Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312023-05-162022-12-312022-01-01falseNo description of principal activity1818truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11868187 2022-01-01 2022-12-31 11868187 2021-01-01 2021-12-31 11868187 2022-12-31 11868187 2021-12-31 11868187 2021-01-01 11868187 2 2022-01-01 2022-12-31 11868187 2 2021-01-01 2021-12-31 11868187 3 2022-01-01 2022-12-31 11868187 1 2022-01-01 2022-12-31 11868187 e:Director1 2022-01-01 2022-12-31 11868187 e:Director1 2022-12-31 11868187 e:Director2 2022-01-01 2022-12-31 11868187 e:Director3 2022-01-01 2022-12-31 11868187 e:Director3 2022-12-31 11868187 e:Director4 2022-01-01 2022-12-31 11868187 e:Director5 2022-01-01 2022-12-31 11868187 e:Director5 2022-12-31 11868187 e:Director6 2022-01-01 2022-12-31 11868187 e:Director7 2022-01-01 2022-12-31 11868187 e:Director7 2022-12-31 11868187 e:Director8 2022-01-01 2022-12-31 11868187 e:Director8 2022-12-31 11868187 e:Director9 2022-01-01 2022-12-31 11868187 e:Director9 2022-12-31 11868187 e:RegisteredOffice 2022-01-01 2022-12-31 11868187 d:Buildings d:ShortLeaseholdAssets 2022-01-01 2022-12-31 11868187 d:Buildings d:ShortLeaseholdAssets 2022-12-31 11868187 d:Buildings d:ShortLeaseholdAssets 2021-12-31 11868187 d:LandBuildings 2022-12-31 11868187 d:LandBuildings 2021-12-31 11868187 d:PlantMachinery 2022-01-01 2022-12-31 11868187 d:PlantMachinery 2022-12-31 11868187 d:PlantMachinery 2021-12-31 11868187 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 11868187 d:OfficeEquipment 2022-01-01 2022-12-31 11868187 d:OfficeEquipment 2022-12-31 11868187 d:OfficeEquipment 2021-12-31 11868187 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 11868187 d:ComputerEquipment 2022-01-01 2022-12-31 11868187 d:ComputerEquipment 2022-12-31 11868187 d:ComputerEquipment 2021-12-31 11868187 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 11868187 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 11868187 d:CurrentFinancialInstruments 2022-12-31 11868187 d:CurrentFinancialInstruments 2021-12-31 11868187 d:Non-currentFinancialInstruments 2022-12-31 11868187 d:Non-currentFinancialInstruments 2021-12-31 11868187 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11868187 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 11868187 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 11868187 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 11868187 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 11868187 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-12-31 11868187 d:ShareCapital 2022-01-01 2022-12-31 11868187 d:ShareCapital 2022-12-31 11868187 d:ShareCapital 2021-01-01 2021-12-31 11868187 d:ShareCapital 2021-12-31 11868187 d:ShareCapital 2021-01-01 11868187 d:SharePremium 2022-01-01 2022-12-31 11868187 d:SharePremium 2022-12-31 11868187 d:SharePremium 2 2022-01-01 2022-12-31 11868187 d:SharePremium 3 2022-01-01 2022-12-31 11868187 d:SharePremium 2021-01-01 2021-12-31 11868187 d:SharePremium 2021-12-31 11868187 d:SharePremium 2021-01-01 11868187 d:SharePremium 2 2021-01-01 2021-12-31 11868187 d:OtherMiscellaneousReserve 2022-01-01 2022-12-31 11868187 d:OtherMiscellaneousReserve 2022-12-31 11868187 d:OtherMiscellaneousReserve 2 2022-01-01 2022-12-31 11868187 d:OtherMiscellaneousReserve 3 2022-01-01 2022-12-31 11868187 d:OtherMiscellaneousReserve 2021-01-01 2021-12-31 11868187 d:OtherMiscellaneousReserve 2021-12-31 11868187 d:OtherMiscellaneousReserve 2021-01-01 11868187 d:OtherMiscellaneousReserve 2 2021-01-01 2021-12-31 11868187 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 11868187 d:RetainedEarningsAccumulatedLosses 2022-12-31 11868187 d:RetainedEarningsAccumulatedLosses 2 2022-01-01 2022-12-31 11868187 d:RetainedEarningsAccumulatedLosses 3 2022-01-01 2022-12-31 11868187 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 11868187 d:RetainedEarningsAccumulatedLosses 2021-12-31 11868187 d:RetainedEarningsAccumulatedLosses 2021-01-01 11868187 d:RetainedEarningsAccumulatedLosses 2 2021-01-01 2021-12-31 11868187 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-01-01 2022-12-31 11868187 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 11868187 e:OrdinaryShareClass1 2022-01-01 2022-12-31 11868187 e:OrdinaryShareClass1 2022-12-31 11868187 e:OrdinaryShareClass1 2021-12-31 11868187 e:FRS102 2022-01-01 2022-12-31 11868187 e:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 11868187 e:FullAccounts 2022-01-01 2022-12-31 11868187 e:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 11868187 d:WithinOneYear 2022-12-31 11868187 d:WithinOneYear 2021-12-31 11868187 d:BetweenOneFiveYears 2022-12-31 11868187 d:BetweenOneFiveYears 2021-12-31 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 2022

