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REGISTERED NUMBER: 01158774 (England and Wales)















Group Strategic Report,

Report of the Director and

Consolidated Financial Statements

for the Year Ended 31 October 2023

for

CLEENOL HOLDINGS LIMITED

CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Contents of the Consolidated Financial Statements
for the year ended 31 October 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


CLEENOL HOLDINGS LIMITED

Company Information
for the year ended 31 October 2023







Director: S C V Greaves





Registered office: Neville House
Beaumont Road
Banbury
Oxfordshire
OX16 1RB





Registered number: 01158774 (England and Wales)





Auditors: Cooper Parry Group Limited
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Group Strategic Report
for the year ended 31 October 2023


The director presents his strategic report of the company and the group for the year ended 31 October 2023.

Review of business
The principal activity of Cleenol Holdings Limited ("Cleenol") and its subsidiary in the year under review was that of the manufacture and distribution of cleaning materials.In 2023/24 Cleenol are celebrating their 75th anniversary.

The group's financial position at the end of the year end was as follows:

Net Current Assets of £1.55m (2022 £1.15m) and net assets of £2.58m (2022 £2.35m). For the year ended 31 October 2023 the group made a profit before tax of £0.66m (2022 £0.15m).

Cleenol's turnover continues to remain stable with an annual increase of 7%. The gradual recovery of the hospitality sector and international business opportunities have supported this growth. Close management of costs and efficiency improvements have resulted in another profitable year despite continued cost increases in the market. Ongoing management of overheads and production efficiency to release Working Capital have resulted in an improved cashflow in the period setting Cleenol in good standing for the future.

The Senior Management Team at Cleenol strongly believe in the market and continue to develop the company's growth goals and objectives. Cleenol hold ISO 14001 and 9001 certification, are a National Living Wage Employer and are progressing towards Bcorp accreditation.

2023 2022 2021 2020
£    £    £    £   

Revenue

12,317,142

11,513,087

11,057,991

17,102,667

Profit before taxation 657,344 145,790 100,620 1,128,211
Add back:
Depreciation and amortisation 161,393 177,760 191,249 188,621

Interest 97,803 56,542 23,633 70,314

Internal EBITDA 916,540 380,092 315,502 1,387,146

Principal risks and uncertainties
Management and the Board regularly review the risks facing the business.

The business is exposed to potential credit related losses in the event of potential failure of customers, particularly in sectors such as Hospitality and Catering. Cleenol mitigate a significant portion of this risk through astute credit control and underwriting selected UK and Overseas customers with a debtor insurance policy.

The business continues to diversify its sales, spreading risk across several market sectors both within the UK and overseas including commencing our first offshore manufacturing partnership. Cleenol's reputation, quality and exceptional customer service continues to allow us to retain and grow our customer base.

We are confident that the coming years will see continued improvement and Cleenol continues to make strong plans for the future.

Employees, social and community
Cleenol continue to implement new policies improving the welfare for all employees including being on track to achieve Bcorp accreditation in 2024.

Cleenol's ongoing commitment to the local community includes supporting Katharine House Hospice, Chipping Norton Theatre and the Thames Valley Air Ambulance as part of our 75th anniversary celebrations.


CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Group Strategic Report
for the year ended 31 October 2023

Future prospects
The Directors and Senior Management Team expect the following year to stabilise after a continued period of economic uncertainty. As the economic impact on the business such as conflict in Eastern Europe, increased energy and fuel charges, increasing raw material and packaging prices appear to be settling price visibility is beginning to return. The Board and Senior Management Team are confident that Cleenol will see stability over the next twelve months.

Profit and Cashflow forecasts have been prepared for the period to October 2024 based on market factors and the Board are confident that the business has sufficient resources to enable it to meet any future challenges and ensure continued success and profitable growth over the coming years.

Administration
Cleenol continue to develop their MRP system to improve both production and warehouse efficiencies to ensure a high quality service is maintained.

On behalf of the board:





S C V Greaves - Director


31 July 2024

CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Report of the Director
for the year ended 31 October 2023


The director presents his report with the financial statements of the company and the group for the year ended 31 October 2023.

Dividends
The company profit after taxation for the year was £593,320. Ordinary dividends totalling £204,000 were paid during the year.

