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Registration number: 07041939

Clearvac International Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Clearvac International Limited
(Registration number: 07041939)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Clearvac International Limited
(Registration number: 07041939)

Company Information

Directors

Mr Roger Flynn

Mr Martyn Fisher

Mr David Salter

Mr Neil Jones

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Clearvac International Limited
(Registration number: 07041939)

Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

452

679

Tangible assets

5

11,630

18,332

Investments

64,603

64,604

 

76,685

83,615

Current assets

 

Stocks

7

144,700

48,395

Debtors

8

1,052,518

1,231,292

Cash at bank and in hand

 

218,680

177,389

 

1,415,898

1,457,076

Creditors: Amounts falling due within one year

9

(428,833)

(371,825)

Net current assets

 

987,065

1,085,251

Total assets less current liabilities

 

1,063,750

1,168,866

Creditors: Amounts falling due after more than one year

9

(1,588)

(5,568)

Provisions for liabilities

(1,751)

(4,311)

Net assets

 

1,060,411

1,158,987

Capital and reserves

 

Called up share capital

1,378

1,378

Share premium reserve

32,619

32,619

Capital redemption reserve

102

102

Profit and loss account

1,026,312

1,124,888

Total equity

 

1,060,411

1,158,987

For the financial year ending 30 September 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.

 

Clearvac International Limited
(Registration number: 07041939)

Balance Sheet as at 30 September 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 18 March 2024 and signed on its behalf by:
 

.........................................
Mr Martyn Fisher
Director

 

Clearvac International Limited
(Registration number: 07041939)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

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.

Group accounts not prepared

The company is part of a small group. The parent company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

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.

 

Clearvac International Limited
(Registration number: 07041939)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Deferred income 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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

20 % straight line

Fixtures fittings & equipment

20 % straight line

Motor vehicles

25 % straight line

Computer equipment

33.33 % straight line

Plant and machinery held as lessor under operating leases

10 % straight line

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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Clearvac International Limited
(Registration number: 07041939)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 % straight line

Patents

10 % straight line

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.

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.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

 

Clearvac International Limited
(Registration number: 07041939)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments received under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 11 (2022 - 10).

 

Clearvac International Limited
(Registration number: 07041939)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 October 2022

100,000

2,268

102,268

At 30 September 2023

100,000

2,268

102,268

Amortisation

At 1 October 2022

100,000

1,589

101,589

Amortisation charge

-

227

227

At 30 September 2023

100,000

1,816

101,816

Carrying amount

At 30 September 2023

-

452

452

At 30 September 2022

-

679

679

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2022

22,689

74,394

50,850

147,933

Additions

2,063

-

1,885

3,948

Disposals

(9,370)

-

(13,018)

(22,388)

At 30 September 2023

15,382

74,394

39,717

129,493

Depreciation

At 1 October 2022

20,148

67,313

42,140

129,601

Charge for the year

1,197

4,249

4,430

9,876

Eliminated on disposal

(9,370)

-

(12,244)

(21,614)

At 30 September 2023

11,975

71,562

34,326

117,863

Carrying amount

At 30 September 2023

3,407

2,832

5,391

11,630

At 30 September 2022

2,541

7,081

8,710

18,332

 

Clearvac International Limited
(Registration number: 07041939)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

58,122

58,123

Investments in associates

6,481

6,481

64,603

64,604

Subsidiaries

£

Cost or valuation

At 1 October 2022

58,123

Disposals

(1)

At 30 September 2023

58,122

Carrying amount

At 30 September 2023

58,122

At 30 September 2022

58,123

Associates

£

Cost

At 1 October 2022

6,481

Additions

-

Disposals

-

At 30 September 2023

6,481

Carrying amount

At 30 September 2023

6,481

At 30 September 2022

6,481

7

Stocks

2023
£

2022
£

Other stocks

144,700

48,395

 

Clearvac International Limited
(Registration number: 07041939)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Debtors

2023
£

2022
£

Trade debtors

210,448

421,812

Amounts owed by group undertakings and undertakings in which the company has a participating interest

435,763

516,243

Other debtors

309,831

289,857

Prepayments and accrued income

96,476

3,380

Total current trade and other debtors

1,052,518

1,231,292

 

Clearvac International Limited
(Registration number: 07041939)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

9

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

4,303

13,161

Trade creditors

 

135,183

289,908

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

9,753

8,097

Taxation and social security

 

13,728

16,304

Other creditors

 

15,494

18,874

Accrued expenses

 

250,372

25,481

 

428,833

371,825

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

1,588

5,568

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Finance lease and hire purchase liabilities

4,303

13,161

2023
£

2022
£

Non-current loans and borrowings

Finance lease and hire purchase liabilities

1,588

5,568


Security and restricted title
Finance lease and hire purchase liabilities are secured over the assets to which they relate.

 

Clearvac International Limited
(Registration number: 07041939)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The company, together with the group's other UK subsidiaries, has provided an unlimited guarantee for the bank borrowings of the parent company. The bank borrowings of the parent company at the year end stand at £275,000 (2022: £375,000). The amount the company expects to pay in respect of this guarantee is £nil (2022: £nil).

12

Related party transactions

Interest is charged on directors' loans at the average official rate.

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Director 1 - interest bearing loan, repayable on demand

94,337

15,365

(13,316)

96,386

Director 2 - interest bearing loan, repayable on demand

2,092

44

-

2,136

Director 3 - interest bearing loan, repayable on demand

988

-

(988)

-

 

97,417

15,409

(14,304)

98,522

       

 

2022

At 1 October 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

Director 1 - interest bearing loan, repayable on demand

87,272

7,065

-

94,337

Director 2 - interest bearing loan, repayable on demand

2,051

41

-

2,092

Director 3 - interest bearing loan, repayable on demand

969

19

-

988

 

90,292

7,125

-

97,417