 
CLEANCO VENTURES LIMITED
 
 
COMPANY INFORMATION


Directors
W Paretti (appointed 24 October 2022)
S G Matthews 
N Simons (appointed 24 October 2022, resigned 16 May 2023)
U M Burns 
J Clerkin (resigned 21 October 2022)
A Mackie 
N M Quinn (appointed 11 April 2022, resigned 7 August 2022)
A W Wilson (appointed 11 April 2022)
J J D Hicklin (resigned 4 July 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
Statement of changes in equity
3 - 4
Notes to the financial statements
5 - 16


 
CLEANCO VENTURES LIMITED
REGISTERED NUMBER: 11868187

BALANCE SHEET
AS AT 31 DECEMBER 2022

As restated
2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
190,811
256,666

  
190,811
256,666

Current assets
  

Stocks
 5 
720,857
1,231,417

Debtors: amounts falling due within one year
 6 
7,365,170
3,638,998

Cash at bank and in hand
 7 
573,929
3,060,532

  
8,659,956
7,930,947

Creditors: amounts falling due within one year
 8 
(1,175,242)
(2,201,330)

Net current assets
  
 
 
7,484,714
 
 
5,729,617

Total assets less current liabilities
  
7,675,525
5,986,283

Creditors: amounts falling due after more than one year
 9 
-
(62,500)

Provisions for liabilities
  

Other provisions
 11 
(223,364)
-

  
 
 
(223,364)
 
 
-

Net assets
  
7,452,161
5,923,783


Capital and reserves
  

Called up share capital 
 12 
368
288

Share premium account
  
24,812,073
19,107,013

Other reserves
  
2,779,593
137,674

Profit and loss account
  
(20,139,873)
(13,321,192)

  
7,452,161
5,923,783


Page 1

 
CLEANCO VENTURES LIMITED
REGISTERED NUMBER: 11868187
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

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 13 November 2023.




S G Matthews
Director

The notes on pages 5 to 16 form part of these financial statements.

Page 2

 
CLEANCO VENTURES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2022
288
19,107,013
137,674
(13,321,192)
5,923,783


Comprehensive income for the year

Loss for the year

-
-
-
(6,818,681)
(6,818,681)


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
(6,818,681)
(6,818,681)


Contributions by and distributions to owners

Shares issued during the year
80
5,705,060
-
-
5,705,140

Share option movement
-
-
141,919
-
141,919

Convertible loan note
-
-
2,500,000
-
2,500,000


Total transactions with owners
80
5,705,060
2,641,919
-
8,347,059


At 31 December 2022
368
24,812,073
2,779,593
(20,139,873)
7,452,161


The notes on pages 5 to 16 form part of these financial statements.

Page 3

 
CLEANCO VENTURES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2021
288
19,107,013
-
(2,342,479)
16,764,822


Comprehensive income for the year

Loss for the year

-
-
-
(10,978,713)
(10,978,713)


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
(10,978,713)
(10,978,713)


Contributions by and distributions to owners

Share option movement
-
-
137,674
-
137,674


Total transactions with owners
-
-
137,674
-
137,674


At 31 December 2021
288
19,107,013
137,674
(13,321,192)
5,923,783


The notes on pages 5 to 16 form part of these financial statements.

