Climavent Systems Limited
Registered number: 03423175
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 177,796 118,591
Current assets
Stocks 52,500 50,000
Debtors 4 583,875 923,899
Cash at bank and in hand 3,389,865 1,705,724
4,026,240 2,679,623
Creditors: amounts falling due within one year 5 (991,384) (1,057,959)
Net current assets 3,034,856 1,621,664
Total assets less current liabilities 3,212,652 1,740,255
Provisions for liabilities (15,937) (18,250)
Net assets 3,196,715 1,722,005
Capital and reserves
Called up share capital 100 100
Profit and loss account 3,196,615 1,721,905
Shareholders' funds 3,196,715 1,722,005
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 members have 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.
J Ratcliffe
Director
Approved by the board on 31 March 2024
Climavent Systems Limited
Notes to the Accounts
for the year ended 31 January 2024
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.
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:
Building Improvements 20% reducing balance
Plant and machinery 20% reducing balance
Motor vehicles 25% reducing balance
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 32 32
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 29,920 194,494 164,227 388,641
Additions - 7,396 138,735 146,131
Disposals - - (41,995) (41,995)
At 31 January 2024 29,920 201,890 260,967 492,777
Depreciation
At 1 February 2023 26,876 147,456 95,718 270,050
Charge for the year 608 10,886 43,936 55,430
On disposals - - (10,499) (10,499)
At 31 January 2024 27,484 158,342 129,155 314,981
Net book value
At 31 January 2024 2,436 43,548 131,812 177,796
At 31 January 2023 3,044 47,038 68,509 118,591
4 Debtors 2024 2023
£ £
Trade debtors 543,939 877,063
Amounts owed by group undertakings and undertakings in which the company has a participating interest 5,496 16,036
Other debtors 34,440 30,800
583,875 923,899
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 485,666 283,218
Corporation tax 396,032 588,242
Other taxes and social security costs 104,990 182,596
Other creditors 4,696 3,903
991,384 1,057,959
6 Parent Undertaking
The company's ultimate parent undertaking is Climavent Group Limited, which is exempt from the requirement to prepare group accounts.
7 Other information
Climavent Systems Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1 Park Industrial Estate
Liverpool Road
Ashton in Makerfield
Wigan
WN4 0YU
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