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REGISTERED NUMBER: 00635803 (England and Wales)















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: S C V Greaves





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





Registered number: 00635803 (England and Wales)





Auditors: Cooper Parry Group Limited
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:





S C V Greaves - Director


31 July 2024

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
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 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:





S C V Greaves - Director


31 July 2024

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.




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 GROUP LIMITED (REGISTERED NUMBER: 00635803)

Statement of Comprehensive
Income
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 ) (4,035,524 )
(56,945 ) (530,609 )

Other operating income 810,969 732,937
754,024 202,328

Interest receivable and similar income 1,123 -
755,147 202,328

Interest payable and similar expenses 5 (100,123 ) (56,542 )
Profit before taxation 6 655,024 145,786

Tax on profit 7 (100,499 ) (27,818 )
Profit for the financial year 554,525 117,968

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 554,525 117,968

CLEENOL GROUP LIMITED (REGISTERED NUMBER: 00635803)

Balance Sheet
31 October 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 9 - -
Tangible assets 10 2,102,063 2,218,129
Investments 11 98 98
2,102,161 2,218,227

Current assets
Stocks 12 1,392,651 1,410,498
Debtors 13 2,386,008 2,379,585
Cash at bank and in hand 109,691 39,466
3,888,350 3,829,549
Creditors
Amounts falling due within one year 14 2,614,097 2,683,495
Net current assets 1,274,253 1,146,054
Total assets less current liabilities 3,376,414 3,364,281

Creditors
Amounts falling due after more than one
year

15

(547,909

)

(602,114

)

Provisions for liabilities 18 (517,219 ) (414,406 )
Net assets 2,311,286 2,347,761

Capital and reserves
Called up share capital 19 500,000 500,000
Revaluation reserve 20 925,480 925,480
Retained earnings 20 885,806 922,281
Shareholders' funds 2,311,286 2,347,761

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 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 500,000 1,189,313 925,480 2,614,793

Changes in equity
Dividends - (385,000 ) - (385,000 )
Total comprehensive income - 117,968 - 117,968
Balance at 31 October 2022 500,000 922,281 925,480 2,347,761

Changes in equity
Dividends - (591,000 ) - (591,000 )
Total comprehensive income - 554,525 - 554,525
Balance at 31 October 2023 500,000 885,806 925,480 2,311,286

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 1 955,887 388,218
Interest paid (95,283 ) (53,425 )
Interest element of hire purchase payments
paid

(232

)

(829

)
Finance costs paid (4,608 ) (2,288 )
Tax paid (39,279 ) (149,243 )
Net cash from operating activities 816,485 182,433

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 56,525 (141,971 )
New loans in year - 700,000
Capital repayments in year (2,320 ) (13,698 )
Equity dividends paid (591,000 ) (385,000 )
Net cash from financing activities (536,795 ) 159,331

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 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 655,024 145,786
Depreciation charges 161,393 177,759
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 17,847 (10,282 )
Increase in trade and other debtors (287,970 ) (142,986 )
Increase in trade and other creditors 202,213 107,209
Cash generated from operations 955,887 388,218

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 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 ) 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 (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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company 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.

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 evenly over its estimated useful life of four years.

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
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

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 11,241,254 10,136,209
Ireland 476,069 189,560
Rest or 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

5. 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 4,608 2,288
100,123 56,542

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 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

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

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 655,024 145,786
Profit multiplied by the standard rate of corporation tax in the UK of
22.518% (2022 - 19%)

147,498

27,699

Effects of:
Expenses not deductible for tax purposes 7,214 6,183
Depreciation in excess of capital allowances 22,481 5,397
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 591,000 385,000

9. Intangible fixed assets
Licences,
Trade Mark
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 - - - -

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 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

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 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

11. Fixed asset investments
Shares in
group
undertakings
£
Cost
At 1 November 2022
and 31 October 2023 98
Net book value
At 31 October 2023 98
At 31 October 2022 98

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

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 2,043,194 1,862,884
Amounts owed by group undertakings 37,579 272,338
Other debtors 2,864 5,400
Prepayments and accrued income 302,371 238,963
2,386,008 2,379,585

14. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts (see note 16) 742,713 907,974
Hire purchase contracts (see note 17) - 2,320
Trade creditors 1,178,149 1,165,542
Amounts owed to group undertakings 98 98
Corporation tax 143,898 77,722
Social security and other taxes 253,172 266,911
Other creditors 20,206 12,400
Accrued expenses 275,861 250,528
2,614,097 2,683,495

15. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans (see note 16) 528,709 582,914
Preference shares (see note 16) 19,200 19,200
547,909 602,114

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 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

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 351,822 406,027

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: £ £
19,200 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 - 2,320

18. Provisions for liabilities
2023 2022
£ £
Deferred tax 61,120 66,687
Dilapidation provisions 456,099 347,719
517,219 414,406

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 66,687
Provided during year (5,567 )
Balance at 31 October 2023 61,120

19. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
500,000 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.