There was a consolidated profit after taxation for the year of £556,845.

Director
S C V Greaves held office during the whole of the period from 1 November 2022 to the date of this report.

Statement of director's responsibilities
The director is responsible for preparing the Group Strategic Report, 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 he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Auditors
The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





S C V Greaves - Director


31 July 2024

Report of the Independent Auditors to the Members of
Cleenol Holdings Limited


Opinion
We have audited the financial statements of Cleenol Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
Cleenol Holdings Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Cleenol Holdings Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to both the company itself and the industry in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our experience and through discussion with the management. The most significant were identified as the Companies Act 2006, UK GAAP (FRS102), GDPR and relevant tax legislation.

We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included: - making enquires of directors and management as to where they consider there to be a susceptibility to fraud and whether they have any knowledge or suspicion of fraud; - obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
- assessing the design effectiveness of the controls in place to prevent and detect fraud;
- assessing the risk of management override of internal controls, including identifying and testing journal entries;
- challenging the assumptions and judgements made by management in its significant accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




G O Style ACA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

31 July 2024

CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Consolidated
Income Statement
for the year ended 31 October 2023

2023 2022
Notes £ £

Turnover 3 12,317,142 11,513,087

Cost of sales (8,543,704 ) (8,008,172 )
Gross profit 3,773,438 3,504,915

Administrative expenses (3,830,383 ) (4,035,520 )
(56,945 ) (530,605 )

Other operating income 810,969 732,937
Operating profit 5 754,024 202,332

Interest receivable and similar income 1,123 -
755,147 202,332

Interest payable and similar expenses 6 (97,803 ) (56,542 )
Profit before taxation 657,344 145,790

Tax on profit 7 (100,499 ) (27,818 )
Profit for the financial year 556,845 117,972
Profit attributable to:
Owners of the parent 556,845 117,972

CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Consolidated
Other Comprehensive Income
for the year ended 31 October 2023

2023 2022
Notes £ £

Profit for the year 556,845 117,972


Other comprehensive income

Income tax relating to other comprehensive
income

-

-
Other comprehensive income for the year,
net of income tax

-

-
Total comprehensive income for the year 556,845 117,972

Total comprehensive income attributable to:
Owners of the parent 556,845 117,972

CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Consolidated Balance Sheet
31 October 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 10 - -
Tangible assets 11 2,102,063 2,218,129
Investments 12 - -
2,102,063 2,218,129

Current assets
Stocks 13 1,392,651 1,410,498
Debtors 14 2,664,938 2,437,613
Cash at bank and in hand 109,691 39,466
4,167,280 3,887,577
Creditors
Amounts falling due within one year 15 2,617,846 2,736,662
Net current assets 1,549,434 1,150,915
Total assets less current liabilities 3,651,497 3,369,044

Creditors
Amounts falling due after more than one
year

16

(551,589

)

(605,794

)

Provisions for liabilities 19 (517,219 ) (414,406 )
Net assets 2,582,689 2,348,844

Capital and reserves
Called up share capital 20 12,569 12,988
Share premium 21 54,948 54,948
Revaluation reserve 21 925,480 925,480
Capital redemption reserve 21 419 -
Treasury shares 21 479,800 479,800
Retained earnings 21 1,109,473 875,628
Shareholders' funds 2,582,689 2,348,844

The financial statements were approved by the director and authorised for issue on 31 July 2024 and were signed by:





S C V Greaves - Director


CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Company Balance Sheet
31 October 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 90,814 90,814
90,814 90,814

Current assets
Debtors 14 316,508 330,364

Creditors
Amounts falling due within one year 15 41,425 325,601
Net current assets 275,083 4,763
Total assets less current liabilities 365,897 95,577

Creditors
Amounts falling due after more than one
year

16

22,880

22,880
Net assets 343,017 72,697

Capital and reserves
Called up share capital 20 12,567 12,986
Share premium 21 54,948 54,948
Capital redemption reserve 21 419 -
Retained earnings 21 275,083 4,763
Shareholders' funds 343,017 72,697

Company's profit for the financial year 593,320 385,000

The financial statements were approved by the director and authorised for issue on 31 July 2024 and were signed by:





