The Clocktower Collective Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04528396 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2020

for

The Clocktower Collective Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

T Wood

REGISTERED OFFICE:

Castle Farm Barn North

Denmead Road

Southwick

Hampshire

PO17 6EX

REGISTERED NUMBER:

04528396 (England and Wales)

ACCOUNTANTS:

KT Accountants Limited

Castle Farm Barn North

Denmead Road

Southwick

Hampshire

PO17 6EX

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

535,883

530,243

535,883

530,243

CURRENT ASSETS

Debtors

6

384

362

Cash at bank

21,303

147

21,687

509

CREDITORS

Amounts falling due within one year

7

284,057

284,518

NET CURRENT LIABILITIES

(262,370

)

(284,009

)

TOTAL ASSETS LESS CURRENT LIABILITIES

273,513

246,234

CREDITORS

Amounts falling due after more than one year

8

(18,928

)

-

PROVISIONS FOR LIABILITIES

(1,118

)

-

NET ASSETS

253,467

246,234

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

253,466

246,233

SHAREHOLDERS' FUNDS

253,467

246,234

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director and authorised for issue on 20 November 2020 and were signed by:

T Wood - Director

1.	STATUTORY INFORMATION

The Clocktower Collective 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Land and buildings

-

not provided and in accordance with the lease

Plant and machinery etc

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2019

and 30 September 2020

53,000

AMORTISATION

At 1 October 2019

and 30 September 2020

53,000

NET BOOK VALUE

At 30 September 2020

-

At 30 September 2019

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 October 2019

551,748

1,362

553,110

Additions

-

7,601

7,601

At 30 September 2020

551,748

8,963

560,711

DEPRECIATION

At 1 October 2019

21,748

1,119

22,867

Charge for year

-

1,961

1,961

At 30 September 2020

21,748

3,080

24,828

NET BOOK VALUE

At 30 September 2020

530,000

5,883

535,883

At 30 September 2019

530,000

243

530,243

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Other debtors

384

362

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Bank loans and overdrafts

1,072

-

Amounts owed to associates

1,411

-

Taxation and social security

2,363

11,419

Other creditors

279,211

273,099

284,057

284,518

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.20

30.9.19

£

£

Bank loans

18,928

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.20

30.9.19

value:

£

£

1

Ordinary shares

£1

1

1

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2020 and 30 September 2019:

30.9.20

30.9.19

£

£

T Wood

Balance outstanding at start of year

(253,045

)

(232,714

)

Amounts repaid

(25

)

(20,331

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(253,070

)

(253,045

)