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REGISTERED NUMBER: 03898570 (England and Wales)








REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CORROVENTA LIMITED

CORROVENTA LIMITED (REGISTERED NUMBER: 03898570)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Director 2

Balance Sheet 3

Notes to the Financial Statements 4 to 7


CORROVENTA LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTOR: S E V Axelsson





REGISTERED OFFICE: Unit 47 Melford Court
Hardwick Grange
Warrington
Cheshire
WA1 4RZ





REGISTERED NUMBER: 03898570 (England and Wales)





AUDITORS: C. Wilkinson & Co.
Chartered Accountants and Statutory Auditors
Britannic House
657 Liverpool Road
Irlam
Manchester
Greater Manchester
M44 5XD

CORROVENTA LIMITED (REGISTERED NUMBER: 03898570)

REPORT OF THE DIRECTOR
for the Year Ended 31 December 2023

The director presents her report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of sales and rental of machinery and other equipment.

DIRECTOR
Mr P G E Ekdahl held office from 1 January 2023 until after 31 December 2023 but prior to the date of this report.
S E V Axelsson was appointed as a director after 31 December 2023 but prior to the date of this report.

The director shown below was in office at 31 December 2023 but did not hold any interest in the Ordinary shares of £1 each at 1 January 2023 or 31 December 2023.

Mr P G E Ekdahl

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, C. Wilkinson & Co., will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





S E V Axelsson - Director


28 February 2024

CORROVENTA LIMITED (REGISTERED NUMBER: 03898570)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 9,203 11,184

CURRENT ASSETS
Stocks 376,683 353,234
Debtors 5 899,486 1,121,376
Cash at bank 258,476 93,480
1,534,645 1,568,090
CREDITORS
Amounts falling due within one year 6 (810,854 ) (1,318,681 )
NET CURRENT ASSETS 723,791 249,409
TOTAL ASSETS LESS CURRENT
LIABILITIES

732,994

260,593

PROVISIONS FOR LIABILITIES (273 ) (341 )
NET ASSETS 732,721 260,252

CAPITAL AND RESERVES
Called up share capital 250,000 250,000
Retained earnings 482,721 10,252
SHAREHOLDERS' FUNDS 732,721 260,252

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 director and authorised for issue on 28 February 2024 and were signed by:





S E V Axelsson - Director


CORROVENTA LIMITED (REGISTERED NUMBER: 03898570)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Corroventa Limited is a private company, limited by shares, registered in England. The company's registered number and registered office address can be found on the Company Information page.

The company's parent company is Corroventa Avfuktning AB, its registed office is Mekanikervägen 3,
564 35, Bankeryd, Sweden.

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.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on managements best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.

The estimates and assumptions which have a significant risk of causing material adjustment to the carrying of assets and liabilities are :

Making judgement based on historical on the level of provision of bad debts.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, value added tax and other sales taxes. Revenue is recognised as follows:-

Sale of goods
Sale of goods are recognised when the Company despatches the products to the customer

Rental income
The Company recognises rental income on units rented out on a day rate basis

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows;

Improvements to property - over the term of the lease
Plant and machinery - 25% on cost
Fixtures and fittings - 33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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


CORROVENTA LIMITED (REGISTERED NUMBER: 03898570)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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 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.

Hire purchase and leasing commitments
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 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

CORROVENTA LIMITED (REGISTERED NUMBER: 03898570)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 January 2023 13,272 79,426 31,011 123,709
Additions - 3,003 1,688 4,691
At 31 December 2023 13,272 82,429 32,699 128,400
DEPRECIATION
At 1 January 2023 13,272 70,983 28,270 112,525
Charge for year - 5,313 1,359 6,672
At 31 December 2023 13,272 76,296 29,629 119,197
NET BOOK VALUE
At 31 December 2023 - 6,133 3,070 9,203
At 31 December 2022 - 8,443 2,741 11,184

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 855,049 1,084,107
Other debtors 44,437 37,269
899,486 1,121,376

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 1,564 10,960
Amounts owed to group undertakings 370,954 1,019,082
Taxation and social security 333,367 219,077
Other creditors 104,969 69,562
810,854 1,318,681

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 49,017 36,914
Between one and five years 74,795 97,827
123,812 134,741

CORROVENTA LIMITED (REGISTERED NUMBER: 03898570)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

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

The Report of the Auditors was unqualified.

Colin Wilkinson (Senior Statutory Auditor)
for and on behalf of C. Wilkinson & Co.

9. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Volati AB.

Volati AB (incorporated in Sweden) is regarded by the director as being the company's ultimate parent company.

The immediate parent company and controlling party is Corrovernta Avfuktning AB, a company incorporated in Sweden.

The ultimate parent company is Volati AB, a company incorporated in Sweden.