Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31142021-01-01falseNo description of principal activity18truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11868187 2021-01-01 2021-12-31 11868187 2020-04-01 2020-12-31 11868187 2021-12-31 11868187 2020-12-31 11868187 c:Director1 2021-01-01 2021-12-31 11868187 c:Director1 2021-12-31 11868187 c:Director2 2021-01-01 2021-12-31 11868187 c:Director3 2021-01-01 2021-12-31 11868187 c:Director3 2021-12-31 11868187 c:Director4 2021-01-01 2021-12-31 11868187 c:Director4 2021-12-31 11868187 c:Director5 2021-01-01 2021-12-31 11868187 c:Director5 2021-12-31 11868187 c:Director6 2021-01-01 2021-12-31 11868187 c:Director6 2021-12-31 11868187 c:Director7 2021-01-01 2021-12-31 11868187 c:Director7 2021-12-31 11868187 c:Director8 2021-01-01 2021-12-31 11868187 c:Director8 2021-12-31 11868187 c:RegisteredOffice 2021-01-01 2021-12-31 11868187 d:Buildings d:ShortLeaseholdAssets 2021-01-01 2021-12-31 11868187 d:Buildings d:ShortLeaseholdAssets 2021-12-31 11868187 d:Buildings d:ShortLeaseholdAssets 2020-12-31 11868187 d:LandBuildings 2021-12-31 11868187 d:LandBuildings 2020-12-31 11868187 d:PlantMachinery 2021-01-01 2021-12-31 11868187 d:PlantMachinery 2021-12-31 11868187 d:PlantMachinery 2020-12-31 11868187 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 11868187 d:OfficeEquipment 2021-01-01 2021-12-31 11868187 d:OfficeEquipment 2021-12-31 11868187 d:OfficeEquipment 2020-12-31 11868187 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 11868187 d:ComputerEquipment 2021-01-01 2021-12-31 11868187 d:ComputerEquipment 2021-12-31 11868187 d:ComputerEquipment 2020-12-31 11868187 d:ComputerEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 11868187 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 11868187 d:CurrentFinancialInstruments 2021-12-31 11868187 d:CurrentFinancialInstruments 2020-12-31 11868187 d:Non-currentFinancialInstruments 2021-12-31 11868187 d:Non-currentFinancialInstruments 2020-12-31 11868187 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 11868187 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 11868187 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 11868187 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 11868187 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 11868187 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-12-31 11868187 d:ShareCapital 2021-12-31 11868187 d:ShareCapital 2020-12-31 11868187 d:SharePremium 2021-01-01 2021-12-31 11868187 d:SharePremium 2021-12-31 11868187 d:SharePremium 2020-12-31 11868187 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 11868187 d:RetainedEarningsAccumulatedLosses 2021-12-31 11868187 d:RetainedEarningsAccumulatedLosses 2020-12-31 11868187 c:OrdinaryShareClass1 2021-01-01 2021-12-31 11868187 c:OrdinaryShareClass1 2021-12-31 11868187 c:OrdinaryShareClass1 2020-12-31 11868187 c:FRS102 2021-01-01 2021-12-31 11868187 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 11868187 c:FullAccounts 2021-01-01 2021-12-31 11868187 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 11868187 d:WithinOneYear 2021-12-31 11868187 d:WithinOneYear 2020-12-31 11868187 d:BetweenOneFiveYears 2021-12-31 11868187 d:BetweenOneFiveYears 2020-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11868187









CLEANCO VENTURES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021

 
CLEANCO VENTURES LIMITED
 
 
COMPANY INFORMATION


Directors
J J D Hicklin (resigned 4 July 2022)
S G Matthews 
D T Folkman (resigned 2 December 2021)
U M Burns (appointed 2 December 2021)
J Clerkin (appointed 2 December 2021)
A Mackie (appointed 2 December 2021)
N Quinn (appointed 11 April 2022)
A W Wilson (appointed 11 April 2022)




Registered number
11868187



Registered office
22 Chancery Lane

London

United Kingdom

WC2A 1LS




Accountants
Donald Reid Limited
Chartered Accountants

Prince Albert House

20 King Street

Maidenhead

Berkshire

SL6 1DT





 
CLEANCO VENTURES LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11


 
CLEANCO VENTURES LIMITED
REGISTERED NUMBER: 11868187

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 4 
256,666
101,383

  
256,666
101,383

Current assets
  

Stocks
  
1,231,417
517,428

Debtors: amounts falling due within one year
 5 
3,638,998
2,007,599

Cash at bank and in hand
 6 
3,060,532
5,249,558

  
7,930,947
7,774,585

Creditors: amounts falling due within one year
 7 
(2,201,330)
(778,657)

