Clearwell Capital Limited
Clearwell Capital Limited
Registered number: 07334412
Director's Report and
Unaudited Financial Statements
For The Year Ended 31 August 2018
Michael Beaver & Co
Chartered Accountants
Nightingale House Gloucester Road
Swainswick
Bath
BA1 8BJ
Clearwell Capital Limited
Director's Report and Unaudited Financial Statements
For The Year Ended 31 August 2018
Director's Report and Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Company Information | 1 |
| Director's Report | 2 |
| Accountant's Report | 3 |
| Profit and Loss Account | 4 |
| Balance Sheet | 5—6 |
| Notes to the Financial Statements | 7—10 |
Clearwell Capital Limited
Company Information
For The Year Ended 31 August 2018
Company Information
| Director |
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| Company Number |
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| Registered Office | Audley House |
| 12 Margaret Street | |
| London | |
| W1W 8RH | |
| Accountants |
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| Chartered Accountants | |
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| Swainswick | |
| Bath | |
| BA1 8BJ | |
Page 1
Clearwell Capital Limited
Company No. 07334412
Director's Report For The Year Ended 31 August 2018
Director's Report
The director presents his report and the financial statements for the year ended 31 August 2018 .
Statement of Director's Responsibilities
The director is responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director 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 the financial statements the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is 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. He is 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.
Directors
The directors who held office during the year were as follows:
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Small Company Rules
This report has 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.
On behalf of the board
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Page 2
Clearwell Capital Limited
Accountant's Report
For The Year Ended 31 August 2018
Accountant's Report
Independent Chartered Accountant's Review Report to the director of Clearwell Capital Limited
We have reviewed the financial statements of Clearwell Capital Limited For The Year Ended 31 August 2018, which comprise the Profit and Loss Account, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard 102 (the Financial Reporting Standard applicable in the UK and Republic of Ireland).
This report is made solely to the company's director in accordance with the terms of our engagement letter dated 26th June 2014. Our review has been undertaken so that we might state to the director those matters that we have agreed with him in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's director for our work, for this report or the conclusions we have formed.
Director's responsibility for the financial statements
As explained more fully in the Director's Responsibilities Statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.
Accountants' responsibility
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical financial statements'. ISRE 2400 also requires us to company with the ICAEW Code of Ethics.
Scope of the assurance review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analystical prcoedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:
- so as to give a true and fair view of the state of the company's affairs as at
31 August 2018 and of its profit for the year then ended; - in accordance with the Financial Reporting Standard 102; and
- in accordance with the requirements of the Companies Act 2006.
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Chartered Accountants
Nightingale House Gloucester Road
Swainswick
Bath
BA1 8BJ
Page 3
Clearwell Capital Limited
Profit and Loss Account
For The Year Ended 31 August 2018
Profit and Loss Account
| 2018 | 2017 | |||
|---|---|---|---|---|
| Notes | £ | £ | ||
| TURNOVER |
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| Cost of sales |
( |
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| GROSS PROFIT |
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| Administrative expenses |
( |
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| OPERATING PROFIT/(LOSS) AND PROFIT/(LOSS) BEFORE TAXATION |
( |
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| Tax on Profit/(Loss) | 3 |
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| PROFIT/(LOSS) AFTER TAXATION BEING PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
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The notes on pages 7 to 10 form part of these financial statements.
Page 4
Clearwell Capital Limited
Balance Sheet
As at
31 August 2018
Balance Sheet
| 2018 | 2017 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investments | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Share premium account |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 1,154,059 | 1,457,558 | |||
Page 5
Clearwell Capital Limited
Balance Sheet (continued)
As at
31 August 2018
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
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The notes on pages 7 to 10 form part of these financial statements.
Page 6
Clearwell Capital Limited
Notes to the Financial Statements
For The Year Ended 31 August 2018
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2018 | 2017 | ||
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| Office and administration |
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Page 7
Clearwell Capital Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2018
3.
Tax on Profit
| Tax Rate | 2018 | 2017 | |||
|---|---|---|---|---|---|
| 2018 | 2017 | £ | £ | ||
| UK Corporation Tax | 19.0 | 20.0 |
( |
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| Total Current Tax Charge |
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| Total tax charge for the period |
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| 2018 | 2017 | ||||
| £ | £ | ||||
| Profit before tax | (377,334) | 441,221 | |||
| Breakdown of Tax Charge is: | |||||
| Tax on profit at 19% (UK standard rate) |
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| Expenses not deductible for tax purposes |
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| Difference in tax rates |
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| Total tax charge for the period | (73,835) | 86,500 | |||
4.
Investments
| Listed | |
|---|---|
| £ | |
| Cost | |
| As at |
300,000 |
| As at |
300,000 |
| Provision | |
| As at |
- |
| As at |
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| Net Book Value | |
| As at |
300,000 |
| As at |
300,000 |
Page 8
Clearwell Capital Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2018
5.
Debtors
| 2018 | 2017 | ||
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| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
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| Other debtors |
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| Corporation tax recoverable assets |
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| Amounts owed by associates |
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| Due after more than one year | |||
| Other debtors |
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6.
Creditors: Amounts Falling Due Within One Year
| 2018 | 2017 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security | - |
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| Other creditors |
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| Accruals and deferred income |
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| Amounts owed to associates |
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7.
Creditors: Amounts Falling Due After More Than One Year
| 2018 | 2017 | ||
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| £ | £ | ||
| Bank loans |
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| Other creditors |
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| Directors loan account |
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Of the creditors falling due within and after more than one year the following amounts are secured.
| 2018 | 2017 | ||
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| £ | £ | ||
| Bank loans and overdrafts | 1,991,983 | 2,137,679 |
Page 9
Clearwell Capital Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2018
9.
Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Clearwell Capital Group Ltd. Clearwell Capital Group Ltd was incorporated in England and Wales. Where available, copies of the group accounts may be obtained from the secretary, Audley House, 12 Margaret Street, London, W1W 8RH.
There is no ultimate controlling undertaking as no one person or entity holds more than 50% ownership of the group.
10.
General Information
Clearwell Capital Limited Registered number 07334412 is a limited by shares company incorporated in England & Wales. The Registered Office is Audley House, 12 Margaret Street, London, W1W 8RH.
Page 10