REGISTERED NUMBER: NI624042 (Northern Ireland)

CLEANTEC EQUIPMENT LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mrs J Monaghan

Mr B Monaghan

SECRETARY:

Mrs J Monaghan

REGISTERED OFFICE:

57a Gortin Road

OMAGH

Co. Tyrone

BT79 7HT

REGISTERED NUMBER:

NI624042 (Northern Ireland)

ACCOUNTANTS:

McAleer Jackson Ltd

Chartered Accountants & Chartered Tax Advisers

Church House

24 Dublin Road

OMAGH

Co. Tyrone

BT78 1HE

BANKERS:

Ulster Bank Limited

14 High Street

OMAGH

Co. Tyrone

BT78 1BJ

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 31 March 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

McAleer Jackson Ltd

Chartered Accountants & Chartered Tax Advisers

Church House

24 Dublin Road

OMAGH

Co. Tyrone

BT78 1HE

Date: .............................................

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

22,940

25,194

22,940

25,194

CURRENT ASSETS

Stocks

235,000

255,000

Debtors

6

100,915

131,398

Cash at bank

207,211

289,244

543,126

675,642

CREDITORS

Amounts falling due within one year

7

370,786

404,325

NET CURRENT ASSETS

172,340

271,317

TOTAL ASSETS LESS CURRENT LIABILITIES

195,280

296,511

CREDITORS

Amounts falling due after more than one year

8

(190,932

)

(200,907

)

PROVISIONS FOR LIABILITIES

-

(4,789

)

NET ASSETS

4,348

90,815

CAPITAL AND RESERVES

Called up share capital

2

2

Capital redemption reserve

2

2

Retained earnings

4,344

90,811

SHAREHOLDERS' FUNDS

4,348

90,815

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 31 August 2023 and were signed on its behalf by:

Mr B Monaghan - Director

Mrs J Monaghan - Director

1.	STATUTORY INFORMATION

Cleantec Equipment Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Plant & machinery - 15% reducing balance

Motor vehicles - 25% reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transactional price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

149,660

AMORTISATION

At 1 April 2022

and 31 March 2023

149,660

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Plant &

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 April 2022

45,687

29,000

74,687

Additions

2,200

-

2,200

At 31 March 2023

47,887

29,000

76,887

DEPRECIATION

At 1 April 2022

23,943

25,550

49,493

Charge for year

3,592

862

4,454

At 31 March 2023

27,535

26,412

53,947

NET BOOK VALUE

At 31 March 2023

20,352

2,588

22,940

At 31 March 2022

21,744

3,450

25,194

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

53,871

98,914

Other debtors

47,044

32,484

100,915

131,398

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

70,676

77,573

Trade creditors

266,591

272,495

Taxation and social security

28,952

29,350

Other creditors

4,567

24,907

370,786

404,325

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

138,188

200,907

Other creditors

52,744

-

190,932

200,907

2023

2022

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Directors loan

52,744

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loan

-

960

The bank loans are secured by a fixed charge over all land, plant and machinery, goodwill, uncalled capital and stock, shares and securities held by the company.

10.	RELATED PARTY DISCLOSURES

At the year end the company owed members of key management personnel £52,744 (£22,386 at 01.04.2022).

There is no repayment date for this loan and interest is not currently being charged.

The loan is presented within creditors: amounts falling due after one year.