S C V Greaves - Director


CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Consolidated Statement of Changes in Equity
for the year ended 31 October 2023

Called up
share Retained Share
capital earnings premium
£ £ £
Balance at 1 November 2021 12,986 1,142,656 54,948

Changes in equity
Issue of share capital 2 - -
Dividends - (385,000 ) -
Total comprehensive income - 117,972 -
Balance at 31 October 2022 12,988 875,628 54,948

Changes in equity
Issue of share capital (419 ) - -
Dividends - (204,000 ) -
Total comprehensive income - 556,845 -
Repurchase of own shares - (119,000 ) -
Balance at 31 October 2023 12,569 1,109,473 54,948
Capital
Revaluation redemption Treasury Total
reserve reserve shares equity
£ £ £ £
Balance at 1 November 2021 925,480 - 479,800 2,615,870

Changes in equity
Issue of share capital - - - 2
Dividends - - - (385,000 )
Total comprehensive income - - - 117,972
Balance at 31 October 2022 925,480 - 479,800 2,348,844

Changes in equity
Issue of share capital - - - (419 )
Dividends - - - (204,000 )
Total comprehensive income - - - 556,845
Repurchase of own shares - 419 - (118,581 )
Balance at 31 October 2023 925,480 419 479,800 2,582,689

CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Company Statement of Changes in Equity
for the year ended 31 October 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£ £ £ £ £
Balance at 1 November 2021 12,986 4,763 54,948 - 72,697

Changes in equity
Dividends - (385,000 ) - - (385,000 )
Total comprehensive income - 385,000 - - 385,000
Balance at 31 October 2022 12,986 4,763 54,948 - 72,697

Changes in equity
Issue of share capital (419 ) - - - (419 )
Dividends - (204,000 ) - - (204,000 )
Total comprehensive income - 593,320 - - 593,320
Repurchase of own shares - (119,000 ) - 419 (118,581 )
Balance at 31 October 2023 12,567 275,083 54,948 419 343,017

CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Consolidated Cash Flow Statement
for the year ended 31 October 2023

2023 2022
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 817,514 330,612
Interest paid (95,283 ) (53,425 )
Interest element of hire purchase payments
paid

(232

)

(829

)
Finance costs paid (2,288 ) (2,288 )
Tax paid (39,890 ) (149,243 )
Net cash from operating activities 679,821 124,827

Cash flows from investing activities
Purchase of tangible fixed assets (46,252 ) (106,391 )
Sale of tangible fixed assets 925 -
Interest received 1,123 -
Net cash from investing activities (44,204 ) (106,391 )

Cash flows from financing activities
Loan repayments in year (54,205 ) (141,971 )
New loans in year - 700,000
Capital repayments in year (2,320 ) (13,698 )
Amount introduced by directors 180,000 385,000
Amount withdrawn by directors (319,606 ) (327,394 )
Share buyback (119,000 ) -
Reduction in loans to related parties 119,000 -
Equity dividends paid (204,000 ) (385,000 )
Net cash from financing activities (400,131 ) 216,937

Increase in cash and cash equivalents 235,486 235,373
Cash and cash equivalents at beginning of
year

2

(780,064

)

(1,015,437

)

Cash and cash equivalents at end of year 2 (544,578 ) (780,064 )

CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 October 2023


1. Reconciliation of profit before taxation to cash generated from operations
2023 2022
£ £
Profit before taxation 657,344 145,790
Depreciation charges 161,393 177,760
Dilapidations provision 108,380 54,190
Finance costs 97,803 56,542
Finance income (1,123 ) -
1,023,797 434,282
Decrease/(increase) in stocks 17,847 (10,282 )
Increase in trade and other debtors (234,139 ) (192,404 )
Increase in trade and other creditors 10,009 99,016
Cash generated from operations 817,514 330,612

2. Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2023
31/10/23 1/11/22
£ £
Cash and cash equivalents 109,691 39,466
Bank overdrafts (654,269 ) (819,530 )
(544,578 ) (780,064 )
Year ended 31 October 2022
31/10/22 1/11/21
£ £
Cash and cash equivalents 39,466 82,318
Bank overdrafts (819,530 ) (1,097,755 )
(780,064 ) (1,015,437 )


CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 October 2023


3. Analysis of changes in net debt

At 1/11/22 Cash flow At 31/10/23
£ £ £
Net cash
Cash at bank and in hand 39,466 70,225 109,691
Bank overdrafts (819,530 ) 165,261 (654,269 )
(780,064 ) 235,486 (544,578 )
Debt
Finance leases (2,320 ) 2,320 -
Debts falling due within 1 year (88,444 ) - (88,444 )
Debts falling due after 1 year (605,794 ) 54,205 (551,589 )
(696,558 ) 56,525 (640,033 )
Total (1,476,622 ) 292,011 (1,184,611 )

CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Notes to the Consolidated Financial Statements
for the year ended 31 October 2023


1. Statutory information

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

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The group financial statements consolidate the accounts of the company and its subsidiary undertaking for the financial year to 31 October 2023.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised over five years with effect from June 2015. An addition to Goodwill, being the amount paid in connection with the acquisition of a business in the financial year, is being amortised over four years from April 2019.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 33% on cost, 25% on cost, 20% on cost and 12.5% on cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis and in the case of work in progress and finished goods includes all direct expenditure and production and other overheads, based on normal levels of activity, incurred in bringing products to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.


CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 October 2023


2. Accounting policies - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments are stated at cost less provision for any diminution in value.

Preference shares
Preference shares that meet the definition of a liability are recognised as a liability on the balance sheet. The corresponding dividends on those shares are recognised as finance costs through the profit and loss account.

CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 October 2023


3. Turnover

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2023 2022
£ £
United Kingdom 11,241,254 10,136,209
Ireland 476,069 189,560
Rest of the world 599,819 1,187,318
12,317,142 11,513,087

4. Employees and directors
2023 2022
£ £
Wages and salaries 1,910,350 1,914,577
Social security costs 187,093 498
Other pension costs 42,389 38,788
2,139,832 1,953,863

The average number of employees during the year was as follows:
2023 2022

Management and office 30 30
Production and warehouse 35 36
Distribution and selling 17 17
82 83

2023 2022
£ £
Directors' remuneration 9,585 23,784
Directors' pension contributions to money purchase schemes 91 170

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 October 2023


5. Operating profit

The operating profit is stated after charging:

2023 2022
£ £
Hire of plant and machinery 43,494 57,989
Depreciation - owned assets 155,537 154,668
Depreciation - assets on hire purchase contracts 5,856 23,092
Auditors' remuneration 15,115 11,325
Foreign exchange differences 1,606 3,238

6. Interest payable and similar expenses
2023 2022
£ £
Bank loan interest 44,860 14,413
Other interest payable 50,423 39,012
Hire purchase 232 829
Preference dividend 2,288 2,288
97,803 56,542

7. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£ £
Current tax:
UK corporation tax 106,066 39,279

Deferred tax (5,567 ) (11,461 )
Tax on profit 100,499 27,818

CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 October 2023


7. Taxation - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£ £
Profit before tax 657,344 145,790
Profit multiplied by the standard rate of corporation tax in the UK of
22.518 % (2022 - 19 %)

148,021

27,700

Effects of:
Expenses not deductible for tax purposes 6,754 6,182
Depreciation in excess of capital allowances 22,418 5,397
Deferred tax (5,567 ) (11,461 )
R&D relief claimed in respect of prior years (71,127 ) -
Total tax charge 100,499 27,818

Tax effects relating to effects of other comprehensive income

2022
Gross Tax Net
£ £ £
Revaluation

8. Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. Dividends
2023 2022
£ £
Ordinary shares of 1 each
Final 204,000 385,000

CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 October 2023


10. Intangible fixed assets

Group
Licences,
Trademark
and Computer
Goodwill Know-how software Totals
£ £ £ £
Cost
At 1 November 2022
and 31 October 2023 824,153 120,000 490,000 1,434,153
Amortisation
At 1 November 2022
and 31 October 2023 824,153 120,000 490,000 1,434,153
Net book value
At 31 October 2023 - - - -
At 31 October 2022 - - - -

