Registration number:
Kleenoil Filtration Limited
Information for Filing with The Registrar
31 October 2023
Kleenoil Filtration Limited
(Registration number: 02040801)
Balance Sheet
31 October 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Kleenoil Filtration Limited
(Registration number: 02040801)
Balance Sheet
31 October 2023
Approved and authorised by the
B.M. Cornett
Director
Kleenoil Filtration Limited
Notes to the Accounts
Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
Tax
The tax expense for the period comprises corporation and deferred tax.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.
Kleenoil Filtration Limited
Notes to the Accounts
Year Ended 31 October 2023
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold property |
10 years straight line basis |
Plant and machinery |
5 years straight line basis |
Motor vehicles |
4 years straight line basis |
Equipment |
3 years straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank & in hand.
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Borrowings
Interest-bearing borrowings are initially at fair value, net of transaction costs.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the value of the cash received.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company during the year, was
Kleenoil Filtration Limited
Notes to the Accounts
Year Ended 31 October 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor |
Total |
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Cost or valuation |
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At 1 November 2022 |
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Additions |
- |
- |
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Disposals |
- |
- |
( |
( |
At 31 October 2023 |
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Depreciation |
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At 1 November 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
At 31 October 2023 |
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Carrying amount |
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At 31 October 2023 |
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At 31 October 2022 |
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Included within the net book value of land and buildings above is £29,723 (2022 - £33,503) in respect of long leasehold land and buildings.
Stocks |
2023 |
2022 |
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Raw materials and finished goods |
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Kleenoil Filtration Limited
Notes to the Accounts
Year Ended 31 October 2023
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Creditors |
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Amounts due to related parties |
231 |
3,033 |
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Taxation and social security |
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Other creditors |
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Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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- |
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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20,000 |
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20,000 |
Kleenoil Filtration Limited
Notes to the Accounts
Year Ended 31 October 2023
Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
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Hire purchase contracts |
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- |
Current loans and borrowings
2023 |
2022 |
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Hire purchase contracts |
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- |
Related party transactions |
Summary of transactions with entities with joint control or significant interest
B.M. Cornett is the sole director and shareholder of By-Pass Filtration Limited.
Kleenoil Filtration Limited charged £43,438 for goods on normal commercial terms.
At the balance sheet date the amount due from By-Pass Filtration Limited was £13,663 (2022 - £8,349).