REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements |
for the Year Ended 31 October 2023 |
for |
CLEENOL GROUP LIMITED |
REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements |
for the Year Ended 31 October 2023 |
for |
CLEENOL GROUP LIMITED |
CLEENOL GROUP LIMITED (REGISTERED NUMBER: 00635803) |
Contents of the Financial Statements |
for the year ended 31 October 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 15 |
CLEENOL GROUP LIMITED |
Company Information |
for the year ended 31 October 2023 |
Director: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
CLEENOL GROUP LIMITED (REGISTERED NUMBER: 00635803) |
Strategic Report |
for the year ended 31 October 2023 |
The director presents his strategic report for the year ended 31 October 2023. |
Review of business |
The principal activity of Cleenol Group Limited ("Cleenol") 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 company's financial position at the end of the year end was as follows: |
Net Current Assets of £1.27m (2022 £1.15m) and net assets of £2.3m (2022 £2.3m). For the year ended 31 October 2023 the company made a profit before tax of £0.65m (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 | 655,024 | 145,786 | 100,604 | 1,128,211 |
Add back: |
Depreciation and amortisation | 129,603 | 177,760 | 191,249 | 188,621 |
Interest | 100.123 | 56,542 | 24,860 | 70,314 |
Internal EBITDA | 884,750 | 380,088 | 316,713 | 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 GROUP LIMITED (REGISTERED NUMBER: 00635803) |
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: |
CLEENOL GROUP LIMITED (REGISTERED NUMBER: 00635803) |
Report of the Director |
for the year ended 31 October 2023 |
The director presents his report with the financial statements of the company for the year ended 31 October 2023. |
Principal activity |
The principal activity of the company in the year under review was that of the manufacture and distribution of cleaning materials. |
Dividends |
Dividends totalling £591,000 were paid during the year. |
Director |
Statement of director's responsibilities |
The director is responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company'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: |
Report of the Independent Auditors to the Members of |
Cleenol Group Limited |
Opinion |
We have audited the financial statements of Cleenol Group Limited (the 'company') for the year ended 31 October 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 October 2023 and of its 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 company 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 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 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. |
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 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 Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Cleenol Group Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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 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 company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Cleenol Group 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. |
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. |
Report of the Independent Auditors to the Members of |
Cleenol Group Limited |
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. |
for and on behalf of |
Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
CLEENOL GROUP LIMITED (REGISTERED NUMBER: 00635803) |
Statement of Comprehensive |
Income |
for the year ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover | 3 |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Administrative expenses | ( |
) | ( |
) |
(56,945 | ) | (530,609 | ) |
Other operating income |
754,024 | 202,328 |
Interest receivable and similar income |
755,147 | 202,328 |
Interest payable and similar expenses | 5 | ( |
) | ( |
) |
Profit before taxation | 6 |
Tax on profit | 7 | ( |
) | ( |
) |
Profit for the financial year |
Other comprehensive income |
Revaluation |
Income tax relating to other comprehensive income |
Other comprehensive income for the year, net of income tax |
Total comprehensive income for the year |
CLEENOL GROUP LIMITED (REGISTERED NUMBER: 00635803) |
Balance Sheet |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Current assets |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 14 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
Provisions for liabilities | 18 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 19 |
Revaluation reserve | 20 |
Retained earnings | 20 |
Shareholders' funds |
The financial statements were approved by the director and authorised for issue on |
CLEENOL GROUP LIMITED (REGISTERED NUMBER: 00635803) |
Statement of Changes in Equity |
for the year ended 31 October 2023 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 November 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2022 |
Changes in equity |
Dividends | - | (591,000 | ) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2023 |
CLEENOL GROUP LIMITED (REGISTERED NUMBER: 00635803) |
Cash Flow Statement |
for the year ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Finance costs paid | (4,608 | ) | (2,288 | ) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | 56,525 | (141,971 | ) |
New loans in year | - | 700,000 |
Capital repayments in year | ( |
) | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
(780,064 |
) |
(1,015,437 |
) |
Cash and cash equivalents at end of year | 2 | ( |
) | ( |
) |
CLEENOL GROUP LIMITED (REGISTERED NUMBER: 00635803) |
Notes to the 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 |
Depreciation charges |
Dilapidations provision | 108,380 | 54,190 |
Finance costs | 100,123 | 56,542 |
Finance income | (1,123 | ) | - |
1,023,797 | 434,277 |
Decrease/(increase) in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
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 | ( |
) | ( |
) |
(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 | ( |
) | ( |
) |
(780,064 | ) | (1,015,437 | ) |
CLEENOL GROUP LIMITED (REGISTERED NUMBER: 00635803) |
Notes to the 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 | ) | (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 | (602,114 | ) | 54,205 | (547,909 | ) |
(692,878 | ) | 56,525 | (636,353 | ) |
