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Registration number: 01789689

Clear Flow Ducting Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 December 2023

 

Clear Flow Ducting Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Clear Flow Ducting Limited

(Registration number: 01789689)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

40,268

33,044

Current assets

 

Stocks

5

13,915

12,650

Debtors

6

77,348

60,391

Cash at bank and in hand

 

159,949

113,944

 

251,212

186,985

Creditors: Amounts falling due within one year

7

(142,412)

(139,337)

Net current assets

 

108,800

47,648

Total assets less current liabilities

 

149,068

80,692

Creditors: Amounts falling due after more than one year

7

(18,619)

(26,565)

Provisions for liabilities

(6,051)

(2,859)

Net assets

 

124,398

51,268

Capital and reserves

 

Called up share capital

500

500

Profit and loss account

123,898

50,768

Shareholders' funds

 

124,398

51,268

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 13 September 2024 and signed on its behalf by:
 

 

Clear Flow Ducting Limited

(Registration number: 01789689)
Statement of Financial Position as at 31 December 2023

.........................................
Mrs E Smith
Company secretary and director

 

Clear Flow Ducting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. United Kingdom.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure. This includes the government's Coronavirus Job Retention Scheme grant. The company has not directly benefited from any other forms of government assistance.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Clear Flow Ducting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance and 10% straight line

Motor vehicles

25% reducing balance

Stocks

Stocks are stated at cost and represent the estimated value of consumables used by the company in the course of its service provision, held at the year end. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced and the impairment loss is recognised immediately in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

 

Clear Flow Ducting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2022 - 19).

 

Clear Flow Ducting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

17,860

3,488

48,532

69,880

Additions

-

1,150

17,310

18,460

At 31 December 2023

17,860

4,638

65,842

88,340

Depreciation

At 1 January 2023

4,266

3,453

29,117

36,836

Charge for the year

1,758

295

9,183

11,236

At 31 December 2023

6,024

3,748

38,300

48,072

Carrying amount

At 31 December 2023

11,836

890

27,542

40,268

At 31 December 2022

13,594

35

19,415

33,044

5

Stocks

2023
£

2022
£

Raw materials and consumables

13,915

12,650

6

Debtors

2023
£

2022
£

Trade debtors

75,481

56,877

Other debtors

1,250

2,158

Prepayments

617

1,356

77,348

60,391

 

Clear Flow Ducting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

8

7,945

10,210

Trade creditors

 

19,917

11,892

Taxation and social security

 

104,837

76,610

Accruals and deferred income

 

4,963

4,763

Other creditors

 

4,750

35,862

 

142,412

139,337

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

8

18,619

26,565

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

18,619

26,565

2023
£

2022
£

Current loans and borrowings

Bank borrowings

7,945

10,210

9

Related party transactions

The directors have given personal guarantees in respect of a bank loan taken out by the company.