11. Tangible fixed assets

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
Cost or valuation
At 1 November 2022 1,770,000 2,124,211 1,175,563 121,395 5,191,169
Additions - 20,565 25,687 - 46,252
Disposals - - - (32,715 ) (32,715 )
At 31 October 2023 1,770,000 2,144,776 1,201,250 88,680 5,204,706
Depreciation
At 1 November 2022 - 1,817,159 1,063,560 92,321 2,973,040
Charge for year - 91,603 62,546 7,244 161,393
Eliminated on disposal - - - (31,790 ) (31,790 )
At 31 October 2023 - 1,908,762 1,126,106 67,775 3,102,643
Net book value
At 31 October 2023 1,770,000 236,014 75,144 20,905 2,102,063
At 31 October 2022 1,770,000 307,052 112,003 29,074 2,218,129

CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 October 2023


11. Tangible fixed assets - continued

Group

Cost or valuation at 31 October 2023 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
Valuation in 2016 100,000 - - - 100,000
Valuation in 2020 420,000 - - - 420,000
Cost 1,250,000 2,144,776 1,201,250 88,680 4,684,706
1,770,000 2,144,776 1,201,250 88,680 5,204,706

The values of cost included in the table below of freehold land and buildings were recognised using a previous professional valuation on an open market basis on 31 October 2012 as a deemed cost on transition to FRS 102. The historic cost of the land was £17,362 and the historic cost equivalent of freehold buildings was £347,358.

The valuation that took place in 2020 was performed by an independent valuer who is appropriately qualified in business property valuations.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£ £ £ £
Cost or valuation
At 1 November 2022
and 31 October 2023 46,848 65,424 61,430 173,702
Depreciation
At 1 November 2022 19,810 45,797 44,195 109,802
Charge for year 5,856 - - 5,856
At 31 October 2023 25,666 45,797 44,195 115,658
Net book value
At 31 October 2023 21,182 19,627 17,235 58,044
At 31 October 2022 27,038 19,627 17,235 63,900

CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 October 2023


12. Fixed asset investments

Company
Shares in
group
undertakings
£
Cost
At 1 November 2022
and 31 October 2023 90,814
Net book value
At 31 October 2023 90,814
At 31 October 2022 90,814

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Cleenol Group Limited
Registered office: Beaumont Road, Banbury, Oxfordshire, OX16 1RB
Nature of business: Manufacture of cleaning products.
%
Class of shares: holding
Ordinary 100.00
2023 2022
£ £
Aggregate capital and reserves 2,305,719 2,347,761
Profit for the year 548,958 117,968


Shareholding

The investment represents shares held in the following subsidiary:

31/10/23 31/10/22
Ordinary shares of £1 each 499,998 499,998
12% Cumulative Preference shares of £1 each 19,200 19,200

The address of the registered office is Beaumont Road, Banbury, Oxfordshire, OX16 1RB.

At 31 October 2023 and 31 October 2022 Cleenol Group Limited held shares in a subsidiary, Cleenol Limited, a dormant company. The investment represents 98 Ordinary shares of £1 each.

CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 October 2023


13. Stocks

Group
2023 2022
£ £
Raw materials 747,070 749,464
Finished goods 645,581 661,034
1,392,651 1,410,498

14. Debtors: amounts falling due within one year

Group Company
2023 2022 2023 2022
£ £ £ £
Trade debtors 2,043,194 1,862,884 - -
Amounts owed by group undertakings 1 2 - -
Other debtors 45,240 54,817 42,376 49,417
Directors' current accounts 274,132 280,947 274,132 280,947
Prepayments and accrued income 302,371 238,963 - -
2,664,938 2,437,613 316,508 330,364

15. Creditors: amounts falling due within one year

Group Company
2023 2022 2023 2022
£ £ £ £
Bank loans and overdrafts (see note 17) 742,713 907,974 - -
Hire purchase contracts (see note 18) - 2,320 - -
Trade creditors 1,178,150 1,165,544 - -
Amounts owed to group undertakings - - 37,578 272,337
Corporation tax 143,898 77,722 - -
Social security and other taxes 253,172 316,328 - 49,417
Other creditors 24,052 16,246 3,847 3,847
Accrued expenses 275,861 250,528 - -
2,617,846 2,736,662 41,425 325,601

