Climatec Systems Limited - Period Ending 2021-06-30
Climatec Systems Limited - Period Ending 2021-06-30
Registration number:
Climatec Systems Limited
for the Year Ended 30 June 2021
Climatec Systems Limited
Contents
Company Information |
|
Directors' Report |
|
Accountant's Report |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Climatec Systems Limited
Company Information
Directors |
OS Williams ML Williams |
Company secretary |
ML Williams |
Registered office |
|
Accountants |
|
Climatec Systems Limited
Directors' Report for the Year Ended 30 June 2021
The directors present their report and the financial statements for the year ended 30 June 2021.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is the sale and installation of environmental control systems
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
.........................................
Company secretary and director
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Climatec Systems Limited
for the Year Ended 30 June 2021
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Climatec Systems Limited for the year ended 30 June 2021 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given me.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Climatec Systems Limited, as a body, in accordance with the terms of our engagement letter dated 18 June 2010. My work has been undertaken solely to prepare for your approval the accounts of Climatec Systems Limited and state those matters that I have agreed to state to the Board of Directors of Climatec Systems Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Climatec Systems Limited and its Board of Directors as a body for omy work or for this report.
It is your duty to ensure that Climatec Systems Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Climatec Systems Limited. You consider that Climatec Systems Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the accounts of Climatec Systems Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Accountant
Broome Manor
Swindon
SN3 1NQ
Climatec Systems Limited
(Registration number: 01648233)
Balance Sheet as at 30 June 2021
Note |
2021 |
2020 |
|
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Investments |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
10 |
10 |
|
Profit and loss account |
1,894,297 |
1,812,925 |
|
Shareholders' funds |
1,894,307 |
1,812,935 |
For the financial year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Climatec Systems Limited
(Registration number: 01648233)
Balance Sheet as at 30 June 2021
Approved and authorised by the
.........................................
Company secretary and director
Climatec Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
General information |
The company is a private company limited by share capital, incorporated in The United Kingdom.
The address of its registered office is:
The principal place of business is:
Unit 6
Old Wharf Industrial Estate
Dymock Road
Ledbury
Herefordshire
HR8 2JG
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Climatec Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
2% straight line |
Other property plant and equipment |
15% and 25% on reducing balance |
Motor vehicles |
25% on reducing balance |
Climatec Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Climatec Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Climatec Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Financial instruments
Classification
Recognition and measurement
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Motor vehicles |
Other tangible assets |
Total |
|
Cost or valuation |
||||
At 1 July 2020 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
- |
- |
( |
( |
At 30 June 2021 |
|
|
|
|
Depreciation |
||||
At 1 July 2020 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
At 30 June 2021 |
|
|
|
|
Carrying amount |
||||
At 30 June 2021 |
|
|
|
|
At 30 June 2020 |
|
|
|
|
Included within the net book value of land and buildings above is £189,628 (2020 - £190,728) in respect of freehold land and buildings.
Climatec Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Investments |
2021 |
2020 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 July 2020 |
|
Provision |
|
Carrying amount |
|
At 30 June 2021 |
|
At 30 June 2020 |
|
Other investments
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
2021 |
2020 |
||||||
Subsidiary undertakings |
|||||||
|
The Barn at the Moat, Anthony's Cross, Newent, England, GL18 1JG United Kingdom |
|
|
|
Subsidiary undertakings |
Climatec Equipment Services Ltd. The principal activity of Climatec Equipment Services Ltd. is |
Climatec Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Stocks |
2021 |
2020 |
|
Other inventories |
|
|
Debtors |
Note |
2021 |
2020 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
Current asset investments |
2021 |
2020 |
|
Other investments |
|
|
Climatec Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
|
Due within one year |
|||
Loans and borrowings |
|
- |
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
10 |
|
10 |
Loans and borrowings |
2021 |
2020 |
|
Current loans and borrowings |
||
Bank overdrafts |
|
- |
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
Climatec Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
2021 |
2020 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
146,807 |
210,832 |
Summary of transactions with all subsidiaries
Loans to related parties
2021 |
Subsidiary |
Total |
At start of period |
|
|
Advanced |
|
|
At end of period |
|
|
|
2020 |
Subsidiary |
Total |
Advanced |
|
|
At end of period |
|
|
|
Financial instruments |
Financial assets measured at fair value
Threadneedle Managed Equity Focused Fund
At fundholder's unit selling/buying price.
The fair value is £208,314 (2020 - £264,077) and the change in value included in profit or loss is £31,842 (2020 - £Nil).