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REGISTERED NUMBER: 08551448 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2022

for

Cladspray Solutions Ltd

Cladspray Solutions Ltd (Registered number: 08551448)

Contents of the Financial Statements
for the Year Ended 31 March 2022










Page

Balance Sheet 1

Notes to the Financial Statements 3


Cladspray Solutions Ltd (Registered number: 08551448)

Balance Sheet
31 March 2022

2022 2021
Notes £ £
Fixed assets
Tangible assets 4 929,635 179,149

Current assets
Debtors 5 1,072,245 71,898
Cash at bank and in hand 292,046 349,369
1,364,291 421,267
Creditors
Amounts falling due within one year 6 (573,279 ) (143,677 )
Net current assets 791,012 277,590
Total assets less current liabilities 1,720,647 456,739

Creditors
Amounts falling due after more than one
year

7

(386,798

)

(36,709

)

Provisions for liabilities (89,149 ) (34,039 )
Net assets 1,244,700 385,991

Capital and reserves
Called up share capital 20,860 10,904
Retained earnings 1,223,840 375,087
1,244,700 385,991

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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.

Cladspray Solutions Ltd (Registered number: 08551448)

Balance Sheet - continued
31 March 2022


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 Board of Directors and authorised for issue on 19 July 2022 and were signed on its behalf by:





Mr T J Carter - Director


Cladspray Solutions Ltd (Registered number: 08551448)

Notes to the Financial Statements
for the Year Ended 31 March 2022


1. Statement of compliance

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.

2. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost
Plant and machinery - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

During the financial year, the directors acquired freehold property of which they conduct their business from. The directors are of the opinion, that due to the nature of the current property market and forecasted trends, the value of the property will increase over time. Therefore, the directors have elected to not charge depreciation on the freehold property.

The depreciation charge which stems the asset pool; 'improvements to property' relates to leasehold assets only capitalised prior to the commencement of this financial year.

Cladspray Solutions Ltd (Registered number: 08551448)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022


2. Accounting policies - continued

Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred for the purposes of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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.

Cladspray Solutions Ltd (Registered number: 08551448)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022


2. Accounting policies - continued

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.

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.

3. Employees and directors

The average number of employees during the year was 8 (2021 - 8 ) .

Cladspray Solutions Ltd (Registered number: 08551448)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022


4. Tangible fixed assets
Freehold Improvements Plant and
property to property machinery
£ £ £
Cost
At 1 April 2021 - 17,648 41,664
Additions 627,268 - -
At 31 March 2022 627,268 17,648 41,664
Depreciation
At 1 April 2021 - 1,802 28,448
Charge for year - 3,530 3,793
At 31 March 2022 - 5,332 32,241
Net book value
At 31 March 2022 627,268 12,316 9,423
At 31 March 2021 - 15,846 13,216

Motor Computer
vehicles equipment Totals
£ £ £
Cost
At 1 April 2021 186,246 16,032 261,590
Additions 116,633 85,872 829,773
At 31 March 2022 302,879 101,904 1,091,363
Depreciation
At 1 April 2021 46,648 5,543 82,441
Charge for year 60,851 11,113 79,287
At 31 March 2022 107,499 16,656 161,728
Net book value
At 31 March 2022 195,380 85,248 929,635
At 31 March 2021 139,598 10,489 179,149

Included in cost of land and buildings is freehold land of £ 627,268 (2021 - £ 0 ) which is not depreciated.

Cladspray Solutions Ltd (Registered number: 08551448)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022


5. Debtors: amounts falling due within one year
2022 2021
£ £
Trade debtors 1,063,126 51,275
Other debtors 9,119 20,623
1,072,245 71,898

6. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 121,101 -
Hire purchase contracts 33,215 19,769
Trade creditors 114,790 25,428
Taxation and social security 246,556 84,842
Other creditors 57,617 13,638
573,279 143,677

Banks loans are secured against the lease of the property and a personal guarantee provided by the directors.

7. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans 350,000 -
Hire purchase contracts 36,798 36,709
386,798 36,709

8. Directors' advances, credits and guarantees

At the year end a balance of £Nil (2021 - £14,307) was owed by the directors to the company. The largest amount outstanding in the year was £14,307 (2021- £14,307). No interest was charged on this balance.