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REGISTERED NUMBER: 02371161 (England and Wales)















CLEARTHERM GLASS SEALED UNITS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023






CLEARTHERM GLASS SEALED UNITS LTD (REGISTERED NUMBER: 02371161)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8


CLEARTHERM GLASS SEALED UNITS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: Mr D J Laing
Mr G G D Laing





SECRETARY: Mrs J Laing





REGISTERED OFFICE: 3 Princes Court
Royal Way
Loughborough
Leicestershire
LE11 5XR





REGISTERED NUMBER: 02371161 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
3 Princes Court
Royal Way
Loughborough
Leicestershire
LE11 5XR

CLEARTHERM GLASS SEALED UNITS LTD (REGISTERED NUMBER: 02371161)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 1,219,647 798,477
Investments 5 150,000 150,000
Investment property 6 43,541 43,541
1,413,188 992,018

CURRENT ASSETS
Inventories 48,225 45,370
Debtors 7 748,075 865,240
Investments 8 5,500 9,050
Cash at bank and in hand 1,009,635 1,165,308
1,811,435 2,084,968
CREDITORS
Amounts falling due within one year 9 430,688 656,870
NET CURRENT ASSETS 1,380,747 1,428,098
TOTAL ASSETS LESS CURRENT LIABILITIES 2,793,935 2,420,116

CREDITORS
Amounts falling due after more than one year 10 (52,866 ) (67,571 )

PROVISIONS FOR LIABILITIES (307,643 ) (146,313 )
NET ASSETS 2,433,426 2,206,232

CAPITAL AND RESERVES
Called up share capital 12 100 100
Capital redemption reserve 13 50 50
Fair value reserve 13 17,045 17,045
Retained earnings 13 2,416,231 2,189,037
2,433,426 2,206,232

CLEARTHERM GLASS SEALED UNITS LTD (REGISTERED NUMBER: 02371161)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 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 9 November 2023 and were signed on its behalf by:





Mr D J Laing - Director


CLEARTHERM GLASS SEALED UNITS LTD (REGISTERED NUMBER: 02371161)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. GENERAL INFORMATION

Cleartherm Glass Sealed Units Limited is a private company, limited by shares, registered in England and Wales. The address of the registered office is given in the company information on page one of these financial statements.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The financial statements cover the individual entity.

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 as modified by the revaluation of certain assets.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised upon the despatch of goods.

Property, plant & equipment
Property plant and equipment is stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance and 15% on reducing balance.
Leasehold - over the term of the lease.

Investments
Fixed asset investments are stated at cost less impairment.

Current asset investments are stated at the lower of cost and net realisable value.

Investment property
The investment property is measured at fair value at each reporting date with changes in fair value recognised in the statement of income and retained earnings.

Inventories
Inventories and work in progress are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving stock.

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 statement of financial position date.


CLEARTHERM GLASS SEALED UNITS LTD (REGISTERED NUMBER: 02371161)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 number of defined contribution pension schemes. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Fixed asset investments are stated at cost less impairment.

Current asset investments are stated at the lower of cost and net realisable value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 21 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2022 76,596 1,904,535 1,981,131
Additions - 815,335 815,335
Disposals - (618,745 ) (618,745 )
Transfer to ownership - (214,610 ) (214,610 )
At 30 June 2023 76,596 1,886,515 1,963,111
DEPRECIATION
At 1 July 2022 29,773 1,152,881 1,182,654
Charge for year 29,552 146,110 175,662
Eliminated on disposal - (614,852 ) (614,852 )
At 30 June 2023 59,325 684,139 743,464
NET BOOK VALUE
At 30 June 2023 17,271 1,202,376 1,219,647
At 30 June 2022 46,823 751,654 798,477


CLEARTHERM GLASS SEALED UNITS LTD (REGISTERED NUMBER: 02371161)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 July 2022
and 30 June 2023 150,000
NET BOOK VALUE
At 30 June 2023 150,000
At 30 June 2022 150,000

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 43,541
NET BOOK VALUE
At 30 June 2023 43,541
At 30 June 2022 43,541

Fair value at 30 June 2023 is represented by:
£   
Valuation in 2021 20,000
Cost 23,541
43,541

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 23,541 20,041

The investment property was valued by the directors at market value. The valuation was prepared having regard to market based evidence for similar land sold in the local area. The directors consider that this reflects the valuation as at 30 June 2023.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 582,619 711,080
Other debtors 165,456 154,160
748,075 865,240

8. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Other 5,500 9,050

CLEARTHERM GLASS SEALED UNITS LTD (REGISTERED NUMBER: 02371161)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 20,249 19,777
Hire purchase contracts 27,168 -
Trade creditors 121,235 134,169
Taxation and social security 71,423 220,354
Other creditors 190,613 282,570
430,688 656,870

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 34,641 67,571
Hire purchase contracts 18,225 -
52,866 67,571

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 54,890 87,348
Hire purchase contracts 45,393 -
100,283 87,348

This loan is secured on the assets of the company and on Mr D J Laing (Director).
The hire purchase contract is secured on the asset to which it relates.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
60 Ordinary A £1 60 60
30 Ordinary B £1 30 30
5 Ordinary C £1 5 5
5 Ordinary D £1 5 5
100 100


CLEARTHERM GLASS SEALED UNITS LTD (REGISTERED NUMBER: 02371161)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

13. RESERVES
Capital Fair
Retained redemption value
earnings reserve reserve Totals
£    £    £    £   

At 1 July 2022 2,189,037 50 17,045 2,206,132
Profit for the year 301,694 - - 301,694
Dividends (74,500 ) - - (74,500 )
At 30 June 2023 2,416,231 50 17,045 2,433,326

The aggregate surplus on re-measurement of investment properties, net of associated deferred tax, is transferred to a separate non-distributable revaluation reserve in order to assist with the identification of profits available for distribution.

14. OTHER FINANCIAL COMMITMENTS

At 30 June 2023 the company was committed to making payments which are due as follows:

20232022
££   
Due in less than one year:58,852588,034
Due between two and five years:11,73165,293
70,583653,327



15. RELATED PARTY DISCLOSURES

The company took out a loan to lend money to a trust of which Mr D J Laing is a trustee. The company then lent £100,000 to the trust and charged the trust interest at 0%. This loan is repayable on demand.