Company registration number 02114497 (England and Wales)
CLOOS (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CLOOS (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
CLOOS (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
124,571
51,849
Current assets
Stocks
711,929
1,085,965
Debtors
4
1,880,499
1,044,643
Cash at bank and in hand
377,791
201,645
2,970,219
2,332,253
Creditors: amounts falling due within one year
5
(1,700,947)
(830,659)
Net current assets
1,269,272
1,501,594
Total assets less current liabilities
1,393,843
1,553,443
Creditors: amounts falling due after more than one year
6
(35,998)
(4,101)
Provisions for liabilities
(53,569)
(96,128)
Net assets
1,304,276
1,453,214
Capital and reserves
Called up share capital
1,136,815
1,136,815
Profit and loss reserves
167,461
316,399
Total equity
1,304,276
1,453,214

The notes on pages 2 to 8 form part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 7 August 2024 and are signed on its behalf by:
I Mclaren
Director
Company Registration No. 02114497
CLOOS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Cloos (UK) Limited is a private company limited by shares incorporated in England and Wales.

 

The registered office is Units 28-29, Hollies Park Business Park, Hollies Park Road, Cannock, Staffordshire, United Kingdom, WS11 1DB and the registered number is 02114497.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 

The financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
12.5% reducing balance and 33.33% straight line
Computer equipment
25% reducing balance or over the term of the lease
Motor vehicles
20% reducing balance
CLOOS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

A review of indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments
Basic financial assets

A financial asset or liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

 

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

CLOOS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

CLOOS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Finance leases and hire purchase contracts

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
9
7
CLOOS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
99,499
72,926
-
0
172,425
Additions
50
26,299
86,916
113,265
At 31 December 2023
99,549
99,225
86,916
285,690
Depreciation and impairment
At 1 January 2023
62,960
57,616
-
0
120,576
Depreciation charged in the year
12,738
12,498
15,307
40,543
At 31 December 2023
75,698
70,114
15,307
161,119
Carrying amount
At 31 December 2023
23,851
29,111
71,609
124,571
At 31 December 2022
36,539
15,310
-
0
51,849
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,688,702
962,166
Corporation tax recoverable
25,094
-
0
Other debtors
-
0
15,527
Prepayments and accrued income
166,703
66,950
1,880,499
1,044,643

 

5
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
20,106
7,735
Trade creditors
66,830
58,965
Gross amounts owed to contract customers
-
0
226,985
Amounts owed to group undertakings
929,222
209,388
Corporation tax
-
0
41,689
Other taxation and social security
153,972
161,613
Other creditors
16,156
503
Accruals and deferred income
514,661
123,781
1,700,947
830,659
CLOOS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
35,998
4,101
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Lee Meredith BFP ACA
Statutory Auditor:
Azets Audit Services
8
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
-
50,692
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
123,200
15,439
10
Related party transactions
Transactions with related parties

In accordance with FRS 102 section 33.1A the company has taken advantage of the exemption available not to disclose details of transactions entered into between wholly owned subsidiaries of Carl Cloos Sweisstechnik GmbH.true

CLOOS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
11
Parent company

The immediate parent undertaking at the balance sheet date was Carl Cloos Schweisstechnik GmbH.

 

Carl Cloos Schweisstechnik GmbH is controlled by Estun Automation Co. Limited, a company incorporated in China, there is no deemed ultimate controlling party.

 

The registered office of Estun Automation Co. Limited is No.16 Shuige Road, Jiangning Economic and Technology Zone, Ninjung City, Jiangsu Province, P.R. China.

2023-12-312023-01-01false09 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedS PittnerJ GriggJ KubuI MclarenS A Beechfalsefalse021144972023-01-012023-12-31021144972023-12-31021144972022-12-3102114497core:FurnitureFittings2023-12-3102114497core:ComputerEquipment2023-12-3102114497core:MotorVehicles2023-12-3102114497core:FurnitureFittings2022-12-3102114497core:ComputerEquipment2022-12-3102114497core:MotorVehicles2022-12-3102114497core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3102114497core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3102114497core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3102114497core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3102114497core:CurrentFinancialInstruments2023-12-3102114497core:CurrentFinancialInstruments2022-12-3102114497core:ShareCapital2023-12-3102114497core:ShareCapital2022-12-3102114497core:RetainedEarningsAccumulatedLosses2023-12-3102114497core:RetainedEarningsAccumulatedLosses2022-12-3102114497bus:Director42023-01-012023-12-3102114497core:FurnitureFittings2023-01-012023-12-3102114497core:ComputerEquipment2023-01-012023-12-3102114497core:MotorVehicles2023-01-012023-12-31021144972022-01-012022-12-3102114497core:FurnitureFittings2022-12-3102114497core:ComputerEquipment2022-12-3102114497core:MotorVehicles2022-12-31021144972022-12-3102114497core:Non-currentFinancialInstruments2023-12-3102114497core:Non-currentFinancialInstruments2022-12-3102114497core:CurrentFinancialInstruments12023-12-3102114497core:CurrentFinancialInstruments12022-12-3102114497bus:PrivateLimitedCompanyLtd2023-01-012023-12-3102114497bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102114497bus:FRS1022023-01-012023-12-3102114497bus:Audited2023-01-012023-12-3102114497bus:Director12023-01-012023-12-3102114497bus:Director22023-01-012023-12-3102114497bus:Director32023-01-012023-12-3102114497bus:Director52023-01-012023-12-3102114497bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP