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REGISTERED NUMBER: 06847224 (England and Wales)









CLIMATE CONTROLS AND SPARES UK LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






CLIMATE CONTROLS AND SPARES UK LTD (REGISTERED NUMBER: 06847224)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


CLIMATE CONTROLS AND SPARES UK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: B Litchfield
J Litchfield





REGISTERED OFFICE: 7 Sandy Court
Ashleigh Way
Langage Business Park
Plymouth
Devon
PL7 5JX





REGISTERED NUMBER: 06847224 (England and Wales)





ACCOUNTANTS: Mark Holt & Co Limited
Chartered Accountants
7 Sandy Court
Ashleigh Way
Langage Business Park
Plymouth
Devon
PL7 5JX

CLIMATE CONTROLS AND SPARES UK LTD (REGISTERED NUMBER: 06847224)

ABRIDGED BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 76,513 104,191

CURRENT ASSETS
Stocks 444,246 438,495
Debtors 251,694 228,465
Cash at bank and in hand 330,061 254,811
1,026,001 921,771
CREDITORS
Amounts falling due within one year 485,651 522,769
NET CURRENT ASSETS 540,350 399,002
TOTAL ASSETS LESS CURRENT LIABILITIES 616,863 503,193

CREDITORS
Amounts falling due after more than one year (33,303 ) (64,832 )

PROVISIONS FOR LIABILITIES (19,000 ) (19,600 )
NET ASSETS 564,560 418,761

CAPITAL AND RESERVES
Called up share capital 20 20
Retained earnings 564,540 418,741
SHAREHOLDERS' FUNDS 564,560 418,761

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:



B Litchfield - Director


CLIMATE CONTROLS AND SPARES UK LTD (REGISTERED NUMBER: 06847224)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Climate Controls And Spares Uk Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


The principal place of business is Unit 3 Beech Road Business Park, Beech Road, Cadleigh, Ivybridge, Devon PL21 9HN.

2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and the rendering of services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Short leasehold - 50% straight line
Plant and machinery - 15% straight line
Fixtures and fittings - 15% straight line
Motor vehicles - 25% straight line
Computer equipment - 15% straight line

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

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

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

CLIMATE CONTROLS AND SPARES UK LTD (REGISTERED NUMBER: 06847224)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

3. ACCOUNTING POLICIES - continued

Leases
At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is a finance lease or an operating lease based on the substances of the arrangement.

Finance leases
Leases of assets that transfer substantially all the risks and rewards of ownership to the Company are classified as finance leases.

Assets held under finance leases are recognized initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss.

Assets held under finance leases are included in tangible fixed assets and depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

Operating leases
Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Pension costs and other post-retirement benefits
Short- term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Provisions for liabilities
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Employee benefits
Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Grant income
Income received in relation to grants are classified either as relating to revenue or to assets.

Grants relating to revenue are recognised in other income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Where a timing difference arises, the income is held on the balance sheet. When received in arrears the expected income is recognises as a debtor so long as the relevant conditions have been satisfied. When received in advance of costs, the income is held as deferred income and systematically released to the profit and loss in the periods the cost is incurred.

Grants relating to assets are recognised initially as deferred income and released to other income on a systematic basis over the expected useful life of the asset.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

CLIMATE CONTROLS AND SPARES UK LTD (REGISTERED NUMBER: 06847224)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2023 214,404
Additions 195
At 31 May 2024 214,599
DEPRECIATION
At 1 June 2023 110,213
Charge for year 27,873
At 31 May 2024 138,086
NET BOOK VALUE
At 31 May 2024 76,513
At 31 May 2023 104,191

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 June 2023 157,045
Transfer to ownership (36,986 )
At 31 May 2024 120,059
DEPRECIATION
At 1 June 2023 67,456
Charge for year 18,008
Transfer to ownership (31,438 )
At 31 May 2024 54,026
NET BOOK VALUE
At 31 May 2024 66,033
At 31 May 2023 89,589

6. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 22,126 21,791
Between one and five years 18,719 41,499
40,845 63,290

CLIMATE CONTROLS AND SPARES UK LTD (REGISTERED NUMBER: 06847224)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

6. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 35,567 40,700
Between one and five years 35,753 71,317
71,320 112,017

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 23,334 32,083
Hire purchase contracts 40,845 63,290
64,179 95,373

The hire purchase liability is secured on the asset it has been used to finance.