Registered number: 03305205
CONTRACT CLEANING AND MAINTENANCE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2023
|
CONTRACT CLEANING AND MAINTENANCE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
The directors present their Strategic Report together with the unaudited financial statements of Contract Cleaning and Maintenance Ltd ('the Company') for the year ended 30 June 2023.
Business review and future developments
|
The directors are satisfied with the performance of the Company for the period which is in accordance with expectations.
The directors consider that the Company is entitled to an exemption from the requirement to have an audit under the provisions of S479A of the Companies Act 2006.
The directors do not consider there to be any significant future developments for the following year.
Principal risks and uncertainties
|
The directors consider the principal risks facing the Company to be:
Economic uncertainty
The Company, and the industry it services, have largely understood and put processes in place to deal with the effects that Brexit has had on the UK business environment and labour market, both positive and negative, and is confident that the Company is well placed to manage through these effects.
Management is monitoring the impact of the rising interest rate and inflationary environment that the United Kingdom is currently experiencing. At this stage, the inflationary impact has not had a material impact on these results, nor is it expected to have. The effect of the interest rate increases is limited to the long-term debt and working capital financing facilities. Although there is a financial impact from these rising rates, the management is still comfortable with the current debt levels and the service ability thereof. The Company also remains comfortably within its banks covenant requirements.
Impact of the Russian Forces entering Ukraine
The Company has carried out an assessment of the potential impact of Russian Forces entering Ukraine on the business, including the impact of mitigation measures and uncertainties. There is not an immediate impact on the business, the longer term impact is uncertain.
Financial key performance indicators
|
The business is governed by its mandate to all stakeholders which is governed by its ability to generate a profit. Profitability and turnover therefore remain key indicators of the business for assessment of performance. The turnover and profitability that the entity assesses itself on is that of its subsidiary, Excellerate UK Services Limited, which should be referred to for financial indicators on its separate financial statements
|
CONTRACT CLEANING AND MAINTENANCE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
This report was approved by the board and signed on its behalf.
|
CONTRACT CLEANING AND MAINTENANCE LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CONTRACT CLEANING AND MAINTENANCE LIMITED
FOR THE YEAR ENDED 30 JUNE 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Contract Cleaning and Maintenance Limited for the year ended 30 June 2023 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm 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 https://www.icaew.com /regulation.
This report is made solely to the Board of Directors of Contract Cleaning and Maintenance Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Contract Cleaning and Maintenance Limited and state those matters that we have agreed to state to the Board of Directors of Contract Cleaning and Maintenance Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Contract Cleaning and Maintenance Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Contract Cleaning and Maintenance Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of Contract Cleaning and Maintenance Limited. You consider that Contract Cleaning and Maintenance Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Contract Cleaning and Maintenance 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 statutory financial statements.
Halkin Lerman Davis Limited
Chartered Accountants
Beaumont Chancery
44 Southampton Buildings
London
WC2A 1AP
2 July 2024
|
CONTRACT CLEANING AND MAINTENANCE LIMITED
REGISTERED NUMBER: 03305205
BALANCE SHEET
AS AT 30 JUNE 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTRACT CLEANING AND MAINTENANCE LIMITED
REGISTERED NUMBER: 03305205
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 6 to 12 form part of these financial statements.
|
CONTRACT CLEANING AND MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Contract Cleaning And Maintenance 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.
For the year ended 30th June 2023 (and the previous accounting period) the Company was entitled to exemption from audit under S479A of the Companies Act 2006 relating to subsidiary companies. The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with S476. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting standards and the preparation of records.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
|
|
Financial Reporting Standard 102 - reduced disclosure exemptions
|
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Excellerate Holdings (PVT) Limited as at 30 June 2023 and these financial statements may be obtained from 65 Leonard Street, Shoreditch, London, United Kingdom, EC2A 4QS..
|
|
Exemption from preparing consolidated financial statements
|
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
|
CONTRACT CLEANING AND MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
The Company continues to have financial support of its parent in order to meet its liabilities and ensure its future operations for atleast 12 months from the date of signing.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
|
CONTRACT CLEANING AND MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
|
CONTRACT CLEANING AND MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
The Company only enters into basic financial instrument 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 ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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 the Income Statement.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
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.
|
Judgments in applying accounting policies and key sources of estimation uncertainty
|
Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year.
Key sources of estimation uncertainty
The directors do not consider there to be any key sources of estimation uncertainty.
|
CONTRACT CLEANING AND MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
|
The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).
|
|
The average monthly number of employees, including directors, during the year was 0 (2022 - 0).
|
|
|
Investments in subsidiary companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following was a subsidiary undertaking of the Company:
|
|
|
|
|
|
Excellerate UK Services Ltd
|
65 Leonard Street, Shoreditch, London, United Kingdom, EC2A 4QS
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
CONTRACT CLEANING AND MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
430,001 (2022 - 430,001) A Ordinary shares shares of £0.000005 each
|
|
|
|
|
430,001 (2022 - 430,001) B Ordinary shares shares of £0.000005 each
|
|
|
|
|
7,287 (2022 - 7,287) Ordinary shares shares of £0.000100 each
|
|
|
|
|
108,759 (2022 - 108,759) Growth shares shares of £0.000100 each
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The A ordinary shares carry full voting rights, no right to participate in a return of capital and a limited right to dividends which ranks behind the B ordinary shares and ordinary shares.
The B ordinary shares carry the right to participate in a return of capital and rights to dividends and rank equally with the ordinary shares in this regard, but no voting rights.
The ordinary shares carry full voting rights (pari-passu with the A ordinary shares), the right to participate in a return of capital (pari passu with the B ordinary shares) and a right to dividends (pari passu with the B ordinary shares).
The growth shares carry no voting rights, rights to participate in dividends and limited rights to participate in a return of a capital.
|
|
CONTRACT CLEANING AND MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Share premium account
This reserve represents the amount above the nominal value received for issued share capital, less transaction costs.
Profit and loss account
This account represents the cumulative profits and losses of the Company.
|
Related party transactions
|
|
The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 33, from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.
|
|
Post balance sheet events
|
There have been no significant events affecting the Company since the year end.
The immediate parent company is Excellerate Services UK Ltd, a company registered in the United Kingdom.
The ultimate parent company is Excellerate Holdings Ltd, a company incorporated in South Africa.
Excellerate Holdings (PVT) Ltd is the parent undertaking of the smallest group of undertaking to consolidate these financial statements at 30 June 2023. The consolidated financial statements of Excellerate Holdings (PVT) Ltd can be obtained at its registered office at 65 Leonard Street, Shoreditch, London, United Kingdom, EC2A 4QS.
Excellerate Holdings Limited is the parent undertaking of the largest group of undertakings to consolidate these financial statements at 30 June 2023. The consolidated financial statements of Excellerate Holdings Limited can be obtained at its registered office at 3A Summit Road, Hyde Park, Randburg, 2196, South Africa.
|
|