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Filleted

Registration number: 02794156

Celtic Vacuum Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Celtic Vacuum Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 11

 

Celtic Vacuum Limited

Company Information

Directors

Ben Field-Thomas

Claire Louise Gottwaltz

Jonathan Howard Strange

Peter John Horsley

Registered office

The Salterns
Marsh Road
Tenby
Pembrokeshire

 

Celtic Vacuum Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Stephen Lee Fairlie (resigned 19 September 2024)

Ben Field-Thomas

Claire Louise Gottwaltz

Jonathan Howard Strange

Peter John Horsley

Principal activity

The principal activity of the company is other waste services

Development of the business
The company has completed its first year under Employee Ownership and on the face of the company’s balance sheet it all looks very similar to March 2023, masking the team’s achievements. To the credit of the employees, they have continued the company’s long history of resilience and innovation to drive success which has enabled the company to:

- Make a further £1.36m contribution to the Employee Ownership Trust to support it paying deferred consideration
- Invest more than £400,000 in new plant built in our own workshops, and
- Make our first Employee Ownership Trust bonus payment to our employees

As we look ahead, we remain committed to delivering exceptional products and services, fostering innovation, and maintaining the highest standards of integrity. We express our gratitude to all stakeholders for their continued support, and with enthusiasm, we embrace the future with the confidence that the best of Celtic Vacuum Ltd lies ahead.
 

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 16 October 2024 and signed on its behalf by:

.........................................
Claire Louise Gottwaltz
Director

   
     
 

Celtic Vacuum Limited

(Registration number: 02794156)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,109,591

1,348,196

Current assets

 

Stocks

6

55,767

41,079

Debtors

7

1,117,255

1,347,367

Cash at bank and in hand

 

923,980

300,011

 

2,097,002

1,688,457

Creditors: Amounts falling due within one year

8

(1,126,118)

(974,910)

Net current assets

 

970,884

713,547

Total assets less current liabilities

 

2,080,475

2,061,743

Creditors: Amounts falling due after more than one year

8

(108,590)

(60,717)

Provisions for liabilities

(193,960)

(134,912)

Net assets

 

1,777,925

1,866,114

Capital and reserves

 

Called up share capital

22,002

22,002

Profit and loss account

1,755,923

1,844,112

Total equity

 

1,777,925

1,866,114

For the financial year ending 31 March 2024 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 Profit and Loss Account has been taken.

 

Celtic Vacuum Limited

(Registration number: 02794156)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 16 October 2024 and signed on its behalf by:
 

.........................................
Jonathan Howard Strange
Director

   
     
 

Celtic Vacuum Limited

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

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:
The Salterns
Marsh Road
Tenby
Pembrokeshire

These financial statements were authorised for issue by the Board on 16 October 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

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.

 

Celtic Vacuum Limited

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

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 balance sheet 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

Freehold Buildings

over 50 years

Leasehold Property

over the lease term

Plant & Machinery

15% to 50% reducing balance

Motor Vehicles

33% reducing balance

Fixtures & Fittings

33% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Celtic Vacuum Limited

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

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Celtic Vacuum Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 63 (2023 - 63).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

238,025

284,953

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

622,231

3,995,729

1,312,198

5,930,158

Additions

-

221,003

212,845

433,848

Disposals

(622,231)

(114,822)

(43,695)

(780,748)

At 31 March 2024

-

4,101,910

1,481,348

5,583,258

Depreciation

At 1 April 2023

199,991

3,355,128

1,026,821

4,581,940

Charge for the year

2,660

131,260

104,105

238,025

Eliminated on disposal

(202,651)

(103,008)

(40,639)

(346,298)

At 31 March 2024

-

3,383,380

1,090,287

4,473,667

Carrying amount

At 31 March 2024

-

718,530

391,061

1,109,591

At 31 March 2023

422,240

640,579

285,377

1,348,196

Included within the net book value of land and buildings above is £Nil (2023 - £422,240) in respect of freehold land and buildings.
 

 

Celtic Vacuum Limited

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

6

Stocks

2024
£

2023
£

Work in progress

55,267

40,579

Other inventories

500

500

55,767

41,079

7

Debtors

2024
£

2023
£

Trade debtors

1,001,813

1,257,823

Prepayments

114,999

81,447

Other debtors

443

8,097

1,117,255

1,347,367

 

Celtic Vacuum Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

121,454

77,340

Trade creditors

 

180,333

192,648

Taxation and social security

 

239,528

255,118

Other related parties

 

-

12,204

Corporation tax liability

 

289,060

155,443

Other creditors

 

295,743

282,157

 

1,126,118

974,910

Due after one year

 

Loans and borrowings

10

108,590

60,717

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

108,590

60,717

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Allotted, called up and fully paid of £1 each

22,002

22,002

22,002

22,002

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

HP and finance lease liabilities

108,590

60,717

 

Celtic Vacuum Limited

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

2024
£

2023
£

Current loans and borrowings

Bank borrowings

51,663

35,991

HP and finance lease liabilities

69,791

41,349

121,454

77,340

11

Related party transactions

Summary of transactions with other related parties

During the year the company made donations to Celtic Vacuum Ownership Trust totalling £1,360,240 (2023 - £3,516,000).
 

Income and receivables from related parties

2024

2023

Associates
£

Sale of goods

19,462

Expenditure with and payables to related parties

2024

2023

Associates
£

Rendering of services

6,467