Claro Software Limited - Limited company - abbreviated - 11.6

Claro Software Limited - Limited company - abbreviated - 11.6


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REGISTERED NUMBER: 05153389(England and Wales)















Abbreviated Unaudited Accounts for the Year Ended 31 October 2014

for

Claro Software Limited

Claro Software Limited (Registered number: 05153389)






Contents of the Abbreviated Accounts
for the Year Ended 31 October 2014




Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3

Claro Software Limited

Company Information
for the Year Ended 31 October 2014







DIRECTORS: Mr DM Stevens
Prof PL Blenkhorn
Dr A King





REGISTERED OFFICE: Lancashire House
24 Winckley Square
Preston
Lancashire
PR1 3JJ





REGISTERED NUMBER: 05153389(England and Wales)





ACCOUNTANTS: Cox Chartered Accountants
PO Box 176
Poulton-le-Fylde
Lancashire
FY6 6DX

Claro Software Limited (Registered number: 05153389)

Abbreviated Balance Sheet
31 October 2014

2014 2013
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 2 3,666 23,009
Tangible assets 3 94,713 18,678
98,379 41,687

CURRENT ASSETS
Stocks 3,126 27,170
Debtors 414,353 450,383
Cash at bank and in hand 546,500 550,657
963,979 1,028,210
CREDITORS
Amounts falling due within one year 560,442 601,915
NET CURRENT ASSETS 403,537 426,295
TOTAL ASSETS LESS CURRENT
LIABILITIES

501,916

467,982

PROVISIONS FOR LIABILITIES 18,465 3,054
NET ASSETS 483,451 464,928

CAPITAL AND RESERVES
Called up share capital 4 800 800
Capital redemption reserve 200 200
Profit and loss account 482,451 463,928
SHAREHOLDERS' FUNDS 483,451 464,928

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 13 March 2015and were signed on its behalf by:





Mr DM Stevens- Director


Claro Software Limited (Registered number: 05153389)

Notes to the Abbreviated Accounts
for the Year Ended 31 October 2014

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).

Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a
small company.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.

Intangible fixed assets
Intangible fixed assets purchased separately from a business are capitalised at their cost.

Concessions, patents, licences and trademarks purchased by the Company are amortised to nil by equal annual
instalments over their useful economic lives, generally their respective unexpired periods.

The intangible fixed assets held at the year end are being amortised as follows:

Intellectual property2 years
Developer license3 years

Tangible fixed assets
All fixed costs are initially recorded at cost. Website development costs aquired separately from third parties are
recognised as assets and measured at cost.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful
economic life of that asset as follows:

Fixtures, fittings & equipment33% on cost
Motor vehicles20% on cost
Website development costs33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow moving items.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay
more, or a right to pay less or to receive more tax.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in
which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance
sheet date.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with
the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension
scheme are charged to the profit and loss account in the period to which they relate.

Claro Software Limited (Registered number: 05153389)

Notes to the Abbreviated Accounts - continued
for the Year Ended 31 October 2014

1. ACCOUNTING POLICIES - continued

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets
of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar
debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented
as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the
profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the
outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability
then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are
debited direct to equity.

2. INTANGIBLE FIXED ASSETS
Total
£   
COST
At 1 November 2013 50,103
Additions 1,191
At 31 October 2014 51,294
AMORTISATION
At 1 November 2013 27,094
Amortisation for year 20,534
At 31 October 2014 47,628
NET BOOK VALUE

At 31 October 2014 3,666
At 31 October 2013 23,009

3. TANGIBLE FIXED ASSETS
Total
£   
COST
At 1 November 2013 109,638
Additions 93,073
Disposals (3,249 )
At 31 October 2014 199,462
DEPRECIATION
At 1 November 2013 90,960
Charge for year 16,236
Eliminated on disposal (2,447 )
At 31 October 2014 104,749
NET BOOK VALUE
At 31 October 2014 94,713
At 31 October 2013 18,678

Claro Software Limited (Registered number: 05153389)

Notes to the Abbreviated Accounts - continued
for the Year Ended 31 October 2014

4. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2014 2013
value: £    £   
800 Ordinary shares 1 800 800