CLEARDEBT LIMITED

CLEARDEBT LIMITED

CLEARDEBT LIMITED - Company Information

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CLEARDEBT LIMITED

Company Registration Number:
05157741 (England and Wales)

Unaudited abridged accounts for the year ended 30 June 2017

Period of accounts

Start date: 01 July 2016

End date: 30 June 2017

CLEARDEBT LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2017

Balance sheet
Notes

CLEARDEBT LIMITED

Balance sheet

As at 30 June 2017


Notes
2017
2016


£
£
Fixed assets
Tangible assets: 2 0 140,323
Total fixed assets: 0 140,323
Current assets
Debtors:   144,597 788,208
Cash at bank and in hand: 1,066 24,170
Total current assets: 145,663 812,378
Creditors: amounts falling due within one year:   (46,994) (1,740,678)
Net current assets (liabilities): 98,669 (928,300)
Total assets less current liabilities: 98,669 (787,977)
Creditors: amounts falling due after more than one year: 3 (1,356,169) 0
Total net assets (liabilities): (1,257,500) (787,977)
Capital and reserves
Called up share capital: 1,000 1,000
Other reserves: 91,979 91,979
Profit and loss account: (1,350,479) (880,956)
Shareholders funds: (1,257,500) (787,977)

The notes form part of these financial statements

CLEARDEBT LIMITED

Balance sheet statements

For the year ending 30 June 2017 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

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 & loss account.

This report was approved by the board of directors on 30 March 2018
and signed on behalf of the board by:

Name: D E M Mond
Status: Director

The notes form part of these financial statements

CLEARDEBT LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2017

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Fees are earned for arranging and administrering IVAs on behalf of individuals experiencing debt problems.

Other accounting policies

Going ConcernThe directors have produced forecasts to test the ability of the Company to continue for a further 12 months and D E M Mond has provided the Board with an undertaking of support tp provide additional finance if required and to not withdraw exisrting finance unless the Company is in a position to repay the amounts due. Accordingly at the time of approving the financial statement, the directors have a reasonable expectation that the company has adequate reosurces to conitnue in existence for the foreseeable future. and to meets its liabilities when they fall due. Thus the directors continue to adopt the going concern basis of accounting in preapring the financial statements.

CLEARDEBT LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2017

2. Tangible Assets

Total
Cost £
At 01 July 2016 585,175
Disposals (585,175)
At 30 June 2017 0
Depreciation
At 01 July 2016 444,852
Charge for year 78,780
On disposals (523,632)
At 30 June 2017 0
Net book value
At 30 June 2017 0
At 30 June 2016 140,323

CLEARDEBT LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2017

3. Creditors: amounts falling due after more than one year note

Amounts falling due after more than 1 year comprise loans due to D E M Mond totalling £1,356,169. The balance due in the prior year amounted to £835,500 and was included in creditors due within 1 year. No interest accrues on the loans.

CLEARDEBT LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2017

4. Related party transactions

Name of the related party: Hodgsons Chartered Accountants
Relationship:
Consultant
Description of the Transaction: D E M Mond is the owner of Hodgsons, Chartered Accountants, Hodgsons provided accountancy services to the company during the year. At the balance sheet date £10,180 was due to Hodgsons (2016: Hodgsons was owed £25,111) and was included in creditors.
£
Balance at 01 July 2016 25,111
Balance at 30 June 2017 10,180
Name of the related party: Hodgsons Chartered Accountants
Relationship:
Consultant
Description of the Transaction: D E M Mond is the owner of Hodgsons, Chartered Accountants, During the year £8,532 (2016 £40,956) was re-charged by Hodgsons to ClearDebt in respect of items purchased by Hodgsons on behalf of ClearDebt Ltd. At the year-end ClearDebt Limited was owed £6,837 (2016: £15,370) and these balances are included in creditors.
£
Balance at 01 July 2016 15,370
Balance at 30 June 2017 6,837
Name of the related party: Emanuel Charitable Trust
Relationship:
Charitable Trust
Description of the Transaction: D E M Mond is a Trustee of the Emanuel Trust and during the year ClearDebt Limited donated £nil ( 2016 - £190,000 ) to the Emanuel Charitable Trust.
£
Balance at 01 July 2016 0
Balance at 30 June 2017 0