited (Registered number: 07905188) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 6. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 January 2016 |
| Additions |
| Disposals | ( |
) |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Amounts owed to associates | 100,000 | 100,000 |
| Taxation and social security |
| Other creditors |
| Clerkswell Limited (Registered number: 07905188) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 December 2016 and |
| 31 December 2015: |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| The directors gave a guarantee during the year to bankers as security for borrowings. |
| 10. | ULTIMATE CONTROLLING PARTY |
| The directors each own 47.5% of the company. |