Clipper Marketing Services Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 02579104 (England and Wales)

Unaudited Financial Statements

for the Year Ended 4 April 2018

for

Clipper Marketing Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

12

DIRECTORS:

P J Roblett

C Witt

SECRETARY:

M Roblett

REGISTERED OFFICE:

Beechey House

87 Church Street

Crowthorne

Berkshire

RG45 7AW

REGISTERED NUMBER:

02579104 (England and Wales)

ACCOUNTANTS:

PKB Accountants Limited

Chartered Certified Accountants

Beechey House

87 Church Street

Crowthorne

Berkshire

RG45 7AW

FIXED ASSETS

Tangible assets

4

383

450

CURRENT ASSETS

Debtors

5

51,777

44,073

Cash at bank

30,191

54,407

81,968

98,480

CREDITORS

Amounts falling due within one year

6

28,709

17,650

NET CURRENT ASSETS

53,259

80,830

TOTAL ASSETS LESS CURRENT
LIABILITIES

53,642

81,280

CAPITAL AND RESERVES

Called up share capital

80

Retained earnings

53,562

81,200

SHAREHOLDERS' FUNDS

53,642

81,280

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 4 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 4 April 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors on
3 January 2019 and were signed on its behalf by:

C Witt - Director

1.	STATUTORY INFORMATION

Clipper Marketing Services Limited is a private company, limited by shares , registered in England

and Wales. The company's registered number and registered office address can be found on the

Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The following principal accounting policies have been applied:

Going Concern

At the time of approving the financial statements, the directors have a reasonable expectation that

the company has adequate resources to continue in operational existence for the foreseeable

future. Thus the directors continue to adopt the going concern basis of accounting in preparing the

financial statements.

Significant judgements and estimates

In the application of the Company's accounting policies, management is required to make

judgement, estimates and assumptions about the carrying values of assets and liabilities that are not

readily apparent from other sources. The estimates and underlying assumptions are based on

historical experience and other factors that are considered to be relevant. Actual results may differ

from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to

accounting estimates are recognised in the period in which the estimate is revised if the revision

affects only that period, or in the period of the revision and future periods if the revision affects

both current and future periods.

(a) Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting

estimates will seldom equal the related actual results. The estimates and assumptions that have a

significant risk of causing material adjustment to the carrying amounts of assets and liabilities within

the next financial year are addressed below:

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful

economic lives and residual values of the assets. The useful economic lives and residual values are

re-assessed annually. They are amended when necessary to reflect current estimates based on

physical condition and economic utilisation of the assets. See note 7 for the carrying amount of the

assets and the accounting policies note Tangible Fixed Assets for the useful economic lives of each

class of asset.

(ii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When

assessing impairment of trade and other debtors, management considers factors including the

current credit rating of the debtor, the ageing profile of debtors and historical experience. See note

6 for the net carrying amount of the debtors.

Turnover

Turnover represents the value of services provided under contracts to the extent that there is a right

to consideration and is recorded at the value of the consideration due. Where a contract has only

been partially completed at the balance sheet date turnover represents the value of the service

provided to date based on a proportion of the total expected consideration at completion.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment , Fixtures & Fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated

depreciation and any accumulated impairment losses. Historical cost includes expenditure that is

directly attributable to bringing the asset to the location and condition necessary for it to be capable

of operating in the manner intended by the management.

At each balance sheet date, the Company reviews the carrying amounts of its Tangible Fixed Assets

to determine whether there is any indication that any items have suffered an impairment loss. If any

such indication exists, the recoverable amount of an asset is estimated in order to determine the

extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying

amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an

expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to

the revised estimate of its recoverable amount, to the extent that the increased carrying amount

does not exceed the carrying amount that would have been determined (net of depreciation) had no

impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is

recognised as income.

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Income

statement, except that a change attributable to an item of income and expense recognised as other

comprehensive income or to an item recognised directly in equity is also recognised in other

comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been

enacted or substantively enacted by the reporting date in the countries where the company

operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not

reversed by the Statement of financial position date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax

allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of

business combinations, when deferred tax is recognised on the differences between the fair values

of assets acquired and the future tax deductions available for them and the differences between the

fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is

determined using tax rates and laws that have been enacted or substantively enacted by the

reporting date.

Foreign currencies

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

of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving

at the operating result.

Hire purchase and leasing commitments

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the

risks and rewards of ownership to the lessees.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the

date of inception and the present value of the minimum lease repayments. the related liability is

included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting

of capital and interest elements. The interest is charged to the profit and loss account so as to

produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to the

income statement on a straight line basis over the term of the relevant lease unless there is an

alternative pattern in which economic benefits from the leased assets are consumed.