Net current assets
  
 
 
5,729,617
 
 
6,995,928

Total assets less current liabilities
  
5,986,283
7,097,311

Creditors: amounts falling due after more than one year
 8 
(62,500)
(187,500)

  

Net assets
  
5,923,783
6,909,811


Capital and reserves
  

Called up share capital 
 10 
288
231

Share premium account
  
19,107,013
9,252,059

Profit and loss account
  
(13,183,518)
(2,342,479)

  
5,923,783
6,909,811


Page 1

 
CLEANCO VENTURES LIMITED
REGISTERED NUMBER: 11868187
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 June 2022.




S G Matthews
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
CLEANCO VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

CleanCo Ventures Limited is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The registered office address is 22 Chancery Lane, London, United Kingdom, WC2A 1LS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
CLEANCO VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
CLEANCO VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Share based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
CLEANCO VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
20%
Plant and machinery
-
20%
Office equipment
-
33%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Page 6

 
CLEANCO VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.


3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2020 - 14).

Page 7

 
CLEANCO VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2021
-
72,723
24,667
23,810
121,200


Additions
27,460
179,467
-
8,150
215,077



At 31 December 2021

27,460
252,190
24,667
31,960
336,277



Depreciation


At 1 January 2021
-
9,770
4,397
5,650
19,817


Charge for the year on owned assets
3,138
34,315
10,833
11,508
59,794



At 31 December 2021

3,138
44,085
15,230
17,158
79,611



Net book value



At 31 December 2021
24,322
208,105
9,437
14,802
256,666



At 31 December 2020
-
62,953
20,270
18,160
101,383




The net book value of land and buildings may be further analysed as follows:


2021
2020
£
£

Short leasehold
24,322
-

24,322
-


Page 8

 
CLEANCO VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Debtors

2021
2020
£
£


Trade debtors
602,846
837,086

Amounts owed by group undertakings
1,680,831
-

Other debtors
1,276,958
411,403

Prepayments and accrued income
78,363
759,110

3,638,998
2,007,599



6.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
3,060,532
5,249,558

3,060,532
5,249,558



7.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank loans
125,000
62,500

Trade creditors
1,539,609
590,290

Other taxation and social security
55,129
29,671

Other creditors
68,175
3,648

Accruals and deferred income
413,417
92,548

2,201,330
778,657



8.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
62,500
187,500

62,500
187,500


Page 9

 
CLEANCO VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

9.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Bank loans
125,000
62,500


125,000
62,500


Amounts falling due 2-5 years

Bank loans
62,500
187,500


62,500
187,500


187,500
250,000



10.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



288,165 (2020 - 231,482) Ordinary shares of £0.001 each
288.165
231.482


During the year 56,683 Ordinary shares of £0.001 each were allotted for the aggregate consideration of
£10,003,216. 


11.


Reserves

Share premium account

The share premium account records the amount above nominal value received for shares sold, less transaction costs.

Profit and loss account

The profit and loss account records the cumulative profits or losses of the company since incorporation,
less any dividends.
Charges relating to share based payments are included in the profit and loss

Page 10

 
CLEANCO VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

12.


Share based payments

Cleanco Ventures Limited has an equity-settled Enterprise Management Incentive Scheme (“EMI”) which
is available to UK employees who work for the Company and satisfy the qualifying conditions and the EMI
working time requirements. In addition to the EMI scheme, the company also operates an unapproved option scheme
The options vest over a period of 10 years from grant date. The Black-Scholes valuation method was used to determine the fair-value of the options vested during the year. 
A charge of £137,674 (
2020: £Nil) has been recognised within the profit and loss in relation to the share based payment transactions.


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £17,835 (
2020: £7,116).
Contributions totalling £5,266 (
2020: £3,648) were payable to the fund at the balance sheet date and are
included in creditors.


14.


Commitments under operating leases

At 31 December 2021 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2021
2020
£
£


Not later than 1 year
34,351
31,881

Later than 1 year and not later than 5 years
27,233
61,584

61,584
93,465


15.


Related party transactions

At the year end included in debtors is £1,680,831 (2020: £Nil) owed by a subsidiary company. During the
year, management fees of £3,716,532 (
2020: £Nil) have been charged by a subsidiary company.

 
Page 11