Page 4

 
CLEANCO VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

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

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

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 5

 
CLEANCO VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

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.

 
2.7

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.

Page 6

 
CLEANCO VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Borrowing costs

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

 
2.10

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.

 
2.11

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.

Page 7

 
CLEANCO VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

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.

 
2.14

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. 
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.

 
2.15

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.

Page 8

 
CLEANCO VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.16

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.

 
2.17

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.

 
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Page 9

 
CLEANCO VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.19

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet 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

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Page 10

 
CLEANCO VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.19
Financial instruments (continued)

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2021 - 18).

Page 11

 
CLEANCO VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





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

£
£
£
£
£



Cost or valuation


At 1 January 2022
27,460
252,190
24,667
31,960
336,277


Additions
-
5,016
-
-
5,016



At 31 December 2022

27,460
257,206
24,667
31,960
341,293



Depreciation


At 1 January 2022
3,138
44,085
15,230
17,158
79,611


Charge for the year on owned assets
5,491
50,380
6,592
8,408
70,871



At 31 December 2022

8,629
94,465
21,822
25,566
150,482



Net book value



At 31 December 2022
18,831
162,741
2,845
6,394
190,811



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




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


2022
2021
£
£

Short leasehold
18,831
24,322

18,831
24,322


Page 12

 
CLEANCO VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Stocks

2022
2021
£
£

Finished goods and goods for resale
720,857
1,231,417

720,857
1,231,417



6.


Debtors

2022
2021
£
£


Trade debtors
776,227
602,846

Amounts owed by group undertakings
6,248,019
1,680,831

Other debtors
258,551
1,276,958

Prepayments and accrued income
82,373
78,363

7,365,170
3,638,998



7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
573,929
3,060,532

573,929
3,060,532



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
62,500
125,000

Trade creditors
861,057
1,539,609

Other taxation and social security
43,766
55,129

Other creditors
21,610
68,175

Accruals and deferred income
186,309
413,417

1,175,242
2,201,330


Page 13

 
CLEANCO VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
-
62,500

-
62,500



10.


Loans


Analysis of the maturity of loans is given below:


2022
As restated 2021
£
£

Amounts falling due within one year

Bank loans
62,500
125,000


62,500
125,000

Amounts falling due 1-2 years

Bank loans
-
62,500


-
62,500



62,500
187,500


The comparatives have been restated in order to reclassify a creditor of £62,500 as due within 1-2 years rather than due within 2-5 years. There has been no restatement of the overall liability or of the split between due within one year and after one year


11.


Provisions





Other provision

£





Charged to profit or loss
223,364



At 31 December 2022
223,364

Page 14

 
CLEANCO VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



367,878 (2021 - 288,165) Ordinary shares of £0.001 each
367.878
288.165


During the year 79,713 Ordinary shares of £0.001 each were allotted for the aggregate consideration of
£5,885,686.


13.


Contingent liabilities

During the fiscal period 2023, HMRC opened an enquiry into the R&D claim submitted for 2021 and on 25 September 2023 concluded that the 2021 claim did not satisfy the required criteria and as such was rejected. The amount being £223,364 has been recognised as a provision in the 2022 period. The company is currently pursuing this matter with HMRC and preparing their response.
As a result of the above, there is a contingent liability in place with respect to periods prior to 2021 for R&D claims, which were successfully submitted and payments received from HMRC, being £86,640 for December 2020 and £28,373 for March 2020. There is currently insufficient evidence to suggest that these claims will in fact be enquired into, hence no liability or provision has raised on the Balance Sheet.


14.


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 £17,007 (2021: £17,835). Contributions totalling £8,686 (2021: £5,266) were payable to the fund at the balance sheet date and are included in creditors.


15.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
27,053
34,351

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

27,053
61,584


16.


Related party transactions

The company has taken advantage of the exemption of Section 33 Related Party Disclosures from disclosing transactions with other members of the group.

Page 15

 
CLEANCO VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

17.


Post balance sheet events

In January 2023, 28,453 Class B shares with a nominal value of £0.001 per share totalling £28.45 were issued for a total consideration of £1,214,272.
On the 26th March 2023, the convertible loan note issued during the year and with a value of £2.5m was converted into 11,856 B Ordinary shares and 13,119 B Preferred shares. 

 
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