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Registered number: 03847996









Kleen-Tex Industries Limited









Financial statements

Information for filing with the registrar

For the Year Ended 31 May 2024

 
Kleen-Tex Industries Limited
 
 
Company Information


Directors
B Howard 
Lee Fox 
A Simms 




Registered number
03847996



Registered office
Unit 717 Eddington Way
Birchwood Park

Warrington

WA3 6BA




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG





 
Kleen-Tex Industries Limited
 

Contents



Page
Balance sheet
 
1
Notes to the financial statements
 
2 - 10


 
Kleen-Tex Industries Limited
Registered number: 03847996

Balance Sheet
As at 31 May 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
8,244
11,091

Tangible assets
 5 
153,659
213,179

  
161,903
224,270

Current assets
  

Stocks
 6 
1,176,758
733,878

Debtors: amounts falling due within one year
 7 
2,176,413
1,556,306

Cash at bank and in hand
 8 
986,311
924,838

  
4,339,482
3,215,022

Creditors: amounts falling due within one year
 9 
(1,804,000)
(1,391,898)

Net current assets
  
 
 
2,535,482
 
 
1,823,124

Total assets less current liabilities
  
2,697,385
2,047,394

Provisions for liabilities
  

Deferred tax
  
(15,251)
(24,654)

Net assets
  
2,682,134
2,022,740


Capital and reserves
  

Called up share capital 
  
500,000
500,000

Profit and loss account
  
2,182,134
1,522,740

  
2,682,134
2,022,740


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 statement of income and retained earnings 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: 


A Simms
Director
Date: 12 September 2024

The notes on pages 2 to 10 form part of these financial statements.

Page 1

 
Kleen-Tex Industries Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2024

1.


General information

Kleen-Tex Industries Limited is a private company limited by shares and incorporated in England. The address of the registered office and principal place of business is Unit 717 Eddington Way, Birchwood Park, Warrington, WA3 6BA. The company's registered number is 03847996.

2.Accounting policies

 
2.1

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. Detailed forecasts which cover the foreseeable future have been prepared which show that the company will operate within its available facilities. Accordingly, the directors believe it is appropriate to prepare the financial statements to 31 May 2024 on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 
Kleen-Tex Industries Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2024

2.Accounting policies (continued)

 
2.4

Revenue

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 June 2022 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
Kleen-Tex Industries Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Page 4

 
Kleen-Tex Industries Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2024

2.Accounting policies (continued)

  
2.10

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life.
Website Costs
Website costs are initially recognised at cost.  After recognition, under the cost model, they are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property improvements
-
10%
Plant and machinery
-
20-25%
Office equipment
-
10 - 33%
Computer equipment
-
20 - 33%
Other fixed assets
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 5

 
Kleen-Tex Industries Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2024

2.Accounting policies (continued)

 
2.13

Debtors

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

 
2.14

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. 

  
2.15

Financial instruments

The Company only enters into basic financial instruments 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 and loans to related parties.
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.
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 Statement of Comprehensive Income.
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.
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. 

 
2.16

Creditors

Short term creditors are measured at the transaction price.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 27 (2023 - 26).

Page 6

 
Kleen-Tex Industries Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2024

4.


Intangible assets




Websites
Goodwill
Total

£
£
£



Cost


At 1 June 2023
58,311
284,874
343,185


Additions
900
-
900



At 31 May 2024

59,211
284,874
344,085



Amortisation


At 1 June 2023
47,220
284,874
332,094


Charge for the year on owned assets
3,747
-
3,747



At 31 May 2024

50,967
284,874
335,841



Net book value



At 31 May 2024
8,244
-
8,244



At 31 May 2023
11,091
-
11,091





Page 7

 
Kleen-Tex Industries Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2024

5.


Tangible fixed assets





Leasehold property improvements
Plant and machinery
Office equipment
Computer equipment
Other fixed assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 June 2023
186,490
9,603
45,143
44,427
103,496
389,159


Additions
-
-
480
4,153
-
4,633


Disposals
-
-
(9,119)
(914)
-
(10,033)



At 31 May 2024

186,490
9,603
36,504
47,666
103,496
383,759



Depreciation


At 1 June 2023
38,986
4,735
27,469
35,792
68,998
175,980


Charge for the year on owned assets
19,034
1,649
3,182
5,721
-
29,586


Charge for the year on financed assets
-
-
-
-
34,498
34,498


Disposals
-
-
(9,050)
(914)
-
(9,964)



At 31 May 2024

58,020
6,384
21,601
40,599
103,496
230,100



Net book value



At 31 May 2024
128,470
3,219
14,903
7,067
-
153,659



At 31 May 2023
147,504
4,868
17,674
8,635
34,498
213,179




6.


Stocks

2024
2023
£
£

Raw materials and consumables
-
33

Finished goods and goods for resale
1,176,758
733,845

1,176,758
733,878


Page 8

 
Kleen-Tex Industries Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2024

7.


Debtors

As restated
2024
2023
£
£


Trade debtors
942,160
795,416

Amounts owed by group undertakings
703,533
485,867

Other debtors
429,676
210,554

Prepayments and accrued income
101,044
64,469

2,176,413
1,556,306



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
986,311
924,838



9.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Trade creditors
425,105
227,074

Amounts owed to group undertakings
762,547
472,149

Corporation tax
232,017
126,312

Other taxation and social security
102,963
151,508

Obligations under finance lease and hire purchase contracts
-
35,257

Other creditors
38,466
13,404

Accruals and deferred income
242,902
366,194

1,804,000
1,391,898



10.


Financial commitments

The company has operating lease commitments totalling £1,025,531 (2023: £1,165,047) at the balance sheet date. The company also has pension commitments totalling £20,234 (2023: £34,188) at the balance sheet date.

Page 9

 
Kleen-Tex Industries Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2024

11.


Controlling party

The immediate parent company is Kleen-Tex Holdings (UK) Limited, a company registered in England, registration number 03590632. The address of the immedite parent in Unit 717 Eddington Way, Birchwood Park, Warrington, United Kingdom, WA3 6BA. The ultimate parent company is Kleen-Tex Industries Inc, a company registered in the USA. The address of the registered office of the ultimate parent is 210 Lukken Industrial Dr. E, LaGrange, GA 30241, USA.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2024 was unqualified.

The audit report was signed on 13 September 2024 by John Glover (senior statutory auditor) on behalf of Hurst Accountants Limited.

Page 10