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REGISTERED NUMBER: 08551448 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Cladspray Solutions Ltd

Cladspray Solutions Ltd (Registered number: 08551448)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


Cladspray Solutions Ltd (Registered number: 08551448)

Balance Sheet
31 March 2024

2024 2023
Notes £ £
Fixed assets
Tangible assets 5 1,759,101 973,980

Current assets
Stocks 144,379 111,872
Debtors 6 287,728 220,109
Cash at bank and in hand 237,298 539,736
669,405 871,717
Creditors
Amounts falling due within one year 7 (405,822 ) (272,222 )
Net current assets 263,583 599,495
Total assets less current liabilities 2,022,684 1,573,475

Creditors
Amounts falling due after more than one
year

8

(186,868

)

(33,837

)

Provisions for liabilities (126,117 ) (62,194 )
Net assets 1,709,699 1,477,444

Capital and reserves
Called up share capital 25,837 20,860
Retained earnings 1,683,862 1,456,584
1,709,699 1,477,444

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Cladspray Solutions Ltd (Registered number: 08551448)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





Mr T J Carter - Director


Cladspray Solutions Ltd (Registered number: 08551448)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. Statutory information

Cladspray Solutions Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08551448

Registered office: 15 Mason Road
Norwich
Norfolk
NR6 6RF

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Cladspray Solutions Ltd (Registered number: 08551448)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. Accounting policies - continued

Tangible fixed assets
Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Improvements to property - 2% on cost
Plant and machinery - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow moving items. Net realisable value is calculated at the lower of cost or selling price less cost to complete.

Cladspray Solutions Ltd (Registered number: 08551448)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Cladspray Solutions Ltd (Registered number: 08551448)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. Employees and directors

The average number of employees during the year was 27 (2023 - 24 ) .

Cladspray Solutions Ltd (Registered number: 08551448)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. Tangible fixed assets
Freehold Improvements Plant and
property to property machinery
£ £ £
Cost
At 1 April 2023 627,268 135,982 43,564
Additions - 773,388 48,786
At 31 March 2024 627,268 909,370 92,350
Depreciation
At 1 April 2023 - 8,861 36,179
Charge for year - 12,294 10,236
At 31 March 2024 - 21,155 46,415
Net book value
At 31 March 2024 627,268 888,215 45,935
At 31 March 2023 627,268 127,121 7,385

Motor Computer
vehicles equipment Totals
£ £ £
Cost
At 1 April 2023 339,135 106,589 1,252,538
Additions 76,136 9,131 907,441
At 31 March 2024 415,271 115,720 2,159,979
Depreciation
At 1 April 2023 190,472 43,046 278,558
Charge for year 75,189 24,601 122,320
At 31 March 2024 265,661 67,647 400,878
Net book value
At 31 March 2024 149,610 48,073 1,759,101
At 31 March 2023 148,663 63,543 973,980

Included in cost of land and buildings is freehold land of £ 627,268 (2023 - £ 627,268 ) which is not depreciated.

Cladspray Solutions Ltd (Registered number: 08551448)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


6. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 213,343 183,071
Other debtors 74,385 37,038
287,728 220,109

7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 46,923 -
Hire purchase contracts 35,674 29,961
Trade creditors 201,081 109,757
Taxation and social security 108,924 126,977
Other creditors 13,220 5,527
405,822 272,222

The loan is secured by charge over the freehold property.

Liabilities under hire purchase agreements are secured on the assets to which they relate.

8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans 164,183 -
Hire purchase contracts 22,685 33,837
186,868 33,837

The loan is secured by charge over the freehold property.

Liabilities under hire purchase agreements are secured on the assets to which they relate.

9. Other financial commitments

Other financial commitments not included in the balance sheet amounted to £65,637 (2023 £3,009).

10. Directors' advances, credits and guarantees

At the year end a balance of £48,822 (2023 - £27,276) was owed by the directors to the company. Interest of £849 (2023 - NIL) was charged on this balance.