| Clearvale Limited |
| Notes to the Accounts |
| for the year ended 31 March 2018 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
| 2 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Other debtors |
500 |
|
1,129 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade creditors |
3,868 |
|
6,534 |
|
Other creditors |
855,754 |
|
820,715 |
|
Director's loan account |
263 |
|
113 |
|
|
|
|
|
|
859,885 |
|
827,362 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Related party transactions |
2018 |
|
2017 |
| £ |
£ |
|
The Corporate Practice Limited |
|
Common director |
|
Included within other creditors is an amount payable of: |
240,000 |
|
230,000 |
|
|
Mr Devender Arora |
|
Director |
|
Included within directors loan account is an amount payable of: |
263 |
|
113 |
|
| 5 |
Controlling party |
|
|
The company is under the control of its director, Mr Devender Arora, by virtue of his shareholding in the issued share capital of the company. |
|
|
| 6 |
Other information |
|
|
Clearvale Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
65 Delamere Road |
|
Hayes |
|
Middlesex |
|
UB4 0NN |