16. Creditors: amounts falling due after more than one year

Group Company
2023 2022 2023 2022
£ £ £ £
Bank loans (see note 17) 528,709 582,914 - -
Preference shares (see note 17) 22,880 22,880 22,880 22,880
551,589 605,794 22,880 22,880

CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 October 2023


17. Loans

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£ £ £ £
Amounts falling due within one year or on demand:
Bank overdrafts 654,269 819,530 - -
Bank loans 88,444 88,444 - -
742,713 907,974 - -
Amounts falling due between one and two years:
Bank loans - 1-2 years 176,887 176,887 - -
Amounts falling due between two and five years:
Bank loans - 2-5 years 351,822 406,027 - -
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Preference shares 22,880 22,880 22,880 22,880

The total balance of the loans, which are repayable by instalments, is £617,153 at 31 October 2023 (2022: £671,357).

At the year end, bank loans comprise one loan with a variable interest rate of 2.65% over NatWest base rate. The loan is repayable by June 2032.

The bank loans and overdraft are secured by a first legal charge over the company's freehold property and by a fixed and floating charge over all the assets and undertakings of the company.

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
22,880 10% Cumulative Preference 1 22,880 22,880

Preference shares have priority to any other class of shares on a winding up, in paying to them pari passu the capital paid on such shares and any arrears of the fixed cumulative dividend. They shall not confer the right to any further or other participation in the profits or assets of the company.

Preference shares carry no voting rights.

CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 October 2023


18. Leasing agreements

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£ £
Net obligations repayable:
Within one year - 2,320

19. Provisions for liabilities

Group
2023 2022
£ £
Deferred tax 61,120 66,687

Other provisions 456,099 347,719

Aggregate amounts 517,219 414,406

Group
Deferred tax
£
Balance at 1 November 2022 66,687
Provided during year (5,567 )
Balance at 31 October 2023 61,120

20. Called up share capital

Allotted, issued and fully paid:
2023 2022
£    £   
Ordinary shares of £1 each 5,548 5,548
'A' Ordinary shares of £1 each 1,589 1,589
'B' Ordinary shares of £1 each 1,642 1,642
'C' Ordinary shares of £1 each 2,750 2,750
'D' Ordinary shares of £1 each 519 519
'E' Ordinary shares of £1 each 519 519
'F' Ordinary shares of £1 each - 419
12,567 12,986

On 17 October 2023 the company repurchased and cancelled 419 'F' Ordinary shares for £284 per share.

CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 October 2023


21. Reserves

Group
Retained Share Revaluation
earnings premium reserve
£ £ £

At 1 November 2022 875,628 54,948 925,480
Profit for the year 556,845
Dividends (204,000 )
Repurchase of own shares (119,000 ) - -
At 31 October 2023 1,109,473 54,948 925,480

Group
Capital
redemption Treasury
reserve shares Totals
£ £ £

At 1 November 2022 - 479,800 2,335,856
Profit for the year 556,845
Dividends (204,000 )
Repurchase of own shares 419 - (118,581 )
At 31 October 2023 419 479,800 2,570,120

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£ £ £ £

At 1 November 2022 4,763 54,948 - 59,711
Profit for the year 593,320 593,320
Dividends (204,000 ) (204,000 )
Repurchase of own shares (119,000 ) - 419 (118,581 )
At 31 October 2023 275,083 54,948 419 330,450


CLEENOL HOLDINGS LIMITED (REGISTERED NUMBER: 01158774)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 October 2023


22. Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£ £
S C V Greaves
Balance outstanding at start of year 134,526 317,132
Amounts advanced 319,606 177,394
Amounts repaid (180,000 ) (360,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 274,132 134,526

The loans made to the directors are unsecured and are repayable on demand. There is no interest charged on the loans.

23. Related party disclosures

Control

The company was under the control of S C V Greaves throughout the current and preceding year.

Directors' current accounts

The company was owed £274,132 (2022: £134,526) by S C V Greaves at the end of the year.

Loans with related parties

The company owed H Greaves, a close family member of R and S Greaves, a total of £nil (2022 £3,847) at the end of the year.The company was owed £3,241 (2022: £146,421) by R S Greaves at the end of the year, following the re-puchase of the F shares by the company of the 'F' Ordinary shares from Mr R S Greaves.