Registered number
04361501
CLIMAR INDUSTRIES LIMITED
Unaudited Filleted Accounts
31 March 2023
CLIMAR INDUSTRIES LIMITED
Registered number: 04361501
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 100,393 307,514
Investments 4 9,577 9,577
109,970 317,091
Current assets
Stocks 853,217 1,015,840
Debtors 5 940,615 1,212,759
Cash at bank and in hand 80,669 451,144
1,874,501 2,679,743
Creditors: amounts falling due within one year 6 (1,044,387) (1,426,084)
Net current assets 830,114 1,253,659
Total assets less current liabilities 940,084 1,570,750
Creditors: amounts falling due after more than one year 7 (106,944) (235,183)
Provisions for liabilities (14,100) (53,300)
Net assets 819,040 1,282,267
Capital and reserves
Called up share capital 710,743 710,743
Profit and loss account 108,297 571,524
Shareholder's funds 819,040 1,282,267
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M A Stewart-Woods
Director
Approved by the board on 18 September 2023
CLIMAR INDUSTRIES LIMITED
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 3-5 years
Motor Vehicles over 2-4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertakings comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by the Companies Act 2006 not to prepare group accounts.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 71 74
3 Tangible fixed assets
Land and buildings Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 51,161 51,161 498,605 647,171 1,196,937
Additions 3,875 3,875 34,206 - 38,081
Disposals - - - (70,835) (70,835)
At 31 March 2023 55,036 55,036 532,811 576,336 1,164,183
Depreciation
At 1 April 2022 51,161 51,161 402,850 435,412 889,423
Charge for the year 1,292 1,292 88,009 155,901 245,202
On disposals - - - (70,835) (70,835)
At 31 March 2023 52,453 52,453 490,859 520,478 1,063,790
Net book value
At 31 March 2023 2,583 2,583 41,952 55,858 100,393
At 31 March 2022 - - 95,755 211,759 307,514
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2022 9,577
At 31 March 2023 9,577
The company holds 20% or more of the share capital of the following companies:
Company Shares held
Class %
Colourfence Ltd Ordinary 100
Gloucester Fencing Ltd Ordinary 100
West Yorkshire Fencing td Ordinary 100
Salisbury Fencing Ltd Ordinary 100
Cardiff Garden Fencing Ltd Ordinary 100
Staffordshire Garden Fencing Ltd Ordinary 100
North East Yorkshire Fencing Ltd Ordinary 100
Midlands Fencing Ltd Ordinary 100
Norfolk & Suffolk Fencing Ltd Ordinary 100
Essex And East Coast Fencing Ltd Ordinary 100
West Sussex Garden Fencing Ltd Ordinary 100
South Kent Fencing Ltd Ordinary 100
Mersey Garden Fencing Ltd Ordinary 100
Glasgow East Fencing Ltd Ordinary 100
All the above companies provide the supply of prefabricated fencing. All companies are incorporated in England and Wales.
5 Debtors 2023 2022
£ £
Trade debtors 268,908 626,426
Amounts owed by group undertakings and undertakings in which the company has a participating interest 614,124 538,024
Other debtors 57,583 48,309
940,615 1,212,759
Amounts due after more than one year included above 242,974 439,775
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 116,667 116,667
Obligations under finance lease and hire purchase contracts 13,506 64,718
Trade creditors 447,712 848,031
Amounts owed to group undertakings and undertakings in which the company has a participating interest 33,152 37,500
Taxation and social security costs 154,321 43,670
Other creditors 279,029 315,498
1,044,387 1,426,084
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 106,944 223,611
Obligations under finance lease and hire purchase contracts - 11,572
106,944 235,183
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans and hire purchase contracts 237,117 416,568
The bank loan is secured by a fixed and floating charge over all assets. The hire purchase creditor is secured over the assets to which they relate.
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 87,049 86,092
10 Controlling party
The company is a wholly owned subsidiary of Climar Industries Australia Pty Ltd, a company registered in Australia which owns 100% of the issued share capital.
11 Other information
CLIMAR INDUSTRIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Units 7 & 8
Queensway Meadows Industrial Estate
Estuary Road
Newport
NP19 4SP
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