Pension costs and other post-retirement benefits

The company contributes to a defined contribution pension schemes for its staff. Contributions

charged to the defined contribution scheme are charged to the income statement when they

become payable. The assets of the scheme are held separately from those of the Company in an

independently administered fund.

Employee benefits

The costs of short term employee benefits are recognised as a liability and an expense, unless those

costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's

services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably

committed to terminate the employment of an employee or to provide termination benefits.

Related parties

For the purposes of these financial statements, a party is considered to be related to the Company if

any of the following are applicable :-

(1) The party has the ability, directly or indirectly, through one or more intermediaries, to control

the Company or exercise significant influence over the company in making financial and operating

policy decisions, or has joint control over the Company.

(2) The Company and the party are subject to common control

(3) The party is an associate of the Company

(4) The party is a member of key management personnel of the Company or the Company's parent,

or a close family member of such an individual.

(5) The party is a post - employment benefit plan which is for the benefit of employees of the

Company or of any entity that is a related party of the Company.

Cash and Cash Equivalents

Cash at bank and in hand are basic financial assets and include cash in hand. Bank overdrafts are

shown within borrowings in current liabilities.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective

interest method so that the amount charged is at a constant rate on the carrying amount. Issue

costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of

financial assets and liabilities like trade and other accounts receivable and payable, loans from banks

and other third parties loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable in one year), including loans and

other accounts receivable and payable, are initially measured at present value of the future cash

flows and subsequently at amortised cost using effective interest method. Debt instruments that are

payable or receivable within one year, typically trade payables or receivables, are measures, initially

and subsequently, at the undiscounted amount of the cash or other consideration, expected to be

paid or received. However if the arrangements of a short-term instrument constitute a financing

transaction, like the payment of a trade debt deferred beyond normal business terms or financed at

a rate of interest that is not a market rate or in case of an out-right short-term loan not at market

rate, the financial asset or liability is measures, initially, at the present value of the future cash flow

discounted at a market rate of interest for a similar debt instrument and subsequently at amortised

cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each

reporting period for objective evidence of impairment. If objective evidence of impairment is found,

an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference

between the asset's carrying amount and the present value of estimated cash flows discounted at

the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount

rate for measuring any impairment loss is the current effective interest rate determined under the

contract.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial

Position when there is an enforceable right of set off the recognised amounts and there is an

intention to settle on a net basis or to realise the assets and settle the liability simultaneously.

Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each

reporting period for objective evidence of impairment. If objective evidence of impairment is found,

an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference

between an asset's carrying amount and the present value of estimated cash flows discounted at the

asset's original effective interest rate. If a financial asset has a variable interest rate, the discount

rate for measuring any impairment loss is the current effective rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the

difference between an asset's carrying amount and the best estimate, which is an approximation, of

the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial

position when there is an enforceable right to set off the recognised amounts and there is an

intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

At each reporting date non-financial assets not carried at face value are reviewed to determine

whether there is an indication that an asset may be impaired. If there is an indication of possible

impairment, the recoverable amount of any asset or group of related assets, which is the higher of

value in use and the fair value less cost to sell, is estimated and compared with its carrying amount.

If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable

amount and an impairment loss is recognised immediately in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Equipment

, Fixtures

Computer

& Fittings

equipment

Totals

£

COST

At 5 April 2017

and 4 April 2018

8,846

10,337

19,183

DEPRECIATION

At 5 April 2017

8,397

10,336

18,733

Charge for year

67

-

67

At 4 April 2018

8,464

10,336

18,800

NET BOOK VALUE

At 4 April 2018

382

1

383

At 4 April 2017

449

1

450

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

4.4.18

4.4.17

as

restated

£

Trade debtors

19,454

12,537

Other debtors

32,323

31,536

51,777

44,073

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

4.4.18

4.4.17

as

restated

£

Trade creditors

22,471

14,697

Taxation and social security

442

-

Other creditors

5,796

2,953

28,709

17,650

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only

required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Clipper Marketing Services Limited for the year ended 4 April 2018

which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related

notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Clipper Marketing Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Clipper Marketing Services Limited and state those matters that we have agreed to state to the Board of Directors of Clipper Marketing Services Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Clipper Marketing Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Clipper Marketing Services Limited. You consider that Clipper Marketing Services Limited 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 financial statements of Clipper Marketing Services Limited. 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 financial statements.

PKB Accountants Limited

Chartered Certified Accountants

Beechey House

87 Church Street

Crowthorne

Berkshire

RG45 7AW

3 January 2019

Clipper Marketing Services Limited - Accounts to registrar (filleted) - small 18.2

Clipper Marketing Services Limited - Accounts to registrar (filleted) - small 18.2