Clearview Software Limited 30/09/2019 iXBRL

Clearview Software Limited 30/09/2019 iXBRL


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Company registration number: 04229264
Clearview Software Limited
Unaudited filleted financial statements
30 September 2019
CLEARVIEW SOFTWARE LIMITED
Contents
Statement of financial position
Notes to the financial statements
CLEARVIEW SOFTWARE LIMITED
STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 20,750 -
_______ _______
20,750 -
Current assets
Debtors 6 2,301 -
Cash at bank and in hand - 2
_______ _______
2,301 2
Creditors: amounts falling due
within one year 7 ( 22,927) -
_______ _______
Net current (liabilities)/assets ( 20,626) 2
_______ _______
Total assets less current liabilities 124 2
_______ _______
Net assets 124 2
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 8 122 -
_______ _______
Shareholders funds 124 2
_______ _______
For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 June 2020 , and are signed on behalf of the board by:
Gavin Whitehouse
Director
Company registration number: 04229264
CLEARVIEW SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Centre Court, Vine Lane, Halesowen, B63 3EB.
Principal activity
The principal activity of the company is software development.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Software development - 20% straight line (once development completed)
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to Nil (2018: Nil).
5. Tangible assets
Software development Total
£ £
Cost
At 1 October 2018 - -
Additions 20,750 20,750
_______ _______
At 30 September 2019 20,750 20,750
_______ _______
Depreciation
At 1 October 2018 and 30 September 2019 - -
_______ _______
Carrying amount
At 30 September 2019 20,750 20,750
_______ _______
At 30 September 2018 - -
_______ _______
6. Debtors
2019 2018
£ £
Other debtors 2,301 -
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 23 -
Accruals and deferred income 450 -
Other creditors 22,454 (-)
_______ _______
22,927 -
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses .