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REGISTERED NUMBER: 02788430 (England and Wales)















Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31st December 2023

for

CLIMATEC WINDOWS LIMITED

CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430)

Contents of the Financial Statements
for the year ended 31st December 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Profit and Loss Account 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


CLIMATEC WINDOWS LIMITED

Company Information
for the year ended 31st December 2023







DIRECTORS: Mr J P Bates
Mr S P Muskett





SECRETARY: Mr S P Barker





REGISTERED OFFICE: Monometer House
Rectory Grove
Leigh-on-Sea
Essex
SS9 2HL





REGISTERED NUMBER: 02788430 (England and Wales)





AUDITORS: Barrons Limited
Chartered Accountants
& Statutory Auditors
Monometer House
Rectory Grove
Leigh on Sea
Essex
SS9 2HN

CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430)

Strategic Report
for the year ended 31st December 2023


The directors present their strategic report for the year ended 31st December 2023.

Business Review
2023 again proved to be a profitable year with an increase in both turnover and profitability despite the negative economic climate and a general decline in our sector where we saw a number of window manufacturing companies ceasing to trade.

However, the knock on effect of the demise of these companies inevitably meant less competition and in turn additional work in the marketplace which we have been fortunate enough to pick up a share of.

We have also retained our strong loyal customer base and have also kept the existing contracts that we had in place last year as well as adding additional contracts to our portfolio which all positively impacted our figures.

No doubt our operating costs have risen in 2023 partly due to the increase in turnover but also that prices globally have spiralled, however by closely monitoring our expenditure with monthly reviews of our management figures we have managed to keep these under control which has allowed us to remain competitively priced without the need to implement any price increases.

Also, having a good set up with the latest machinery and a knowledgeable workforce allows us to offer a range of high-quality products which is one of our core objectives and major selling points and is certainly what our customers are looking for.

Principle Risks & Uncertainties
The main concern moving forward has to be the hiring and retention of staff which can at times become problematic mainly due to the location of our business in the Southeast and the competitive nature of the local job market.

The economy and the current political uncertainty must raise some concerns with the increase in interest rates and the fluctuating costs in energy etc, although fortunately we have yet to see a major impact of this on our business but is something that we should certainly be mindful of.

Lead times although much improved from what they were still do cause us issues and we are fully aware of what the impact of a major world event could have on our supply chain.

The impact of government taxation and regulations and the effect that this has on both cash-flow and profitability does leave an air of uneasiness as to future legislation having seen recent increases for example in corporation tax and mandatory living wage.

Key Performance Indicators
2023 saw an increase in turnover of just short of £1.5 million or 9.5% whilst profitability was up on the 2022 figure by £56k which equates to just short of 9%.

However, adversely, there was an increase in our direct labour costs up to 19.97% from the 19.24% reported last year and albeit very small, there was also a rise in our stock usage, up to 56% of turnover, an increase of 0.19%.

Other Information and Explanations

Future Outlook
We believe that Climatec Windows are in a strong position moving forward based upon our current customer base, the contracts we have in place, and the continued levels of orders that we continue to receive.

We have leased new premises as a means of being able to hopefully deal with an increase in capacity should the need arise. We are also investing in new plant and machinery with the aim to expand the business further.


CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430)

Strategic Report
for the year ended 31st December 2023

There are obviously some concerns as mentioned previously about the ability to recruit labour and the current economic climate. However, providing that we monitor and can react to any adverse market conditions that may arise, then moving forward, the business looks to be in a positive position.

Whether the levels of turnover and profitability will meet this year's heights remains to be seen. However we are quietly confident that 2024 will again prove to be a decent trading year for us.

ON BEHALF OF THE BOARD:





Mr S P Muskett - Director


6th August 2024

CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430)

Report of the Directors
for the year ended 31st December 2023


The directors present their report with the financial statements of the company for the year ended 31st December 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31st December 2023 will be £ 168,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

Mr J P Bates
Mr S P Muskett

Other changes in directors holding office are as follows:

Mr S P Barker ceased to be a director after 31st December 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

- select suitable accounting policies and then apply them consistently
- make judgments and accounting estimates that are reasonable and prudent
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements
- prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the company will continue in business

The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 directors are 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 each director 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.

CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430)

Report of the Directors
for the year ended 31st December 2023


AUDITORS
The auditors, Barrons Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr S P Muskett - Director


6th August 2024

Report of the Independent Auditors to the Members of
Climatec Windows Limited


Opinion
We have audited the financial statements of Climatec Windows Limited (the 'company') for the year ended 31st December 2023 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 31st December 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Climatec Windows 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 Directors.

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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Climatec Windows 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:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as considerations as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include operating licence, environmental regulations, health and safety legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of; inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is unavoidable risk that material misstatements may not be detected, even tough the audit has been planned and performed in accordance with ISAs (UK).

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
Climatec Windows 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.




Mark Radford FCCA (Senior Statutory Auditor)
for and on behalf of Barrons Limited
Chartered Accountants
& Statutory Auditors
Monometer House
Rectory Grove
Leigh on Sea
Essex
SS9 2HN

6th August 2024

CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430)

Profit and Loss Account
for the year ended 31st December 2023

2023 2022
Notes £    £    £    £   

TURNOVER 15,604,497 14,135,316

Cost of sales 12,026,007 10,664,907
GROSS PROFIT 3,578,490 3,470,409

Distribution costs 489,602 452,816
Administrative expenses 2,234,462 2,229,629
2,724,064 2,682,445
OPERATING PROFIT 4 854,426 787,964

Interest receivable and similar income 1 -
854,427 787,964

Interest payable and similar expenses 5 23,949 21,329
PROFIT BEFORE TAXATION 830,478 766,635

Tax on profit 6 191,647 184,276
PROFIT FOR THE FINANCIAL YEAR 638,831 582,359

CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430)

Other Comprehensive Income
for the year ended 31st December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 638,831 582,359


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

638,831
Prior year adjustment 79,548
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

661,907

CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430)

Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 700,695 709,417

CURRENT ASSETS
Stocks 9 1,091,562 1,080,910
Debtors 10 4,076,022 4,128,855
Cash at bank and in hand 420,199 140,522
5,587,783 5,350,287
CREDITORS
Amounts falling due within one year 11 2,880,994 3,101,119
NET CURRENT ASSETS 2,706,789 2,249,168
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,407,484

2,958,585

CREDITORS
Amounts falling due after more than one
year

12

(222,012

)

(240,527

)

PROVISIONS FOR LIABILITIES 16 (151,164 ) (154,581 )
NET ASSETS 3,034,308 2,563,477

CAPITAL AND RESERVES
Called up share capital 17 100 100
Retained earnings 18 3,034,208 2,563,377
SHAREHOLDERS' FUNDS 3,034,308 2,563,477

The financial statements were approved by the Board of Directors and authorised for issue on 6th August 2024 and were signed on its behalf by:





Mr S P Muskett - Director


CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430)

Statement of Changes in Equity
for the year ended 31st December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 100 1,991,470 1,991,570
Prior year adjustment - 79,548 79,548
As restated 100 2,071,018 2,071,118

Changes in equity
Dividends - (90,000 ) (90,000 )
Total comprehensive income - 582,359 582,359
Balance at 31st December 2022 100 2,563,377 2,563,477

Changes in equity
Dividends - (168,000 ) (168,000 )
Total comprehensive income - 638,831 638,831
Balance at 31st December 2023 100 3,034,208 3,034,308

CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430)

Notes to the Financial Statements
for the year ended 31st December 2023


1. STATUTORY INFORMATION

Climatec Windows 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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Turnover
The turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before the revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Leasehold land and buildings- 10% Straight Line
Plant and machinery- 15% Reducing Balance
Fixtures and Fittings- 10% Reducing Balance
Computers- 33% Straight Line
Motor Vehicles- 25% Reducing Balance

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430)

Notes to the Financial Statements - continued
for the year ended 31st December 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430)

Notes to the Financial Statements - continued
for the year ended 31st December 2023


2. ACCOUNTING POLICIES - continued

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 4,441,435 3,814,741

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

Directors 4 3
Other staff 140 130
144 133

2023 2022
£    £   
Directors' remuneration 51,156 42,687

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 115,036 135,492
Loss on disposal of fixed assets - 201,315
Auditors' remuneration 14,549 12,300

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 9,720 8,615
Interest on overdue taxation - 1,374
Hire purchase 14,229 11,340
23,949 21,329

CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430)

Notes to the Financial Statements - continued
for the year ended 31st December 2023


6. 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 195,064 158,132

Deferred tax (3,417 ) 26,144
Tax on profit 191,647 184,276

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 830,478 766,635
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

207,620

145,661

Effects of:
Expenses not deductible for tax purposes 535 52
Capital allowances in excess of depreciation (1,242 ) -
Depreciation in excess of capital allowances - 12,420
Effects of movements in pension liability 421 -
Effects of change in tax rates (12,270 ) -
Origination and reversal of timing differences (3,417 ) 26,143
Total tax charge 191,647 184,276

