Clockwork Research Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 05477740

Abbreviated Unaudited Accounts

for the Year Ended 30 June 2014

for

Clockwork Research Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Dr A L Holmes

Dr P G Jackson

SECRETARY:

Dr A L Holmes

REGISTERED OFFICE:

Mitre House

12 - 14 Mitre Street

London

EC3A 5BU

REGISTERED NUMBER:

05477740

ACCOUNTANTS:

Sampson West

Chartered Accountants

Mitre House

12-14 Mitre Street

London

EC3A 5BU

FIXED ASSETS

Tangible assets

2

24,958

31,226

Investments

3

12

-

24,970

31,226

CURRENT ASSETS

Debtors

42,713

84,973

Cash at bank

44,445

159,557

87,158

244,530

CREDITORS

Amounts falling due within one year

4

72,284

127,153

NET CURRENT ASSETS

14,874

117,377

TOTAL ASSETS LESS CURRENT LIABILITIES

39,844

148,603

CREDITORS

Amounts falling due after more than one year

4

-

(18,057

)

PROVISIONS FOR LIABILITIES

(4,614

)

(5,784

)

NET ASSETS

35,230

124,762

CAPITAL AND RESERVES

Called up share capital

5

4

2

Profit and loss account

35,226

124,760

SHAREHOLDERS' FUNDS

35,230

124,762

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 30 March 2015 and were signed on its behalf by:

Dr A L Holmes - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents income receivable in respect of services provided and recharged expenses incurred

excluding value added tax.

Accrued income recognises turnover for services provided in an accounting period which had not been billed at

the balance sheet date. Deferred income derecognises turnover for services to be provided after the balance sheet

date which had been billed before the balance sheet date.

Revenue recognition in this manner is based on an assessment of the fair value of the services provided at the

balance sheet date where there exists an agreed right to receive consideration for work undertaken or an

obligation to provide services for work billed.

Tangible fixed assets

The cost of tangible fixed assets less estimated residual value are depreciated over the assets' estimated useful

economic life or, if subject to a finance lease, over the lease term, whichever is shorter.

Depreciation rates of 15% - 33% are applied to the depreciable amount of plant and machinery.

Deferred tax

Deferred tax is provided in full on timing differences, which result in an obligation at the balance sheet date to

pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on

current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in

taxation computations in periods different from those in which they are included in the financial statements.

Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be

recovered. Deferred tax assets and liabilities are not discounted.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2013

61,064

Additions

4,178

At 30 June 2014

65,242

DEPRECIATION

At 1 July 2013

29,838

Charge for year

10,446

At 30 June 2014

40,284

NET BOOK VALUE

At 30 June 2014

24,958

At 30 June 2013

31,226

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

Additions

12

At 30 June 2014

12

NET BOOK VALUE

At 30 June 2014

12

The company's investments at the balance sheet date in the share capital of companies include the following:

Clockwork Research (USA) Inc

Country of incorporation: United States of America

Nature of business: Fatigue risk management consultancy

%

Class of shares:

holding

Ordinary

100.00

30.6.14

£

Aggregate capital and reserves

12

4.

CREDITORS

Creditors include an amount of £ 18,057 (30.6.13 - £ 24,811 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Alloted, issued and fully paid:

Number

Class

Nominal

30.06.14

30.06.13

Value

£

£

1

A Ordinary

£1

1

1

1

B Ordinary

£1

1

1

1

C Ordinary

£1

1

-

1

D Ordinary

£1

1

-

4

2

The company issued 1 C Ordinary share and 1 D Ordinary share, each with nominal value of £1, for total

consideration of £2.

Alloted and issued

Number

Class

Nominal

30.06.14

30.06.13

Value

£

£

100

Ordinary

£1

-

-