REGISTERED NUMBER: |
Clean Diesel Technologies Limited |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
Clean Diesel Technologies Limited |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
Clean Diesel Technologies Limited (Registered number: 07477986) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Clean Diesel Technologies Limited |
Company Information |
for the year ended 31 December 2023 |
Director: |
Secretary: |
Registered office: |
Registered number: |
Clean Diesel Technologies Limited (Registered number: 07477986) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks | 5 |
Debtors | 6 |
Cash in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 8 |
Retained earnings |
Shareholders' funds |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
Clean Diesel Technologies Limited (Registered number: 07477986) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | Statutory information |
Clean Diesel Technologies Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
Critical judgements in applying the company's accounting policies |
The critical judgement that the directors have made in the process of applying the company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below: |
(i) Assessing indicators and impairment |
In assessing whether there have been any indicators or impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no indicators or impairments identified during the current financial year. |
Key sources of estimation uncertainty |
The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: |
(i) Measurement of stock |
Significant judgements relate to the carrying value of stock. In accordance with FRS 102 stock is measured at the lower of cost and net realisable value. The director is responsible for valuation of stock. |
Turnover |
Turnover represents amounts receivable for goods provided in the year and is stated net of VAT. Turnover is recognised when goods have been delivered to a customer such that risks and rewards of ownership have been transferred to them. |
Tangible fixed assets |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Clean Diesel Technologies Limited (Registered number: 07477986) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
Going concern |
The financial statements have been prepared on the going concern basis which assumes that the company will have sufficient funds available to enable it to continue to trade for the foreseeable future. |
The company has made a trading profit in the year, before foreign exchange adjustments to its parent company loan. |
The company has made a profit in the period of £248,872 and has net assets of £2,208,557. Whilst the company has been profitable and now is in a net asset position, the director acknowledges that the company is dependent upon the continuing support of its parent and have considered the uncertainty around the ability of that company to continue to provide that support. The Director does not expect the parent company to withdraw support or request for loan repayment within the 12 months. |
Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction. Any losses arising from impairment are recognised in the profit and loss account. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Fixtures |
and |
fittings |
£ |
Cost |
Additions |
At 31 December 2023 |
Depreciation |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
5. | Stocks |
2023 | 2022 |
£ | £ |
Finished goods |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Clean Diesel Technologies Limited (Registered number: 07477986) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares of £1 each | 1 | 1 | 1 |
9. | Ultimate controlling party |
The company is controlled by CDTI Advanced Materials Inc, a company incorporated in the state of Delaware, United States of America and is the company's ultimate and immediate parent company. Copies of the group accounts can be obtained from the Secretary at CDTI Advanced Materials, Inc., 1641 Fiske Place, Oxnard, California, 93033, USA. |