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REGISTERED NUMBER: 00722832 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

CLOSOMAT (GREAT BRITAIN) LIMITED

CLOSOMAT (GREAT BRITAIN) LIMITED (REGISTERED NUMBER: 00722832)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Balance Sheet 1

Notes to the Financial Statements 2


CLOSOMAT (GREAT BRITAIN) LIMITED (REGISTERED NUMBER: 00722832)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,303,763 1,299,562
Investments 5 132,553 132,553
1,436,316 1,432,115

CURRENT ASSETS
Stocks 2,345,527 2,032,856
Debtors 6 339,856 1,248,038
Investments 7 1,081,487 1,152,656
Cash at bank 2,962,072 2,076,642
6,728,942 6,510,192
CREDITORS
Amounts falling due within one year 8 834,276 841,372
NET CURRENT ASSETS 5,894,666 5,668,820
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,330,982

7,100,935

PROVISIONS FOR LIABILITIES 116,218 101,066
NET ASSETS 7,214,764 6,999,869

CAPITAL AND RESERVES
Called up share capital 68,000 68,000
Revaluation reserve 10 99,959 99,959
Retained earnings 7,046,805 6,831,910
SHAREHOLDERS' FUNDS 7,214,764 6,999,869

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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 August 2023 and were signed on its behalf by:





Mrs T A Worrall - Director


CLOSOMAT (GREAT BRITAIN) LIMITED (REGISTERED NUMBER: 00722832)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Closomat (Great Britain) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 00722832 and the registered address is Building 1, Brooklands Place, Brooklands Road, Sale, Cheshire, M33 3SD.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements present the results of the company as a single entity.

The functional currency of the financial statements is pound sterling.

Turnover
Turnover is the total amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% to 33% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 50% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Land and buildings are long leasehold

There has been continued levels of investment and development to improve the quality of the company's property therefore depreciation is zero in the financial period, as in the opinion of the directors the cost/valuation included in the accounts is a fair representation of their residual value.

The company holds certain long leasehold properties for long term investment which are included in the balance sheet at directors valuations.

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

CLOSOMAT (GREAT BRITAIN) LIMITED (REGISTERED NUMBER: 00722832)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include other debtors, amounts owed from related companies, amounts owed by joint ventures, listed investments and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

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 company after deducting all of its liabilities.

Basic financial liabilities, including trade creditors, other creditors, amounts owed to related companies, and amounts owed to joint ventures, that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 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
Monetary 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.

CLOSOMAT (GREAT BRITAIN) LIMITED (REGISTERED NUMBER: 00722832)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable are charged to profit in the period to which they relate.

Investments
Fixed asset investments are stated at cost less any impairment in fair value.

Current asset Investments comprise investments in listed shares and are stated at market value.

Investment income comprises dividends declared during the accounting period and interest receivable on listed and unlisted investments.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Going concern
Based on current trading and future expectations, the directors are confident the company will continue to trade profitably in future periods and generate sufficient cash flows to meet its obligations as they fall due for payment.

The accounts have therefore been prepared on the going concern basis.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Land and Investment Plant and
buildings properties machinery
£    £    £   
COST OR VALUATION
At 1 April 2022 1,041,105 228,857 589,795
Additions - - -
Disposals - - -
At 31 March 2023 1,041,105 228,857 589,795
DEPRECIATION
At 1 April 2022 - - 586,510
Charge for year - - 1,961
Eliminated on disposal - - -
At 31 March 2023 - - 588,471
NET BOOK VALUE
At 31 March 2023 1,041,105 228,857 1,324
At 31 March 2022 1,041,105 228,857 3,285

CLOSOMAT (GREAT BRITAIN) LIMITED (REGISTERED NUMBER: 00722832)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST OR VALUATION
At 1 April 2022 173,167 27,757 2,060,681
Additions 13,567 4,108 17,675
Disposals - (1,720 ) (1,720 )
At 31 March 2023 186,734 30,145 2,076,636
DEPRECIATION
At 1 April 2022 148,733 25,876 761,119
Charge for year 9,495 1,015 12,471
Eliminated on disposal - (717 ) (717 )
At 31 March 2023 158,228 26,174 772,873
NET BOOK VALUE
At 31 March 2023 28,506 3,971 1,303,763
At 31 March 2022 24,434 1,881 1,299,562

Land and buildings are long leasehold.

Long leasehold investment properties are stated at the directors' valuation at the transition date of 1 April 2015 which has been accounted for as deemed cost in accordance with the company's accounting policy. If they had not been revalued they would have been included at their historical cost of £103,908 (2022: £103,908) less an impairment provision of £nil (2022: £nil).

5. FIXED ASSET INVESTMENTS
Interest
in joint
venture
£   
COST
At 1 April 2022
and 31 March 2023 132,553
NET BOOK VALUE
At 31 March 2023 132,553
At 31 March 2022 132,553

CLOSOMAT (GREAT BRITAIN) LIMITED (REGISTERED NUMBER: 00722832)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Joint venture

Inter Closomat AG
Registered office:
Nature of business: Holding Company
%
Class of shares: holding
Ordinary 50.00

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by related companies 116,016 866,829
Amounts owed by joint ventures 1,230 12,295
Other debtors 9,955 2,245
Deferred duty and VAT 154,727 309,146
Prepayments and accrued income 57,928 57,523
339,856 1,248,038

7. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Listed investments 1,081,487 1,152,656

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 304,433 305,388
Amounts owed to related companies 59,637 66,876
Amounts owed to joint ventures - 2,189
Corporation tax 143,966 293,601
Social security and other taxes - 10,286
Accrued expenses 326,240 163,032
834,276 841,372

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 23,765 23,765
Between one and five years 35,648 59,413
59,413 83,178

CLOSOMAT (GREAT BRITAIN) LIMITED (REGISTERED NUMBER: 00722832)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


10. RESERVES
Revaluation
reserve
£   
At 1 April 2022
and 31 March 2023 99,959

The revaluation reserve represents the excess of the deemed cost of investment property over its original cost net of a deferred tax liability of £31,239. It is not available for distribution as it is unrealised.

In addition, included in retained earnings are gains on investments of £296,969 (2022: £369,183) net of deferred tax of £74,242 (2022: £70,144) which are also not available for distribution as they are unrealised.

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Christopher Wrighton (Senior Statutory Auditor)
for and on behalf of Harold Sharp Limited

12. CAPITAL COMMITMENTS

At 31 March 2023 the company had capital commitments of £23,452 (2022: £nil).

13. RELATED PARTY DISCLOSURES

During the year total dividends of £321,736 (2022: £249,674) were paid to the shareholders.