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Registered number: 11042009
Cladtech Associates Limited
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 March 2024
LK & Associates Limited
Contents
Page
Company Information 1
Directors' Report 2
Accountant's Report 3
Statement of Income and Retained Earnings 4
Balance Sheet 5
Notes to the Financial Statements 6—8
Page 1
Company Information
Directors S Kelly
L S Gray
Company Number 11042009
Registered Office The Hub
Fowler Avenue
Farnborough
Hampshire
GU14 7JP
Accountants LK & Associates Limited
ICAEW Chartered Accountants
2a High Street
Thames Ditton
KT7 0RY
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Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2024.
Directors
The directors who held office during the year were as follows:
S Kelly
L S Gray
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' 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 the 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;
  • 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
S Kelly
Director
22/08/2024
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Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Cladtech Associates Limited for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Cladtech Associates Limited for the year ended 31 March 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Cladtech Associates Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Cladtech Associates Limited and state those matters that we have agreed to state to the directors of Cladtech Associates Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cladtech Associates Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Cladtech Associates Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Cladtech Associates Limited . You consider that Cladtech Associates Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Cladtech Associates Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
LK & Associates Ltd
01/07/2024
LK & Associates Limited
ICAEW Chartered Accountants
2a High Street
Thames Ditton
KT7 0RY
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Statement of Income and Retained Earnings
2024 2023
Notes £ £
TURNOVER 1,920,877 2,216,724
Cost of sales (115,290 ) (121,084 )
GROSS PROFIT 1,805,587 2,095,640
Administrative expenses (1,126,433 ) (1,240,665 )
OPERATING PROFIT 679,154 854,975
Other interest receivable and similar income 2,463 845
Interest payable and similar charges (282 ) (305 )
PROFIT BEFORE TAXATION 681,335 855,515
Tax on Profit (171,599 ) (162,787 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 509,736 692,728
RETAINED EARNINGS
As at 1 April 2023 383,142 237,310
Dividends paid (539,149) (546,896)
As at 31 March 2024 353,729 383,142
The notes on pages 6 to 8 form part of these financial statements.
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Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 2,526 2,014
Tangible Assets 5 6,123 5,849
8,649 7,863
CURRENT ASSETS
Debtors 6 543,475 535,724
Cash at bank and in hand 240,076 369,095
783,551 904,819
Creditors: Amounts Falling Due Within One Year 7 (438,171 ) (529,240 )
NET CURRENT ASSETS (LIABILITIES) 345,380 375,579
TOTAL ASSETS LESS CURRENT LIABILITIES 354,029 383,442
NET ASSETS 354,029 383,442
CAPITAL AND RESERVES
Called up share capital 8 300 300
Profit and Loss Account 353,729 383,142
SHAREHOLDERS' FUNDS 354,029 383,442
For the year ending 31 March 2024 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 in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
S Kelly
Director
22/08/2024
The notes on pages 6 to 8 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Cladtech Associates Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11042009 . The registered office is The Hub, Fowler Avenue, Farnborough, Hampshire, GU14 7JP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are website development. Website development is amortised to profit and loss account over its estimated economic life of 4 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% reducing balance
Computer Equipment 33.33% straight line
2.5. Foreign Currencies
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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 12)
11 12
4. Intangible Assets
Other
£
Cost
As at 1 April 2023 2,685
Additions 1,262
As at 31 March 2024 3,947
Amortisation
As at 1 April 2023 671
Provided during the period 750
As at 31 March 2024 1,421
Net Book Value
As at 31 March 2024 2,526
As at 1 April 2023 2,014
5. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 April 2023 31,951
Additions 4,364
As at 31 March 2024 36,315
Depreciation
As at 1 April 2023 26,102
Provided during the period 4,090
As at 31 March 2024 30,192
Net Book Value
As at 31 March 2024 6,123
As at 1 April 2023 5,849
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 467,375 484,277
Other debtors 76,100 51,447
543,475 535,724
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 96,909 80,071
Other creditors 134,561 240,482
Taxation and social security 206,701 208,687
438,171 529,240
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 300 300
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