Climatec Systems Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01648233 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2023

for

Climatec Systems Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

M L Williams

O S Williams

Registered office:

Unit 6 Old Wharf Ind Est

Dymock Road

Ledbury

Herefordshire

HR8 2JQ

Registered number:

01648233 (England and Wales)

Accountants:

Crowthers Chartered Accountants

1 Ripple Court

Brockeridge Park

Tewkesbury

Gloucestershire

GL20 6FG

FIXED ASSETS

Tangible assets

4

354,933

334,994

CURRENT ASSETS

Stocks

431,247

336,539

Debtors

5

1,282,246

1,373,851

Investments

6

1

185,639

Cash at bank and in hand

220,903

189,454

1,934,397

2,085,483

CREDITORS

Amounts falling due within one year

7

200,158

113,251

NET CURRENT ASSETS

1,734,239

1,972,232

TOTAL ASSETS LESS CURRENT LIABILITIES

2,089,172

2,307,226

PROVISIONS FOR LIABILITIES

37,375

26,666

NET ASSETS

2,051,797

2,280,560

CAPITAL AND RESERVES

Called up share capital

8

9

10

Capital redemption reserve

1

-

Retained earnings

2,051,787

2,280,550

SHAREHOLDERS' FUNDS

2,051,797

2,280,560

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 March 2024 and were signed on its behalf by:

M L Williams - Director

1.	STATUTORY INFORMATION

Climatec Systems 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Preparation of consolidated financial statements

The financial statements contain information about Climatec Systems Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Tangible fixed assets

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

Freehold property

-

2% on cost

Plant and machinery

-

15% to 25% reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Foreign currencies

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

Cost

At 1 July 2022

214,929

118,450

300,883

634,262

Additions

-

14,458

85,695

100,153

Disposals

-

-

(72,010

)

(72,010

)

At 30 June 2023

214,929

132,908

314,568

662,405

Depreciation

At 1 July 2022

26,401

94,801

178,066

299,268

Charge for year

1,100

9,396

49,655

60,151

Eliminated on disposal

-

-

(51,947

)

(51,947

)

At 30 June 2023

27,501

104,197

175,774

307,472

Net book value

At 30 June 2023

187,428

28,711

138,794

354,933

At 30 June 2022

188,528

23,649

122,817

334,994

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

303,703

379,973

Amounts owed by group undertakings

909,196

922,908

Other debtors

69,347

70,970

1,282,246

1,373,851

6.	CURRENT ASSET INVESTMENTS

2023

2022

£

£

Investments in subsidiaries

1

1

Listed investments

-

185,638

1

185,639

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

166,650

78,101

Taxation and social security

26,987

27,594

Other creditors

6,521

7,556

200,158

113,251

8.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2023

2022

value:

£

£

910

Ordinary

1p

9

10

9.	OTHER FINANCIAL COMMITMENTS

At the year end the company has commitments of £7,438 (2022 - £13,388).

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022:

2023

2022

£

£

M L Williams

Balance outstanding at start of year

18,243

17,867

Amounts advanced

830

376

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

19,073

18,243

O S Williams

Balance outstanding at start of year

4,005

4,005

Amounts advanced

27,000

-

Amounts repaid

(31,005

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

4,005

These loans are unsecured, repayable on demand and incur interest at a rate of 2.25% of the overdrawn amount.

11.	RELATED PARTY DISCLOSURES

During the year ended 30 June 2023, the company repurchased shares from O Williams in connection with his resignation as director. A total of £227,000 was paid for the repurchase and this has been deducted from distributable reserves. The cancelled share capital on repurchase has been moved to the capital redemption reserve.

As at the year end 30 June 2023 the company was owed £909,196 (2022: £922,908) by its wholly owned subsidiary. The loan is interest free with no fixed repayment terms, however, the company would not call in the loan if it affected the solvency of the subsidiary.