Cleanwise Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 03662885

Cleanwise Limited

Filleted Unaudited Financial Statements

31 March 2017

Cleanwise Limited

Financial Statements

Year Ended 31 March 2017

Contents	Pages

Officers and Professional Advisers	1

Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements	2

Statement of Financial Position	3 to 4

Notes to the Financial Statements	5 to 9

Cleanwise Limited

Officers and Professional Advisers

The Board of Directors	D R Williams
	T L Williams

Registered Office	Unit B9 Beechcroft Ind. Estate
	Chapel Wood Road
	Ash
	Kent
	TN15 7HX

Accountants	Chappell Cole & Co (UK) LLP

	Heritage House
	34b North Cray Road
	Bexley
	Kent
	DA5 3LZ

Cleanwise Limited

Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Cleanwise Limited

Year Ended 31 March 2017

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Chappell Cole & Co (UK) LLP

Heritage House 34b North Cray Road Bexley Kent DA5 3LZ

19 December 2017

Cleanwise Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed Assets

Intangible assets	5	26,424	–
Tangible assets	6	248,723	14,647
		---------	--------
		275,147	14,647

Current Assets

Debtors	7	707,271	357,830
Cash at bank and in hand		146,249	294,904
		---------	---------
		853,520	652,734

Creditors: amounts falling due within one year	8	353,162		222,918
		---------		---------
Net Current Assets			500,358	429,816
			---------	---------
Total Assets Less Current Liabilities			775,505	444,463

Creditors: amounts falling due after more than one year	9	168,671	–
		---------	---------
Net Assets		606,834	444,463
		---------	---------

Capital and Reserves

Called up share capital	19,601	19,601
Capital redemption reserve	20,400	20,400
Profit and loss account	566,833	404,462
	---------	---------
Members Funds	606,834	444,463
	---------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 March 2017 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 .

Cleanwise Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 19 December 2017 , and are signed on behalf of the board by:

D R Williams	T L Williams
Director	Director

Company registration number: 03662885

Cleanwise Limited

Notes to the Financial Statements

Year Ended 31 March 2017

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit B9 Beechcroft Ind. Estate, Chapel Wood Road, Ash, Kent, TN15 7HX.

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 the 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.

Revenue Recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Intangible Assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

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

		-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Freehold property	-	2% straight line
Fixtures, fittings and equipment	-	15% reducing balance

Impairment of Fixed Assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Defined Contribution Plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 133 (2016: 114 ).

5. Intangible Assets

	Other intangible asset
	£
Cost
Additions	29,360
	--------
At 31 March 2017	29,360
	--------
Amortisation
Charge for the year	2,936
	--------
At 31 March 2017	2,936
	--------
Carrying amount
At 31 March 2017	26,424
	--------
At 31 March 2016	–
	--------

6. Tangible Assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2016	–	76,450	76,450
Additions	236,676	3,279	239,955
	---------	--------	---------
At 31 March 2017	236,676	79,729	316,405
	---------	--------	---------
Depreciation
At 1 April 2016	–	61,803	61,803
Charge for the year	3,163	2,716	5,879
	---------	--------	---------
At 31 March 2017	3,163	64,519	67,682
	---------	--------	---------
Carrying amount
At 31 March 2017	233,513	15,210	248,723
	---------	--------	---------
At 31 March 2016	–	14,647	14,647
	---------	--------	---------

7. Debtors

	2017	2016
	£	£
Trade debtors	702,073	356,342
Other debtors	5,198	1,488
	---------	---------
	707,271	357,830
	---------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	62,460	2,442
Trade creditors	112,198	38,572
Corporation tax	64,594	58,206
Social security and other taxes	108,365	109,450
Other creditors	5,545	14,248
	---------	---------
	353,162	222,918
	---------	---------

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	168,671	–
	---------	----

Bank loans outstanding at the year end include instalments due after more than five years of £107,357 (2016: £122,686). These loans are secured by a fixed charged on the assets of the company.