Company Registration No. SC506587 (Scotland)
Clover Tool Europe Limited
Unaudited accounts
for the year ended 31 December 2023
Clover Tool Europe Limited
Unaudited accounts
Contents
Clover Tool Europe Limited
Company Information
for the year ended 31 December 2023
Directors
Johnny Ray Russell Jr
Andrew Colquhoun Downs
Secretary
Peterkins Solicitors
Company Number
SC506587 (Scotland)
Registered Office
Unit 1-4 Piper Alpha Centre
Badentoy Place
Portlethen
Aberdeenshire
AB12 4YF
Accountants
Granite Accountants (Aberdeen) Limited
199 Westburn Road
Aberdeen
AB25 2QE
Clover Tool Europe Limited
Statement of financial position
as at 31 December 2023
Tangible assets
170,766
91,637
Cash at bank and in hand
275,517
77,206
Creditors: amounts falling due within one year
(461,089)
(371,699)
Net current assets
247,685
52,438
Total assets less current liabilities
418,451
144,075
Creditors: amounts falling due after more than one year
(15,833)
(25,833)
Provisions for liabilities
Deferred tax
(38,306)
(13,790)
Other provisions
(20,000)
(15,000)
Called up share capital
100
100
Profit and loss account
344,212
89,352
Shareholders' funds
344,312
89,452
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by
Andrew Colquhoun Downs
Director
Company Registration No. SC506587
Clover Tool Europe Limited
Notes to the Accounts
for the year ended 31 December 2023
Clover Tool Europe Limited is a private company, limited by shares, registered in Scotland, registration number SC506587. The registered office is Unit 1-4 Piper Alpha Centre, Badentoy Place, Portlethen, Aberdeenshire, AB12 4YF.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the accounts.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% straight line
Plant & machinery
25% straight line
Motor vehicles
25% straight line
Computer equipment
25% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Clover Tool Europe Limited
Notes to the Accounts
for the year ended 31 December 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2023
35,329
201,365
31,428
15,320
283,442
Additions
2,202
70,284
51,935
717
125,138
Disposals
-
(1,036)
-
-
(1,036)
At 31 December 2023
37,531
270,613
83,363
16,037
407,544
At 1 January 2023
16,269
132,912
28,293
14,331
191,805
Charge for the year
3,717
37,145
4,321
699
45,882
On disposals
-
(909)
-
-
(909)
At 31 December 2023
19,986
169,148
32,614
15,030
236,778
At 31 December 2023
17,545
101,465
50,749
1,007
170,766
At 31 December 2022
19,060
68,453
3,135
989
91,637
Clover Tool Europe Limited
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
Trade debtors
294,175
208,242
Accrued income and prepayments
42,653
85,247
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
-
2,511
Trade creditors
42,691
95,306
Taxes and social security
62,844
11,202
Loans from directors
-
12,353
Amounts due in relation to invoice financing are secured by a floating charge over the whole of the property and undertaking of the company. The amount due at the balance sheet date was nil.
7
Creditors: amounts falling due after more than one year
2023
2022
8
Operating lease commitments
2023
2022
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
83,196
73,542
Later than one year and not later than five years
145,071
144,375
Later than five years
1,566
-
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Amounts advanced to directors, which are reported in Other debtors, are unsecured, interest free and repayable on demand.
Clover Tool Europe Limited
Notes to the Accounts
for the year ended 31 December 2023
10
Transactions with related parties
Clover Tool Co Inc. is a company that was under common control during the year.
During the year the company sold goods and services amounting to £3,199 (2022: £0) to Clover Tool Co Inc.. These were sold on an arms length basis. £0 (2022: £0) was due to the company at the year end.
During the year the company purchased goods and services amounting to £24,765 (2022: £39,056) from Clover Tool Co Inc.. These were purchased on an arms length basis. £1,313 (2022: £5,373) was due from the company at the year end.
11
Average number of employees
During the year the average number of employees was 5 (2022: 3).