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Registration number: 06374505

Cleanroom Projects Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Cleanroom Projects Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Cleanroom Projects Limited

(Registration number: 06374505)
Statement of Financial Position as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,470,092

1,369,877

Investments

5

-

100,000

 

1,470,092

1,469,877

Current assets

 

Debtors

6

587,296

750,905

Cash at bank and in hand

 

2,510,327

576,310

 

3,097,623

1,327,215

Creditors: Amounts falling due within one year

7

(2,209,705)

(675,571)

Net current assets

 

887,918

651,644

Total assets less current liabilities

 

2,358,010

2,121,521

Creditors: Amounts falling due after more than one year

7

(466,180)

(540,967)

Provisions for liabilities

(22,895)

(5,815)

Net assets

 

1,868,935

1,574,739

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

1,867,935

1,573,739

Shareholders' funds

 

1,868,935

1,574,739

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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.

Approved and authorised by the Board on 20 February 2024 and signed on its behalf by:
 

 

Cleanroom Projects Limited

(Registration number: 06374505)
Statement of Financial Position as at 31 May 2023

.........................................
Mr Andrew Cockcroft
Director

 

Cleanroom Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
York Avenue
Haslingden
Rossendale
BB4 4HX

These financial statements were authorised for issue by the Board on 20 February 2024.

2

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Cleanroom Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

Impairment value

Plant and machinery

25% Reducing balance

Motor vehicles

Over 4 years

Office equipment

Over 4 years

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Cleanroom Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Cleanroom Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 14).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

1,155,207

303,008

360,186

1,818,401

Additions

-

16,665

245,302

261,967

Disposals

-

(121,503)

(163,299)

(284,802)

At 31 May 2023

1,155,207

198,170

442,189

1,795,566

Depreciation

At 1 June 2022

-

270,547

177,977

448,524

Charge for the year

-

(5,965)

94,591

88,626

Eliminated on disposal

-

(121,503)

(90,173)

(211,676)

At 31 May 2023

-

143,079

182,395

325,474

Carrying amount

At 31 May 2023

1,155,207

55,091

259,794

1,470,092

At 31 May 2022

1,155,207

32,461

182,209

1,369,877

Included within the net book value of land and buildings above is £1,155,207 (2022 - £1,155,207) in respect of freehold land and buildings.
 

5

Investments

2023
£

2022
£

Other investments

-

100,000

 

Cleanroom Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Other investments

£

Cost or valuation

At 1 June 2022

100,000

Written off

(100,000)

At 31 May 2023

-

6

Debtors

Current

2023
£

2022
£

Trade debtors

584,089

732,400

Prepayments

3,207

7,826

Other debtors

-

10,679

 

587,296

750,905

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

52,658

73,221

Trade creditors

 

1,359,719

421,987

Taxation and social security

 

75,059

55,984

Accruals and deferred income

 

6,643

5,337

Other creditors

 

715,626

119,042

 

2,209,705

675,571

Creditors include net obligations under finance lease and hire purchase contracts which are secured on the assets to which they relate.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

466,180

540,967

National Westminster Bank PLC holds a charge over land and premises at York Avenue, Haslingden.

 

Cleanroom Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

449,230

481,502

Hire purchase contracts

16,950

59,465

466,180

540,967

2023
£

2022
£

Current loans and borrowings

Bank borrowings

33,836

35,401

Hire purchase contracts

18,822

37,820

52,658

73,221

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

5,988

-

Later than one year and not later than five years

6,986

-

12,974

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £4,990 (2022 - £Nil).