Total | (1,472,942 | ) | 292,011 | (1,180,931 | ) |
CLEENOL GROUP LIMITED (REGISTERED NUMBER: 00635803) |
Notes to the Financial Statements |
for the year ended 31 October 2023 |
1. | Statutory information |
Cleenol Group Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The company has not prepared group accounts under the exemption provided by Section 405(2) of the Companies Act 2006. The financial statements present information about the company as an individual undertaking and not about its group. |
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. Additions 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 |
Plant and machinery | - |
Motor vehicles | - |
Freehold land and freehold buildings are revalued using the revaluation model. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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. |
CLEENOL GROUP LIMITED (REGISTERED NUMBER: 00635803) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2023 |
2. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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 GROUP LIMITED (REGISTERED NUMBER: 00635803) |
Notes to the 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 company. |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom |
Ireland | 476,069 | 189,560 |
Rest or the world | 599,819 | 1,187,318 |
4. | Employees and directors |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
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 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
5. | Interest payable and similar expenses |
2023 | 2022 |
£ | £ |
Bank loan interest |
Other interest payable |
Hire purchase |
Preference dividend | 4,608 | 2,288 |
CLEENOL GROUP LIMITED (REGISTERED NUMBER: 00635803) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2023 |
6. | Profit before taxation |
The profit is stated after charging: |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Auditors' remuneration |
Foreign exchange differences |
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 |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Deferred tax | (5,567 | ) | (11,461 | ) |
R&D relief claimed in respect of pior years | (71,127 | ) | - |
Total tax charge | 100,499 | 27,818 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31 October 2023. |
CLEENOL GROUP LIMITED (REGISTERED NUMBER: 00635803) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2023 |
7. | Taxation - continued |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation |
8. | Dividends |
2023 | 2022 |
£ | £ |
Ordinary shares of 1 each |
Final |
9. | Intangible fixed assets |
Licences, |
Trade Mark |
and | Computer |
Goodwill | Know-how | software | Totals |
£ | £ | £ | £ |
Cost |
At 1 November 2022 |
and 31 October 2023 |
Amortisation |
At 1 November 2022 |
and 31 October 2023 |
Net book value |
At 31 October 2023 |
At 31 October 2022 |
CLEENOL GROUP LIMITED (REGISTERED NUMBER: 00635803) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2023 |
10. | Tangible fixed assets |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost or valuation |
At 1 November 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 October 2023 |
Depreciation |
At 1 November 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 October 2023 |
Net book value |
At 31 October 2023 |
At 31 October 2022 |
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 above 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 December 2020 was performed by an independent valuer who is appropriately qualified in business property valuations. |
CLEENOL GROUP LIMITED (REGISTERED NUMBER: 00635803) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2023 |
10. | Tangible fixed assets - continued |
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 |
Depreciation |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
Net book value |
At 31 October 2023 |
At 31 October 2022 |
11. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 November 2022 |
and 31 October 2023 |
Net book value |
At 31 October 2023 |
At 31 October 2022 |
12. | Stocks |
2023 | 2022 |
£ | £ |
Raw materials |
Finished goods |
CLEENOL GROUP LIMITED (REGISTERED NUMBER: 00635803) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2023 |
13. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
14. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Hire purchase contracts (see note 17) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
15. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans (see note 16) |
Preference shares (see note 16) |
16. | Loans |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
CLEENOL GROUP LIMITED (REGISTERED NUMBER: 00635803) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2023 |
16. | Loans - continued |
2023 | 2022 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Preference shares | 19,200 | 19,200 |
The total balance of the loans, which are repayable by instalments, at 31 October 2023 was £617,153 (2022: £671,357). At the year end, bank loans comprised 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: | £ | £ |
12% Cumulative Preference | 1 | 19,200 | 19,200 |
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. |
17. | Leasing agreements |
Minimum lease payments under hire purchase fall due as follows: |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
18. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax | 61,120 | 66,687 |
Dilapidation provisions | 456,099 | 347,719 |
CLEENOL GROUP LIMITED (REGISTERED NUMBER: 00635803) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2023 |
18. | Provisions for liabilities - continued |
Deferred tax |
£ |
Balance at 1 November 2022 |
Provided during year | ( |
) |
Balance at 31 October 2023 |
19. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 500,000 | 500,000 |
20. | Reserves |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 November 2022 | 922,281 | 925,480 | 1,847,761 |
Profit for the year | 554,525 | 554,525 |
Dividends | (591,000 | ) | (591,000 | ) |
At 31 October 2023 | 885,806 | 925,480 | 1,811,286 |
21. | Ultimate parent company |
Cleenol Holdings Limited is regarded by the director as being the company's ultimate parent company. |
22. | Related party disclosures |
Control |
During the current and preceding financial year, the company was under the control of Cleenol Holdings Limited, a company controlled by S C V Greaves. |