7. DIVIDENDS
2023 2022
£    £   
Interim 168,000 90,000

CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430)

Notes to the Financial Statements - continued
for the year ended 31st December 2023


8. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1st January 2023 193,257 1,132,581 60,071
Additions 22,445 72,432 8,993
Disposals (115,393 ) - -
Impairments - (21,500 ) -
At 31st December 2023 100,309 1,183,513 69,064
DEPRECIATION
At 1st January 2023 154,697 532,035 13,165
Charge for year 8,041 89,657 4,879
Eliminated on disposal (115,393 ) - -
At 31st December 2023 47,345 621,692 18,044
NET BOOK VALUE
At 31st December 2023 52,964 561,821 51,020
At 31st December 2022 38,560 600,546 46,906

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st January 2023 16,757 167,280 1,569,946
Additions 8,275 15,669 127,814
Disposals - (146,369 ) (261,762 )
Impairments - - (21,500 )
At 31st December 2023 25,032 36,580 1,414,498
DEPRECIATION
At 1st January 2023 7,542 153,090 860,529
Charge for year 2,399 10,060 115,036
Eliminated on disposal - (146,369 ) (261,762 )
At 31st December 2023 9,941 16,781 713,803
NET BOOK VALUE
At 31st December 2023 15,091 19,799 700,695
At 31st December 2022 9,215 14,190 709,417

Included above are assets held under hire purchase contracts and finance leases with a total net book value of £336,572 (2022: £413,305) and a total depreciation charge in the year of £55,233 (2022: £44,005).

CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430)

Notes to the Financial Statements - continued
for the year ended 31st December 2023


9. STOCKS
2023 2022
£    £   
Raw materials 1,091,562 1,080,910

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,204,896 2,250,436
Amounts owed by group undertakings 1,313,752 1,266,734
Other debtors 24,905 6,311
Prepayments and accrued income 532,469 605,374
4,076,022 4,128,855

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 13) 55,556 55,556
Hire purchase contracts (see note 14) 91,532 177,711
Trade creditors 1,672,992 1,855,691
Amounts owed to group undertakings 260,565 129,272
Tax 353,196 213,659
Social security and other taxes 136,798 152,129
VAT 115,413 64,871
Other creditors 78,601 78,866
Invoice finance - 334,862
Directors' current accounts - 395
Accruals and deferred income 116,341 38,107
2,880,994 3,101,119

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 13) 46,296 101,852
Hire purchase contracts (see note 14) 175,716 138,675
222,012 240,527

13. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 55,556 55,556

CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430)

Notes to the Financial Statements - continued
for the year ended 31st December 2023


13. LOANS - continued
2023 2022
£    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years 46,296 55,556

Amounts falling due between two and five years:
Bank loans - 2-5 years - 46,296

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 91,532 177,711
Between one and five years 175,716 138,675
267,248 316,386

Non-cancellable operating leases
2023 2022
£    £   
Within one year 195,567 195,567
Between one and five years 449,307 573,294
In more than five years 74,742 144,322
719,616 913,183

15. SECURED DEBTS

Hire purchase contracts are secured against the assets to which they relate.

Invoice discounting and overdraft facilities are secured by way of both fixed and floating charges over the assets of the company.

There is a cross guarantee in place between the company, its parent and all other group undertakings on all borrowings outstanding within the group at the balance sheet date.

The long term loan obtained in 2020 is supported by the Coronavirus Business Interruption Loan Scheme (CBILS) provided by the government.

16. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 151,164 154,581

CLIMATEC WINDOWS LIMITED (REGISTERED NUMBER: 02788430)

Notes to the Financial Statements - continued
for the year ended 31st December 2023


16. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st January 2023 154,581
Accelerated capital allowances (3,417 )
Balance at 31st December 2023 151,164

17. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
100 Share capital 1 £1 100 100

18. RESERVES
Retained
earnings
£   

At 1st January 2023 2,563,377
Profit for the year 638,831
Dividends (168,000 )
At 31st December 2023 3,034,208

19. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

20. ULTIMATE PARENT COMPANY

Climatec Group Holdings Limited is the ultimate parent company for the current and preceding year due to its shareholding in the company. Climatec Group Holdings Limited prepares consolidated financial statements and these may be obtained from their registered office at Monometer House, Rectory Grove, Leigh on Sea, Essex, SS9 2HL.