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REGISTERED NUMBER: 12513051 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2024

for

Cold Clad Group Ltd

Cold Clad Group Ltd (Registered number: 12513051)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Cold Clad Group Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: J Pitman
Mrs Z Pitman





SECRETARY: Mrs Z Pitman





REGISTERED OFFICE: Sarnia House
Green Lane
Tewkesbury
Gloucestershire
GL20 8HD





REGISTERED NUMBER: 12513051 (England and Wales)





AUDITORS: Morley & Co (UK) Ltd
Statutory Auditor, Chartered Certified Accountants
2 Cricklade Court
Old Town
Swindon
Wiltshire
SN1 3EY

Cold Clad Group Ltd (Registered number: 12513051)

Group Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The principal interests of the company during the year was the provision of commercial building envelopes, temperature control, clean rooms and 3rd party accredited firewall and passive fire construction solutions. The company prides itself on constantly developing its processes in order to provide the best possible service to its clients.

The directors are satisfied with the performance of the company in the year under review with targets for key performance indicators including gross profit margins and safety records having been met.

The company is continuing to invest including in new electric and hybrid vehicles and other equipment in order to prepare for the future and also in its staffing to enable the company to continue to grow in both size and nature.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors meet on a regular basis to evaluate the group's principal risks and uncertainties.

The company is reliant on its ability to provide a high quality, cost effective service within the insulated construction industry to both retain existing customers and attract new business. The Directors believe that the company will continue to successfully provide this service within the industry.

The position of the UK economy is also considered a risk. Inflation is running at 2% and the cost of finance for capital projects is lower than in previous years however there continues to be skilled labour shortages which weigh on the construction sector, however the directors feel that the company is well placed to manage these risks and to continue trading successfully well in to the future.

ON BEHALF OF THE BOARD:





J Pitman - Director


28 November 2024

Cold Clad Group Ltd (Registered number: 12513051)

Report of the Directors
for the Year Ended 31 March 2024

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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of providing commercial building envelope and fire wall construction solutions.

DIVIDENDS
Interim dividends per share were paid as follows:

Ordinary A Shares £1,733 - 06/04/2023
Ordinary B Shares £5,200 - 06/04/2023
£6,933

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2024 will be £260,000.

DIRECTORS
J Pitman has held office during the whole of the period from 1 April 2023 to the date of this report.

Other changes in directors holding office are as follows:

Mrs Z Pitman - appointed 7 September 2023

POLITICAL DONATIONS AND EXPENDITURE
The company made no political donations during the current or previous year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Cold Clad Group Ltd (Registered number: 12513051)

Report of the Directors
for the Year Ended 31 March 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Morley & Co (UK) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J Pitman - Director


28 November 2024

Report of the Independent Auditors to the Members of
Cold Clad Group Ltd

Opinion
We have audited the financial statements of Cold Clad Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Report of the Independent Auditors to the Members of
Cold Clad Group Ltd


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Cold Clad Group Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

a. The nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

b. Enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:

b.i. Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

b.ii. Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

b.iii. The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

b.iv. Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements, such as provisions of the UK Companies Act, pensions legislation and tax legislation or that had a fundamental effect on the operations of the company, General Data Protection requirements and Anti-bribery and corruption policy.

In common with all audits under ISAs (UK), we are required to perform specific procedures to respond to the risk of management override. Our procedures to respond to risks identified included the following:

a. Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

b. Enquiring of management concerning actual and potential litigation and claims;

c. Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

d. Reading minutes of meetings of those charged with governance and correspondence with regulators.


Report of the Independent Auditors to the Members of
Cold Clad Group Ltd

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Paul King FCCA (Senior Statutory Auditor)
for and on behalf of Morley & Co (UK) Ltd
Statutory Auditor, Chartered Certified Accountants
2 Cricklade Court
Old Town
Swindon
Wiltshire
SN1 3EY

29 November 2024

Cold Clad Group Ltd (Registered number: 12513051)

Consolidated
Income Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 41,972,099 31,149,504

Cost of sales 30,533,076 22,409,171
GROSS PROFIT 11,439,023 8,740,333

Administrative expenses 6,422,880 4,471,395
5,016,143 4,268,938

Other operating income 41,137 16,100
OPERATING PROFIT 4 5,057,280 4,285,038

Interest receivable and similar income 91,468 7,551
5,148,748 4,292,589

Interest payable and similar expenses 5 355 14,816
PROFIT BEFORE TAXATION 5,148,393 4,277,773

Tax on profit 6 1,268,877 809,215
PROFIT FOR THE FINANCIAL YEAR 3,879,516 3,468,558
Profit attributable to:
Owners of the parent 3,879,516 3,468,558

Cold Clad Group Ltd (Registered number: 12513051)

Consolidated
Other Comprehensive Income
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 3,879,516 3,468,558


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

3,879,516

3,468,558

Total comprehensive income attributable to:
Owners of the parent 3,879,516 3,468,558

Cold Clad Group Ltd (Registered number: 12513051)

Consolidated Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 2,343,655 2,927,349
Investments 10
Interest in associate 49 49
Investment property 11 752,390 -
3,096,094 2,927,398

CURRENT ASSETS
Stocks 12 42,222 157,460
Debtors 13 10,355,529 8,334,928
Cash at bank and in hand 7,095,908 3,641,842
17,493,659 12,134,230
CREDITORS
Amounts falling due within one year 14 8,037,153 6,180,731
NET CURRENT ASSETS 9,456,506 5,953,499
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,552,600

8,880,897

PROVISIONS FOR LIABILITIES 16 241,195 189,008
NET ASSETS 12,311,405 8,691,889

CAPITAL AND RESERVES
Called up share capital 17 100 100
Fair value reserve 18 - 71,250
Retained earnings 18 12,311,305 8,620,539
SHAREHOLDERS' FUNDS 12,311,405 8,691,889

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:





J Pitman - Director


Cold Clad Group Ltd (Registered number: 12513051)

Company Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,274,935 2,043,510
Investments 10 100 100
Investment property 11 752,390 -
2,027,425 2,043,610

CURRENT ASSETS
Debtors 13 415,691 543,166
Cash at bank 2,214,987 717,768
2,630,678 1,260,934
CREDITORS
Amounts falling due within one year 14 10,441 276,469
NET CURRENT ASSETS 2,620,237 984,465
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,647,662

3,028,075

PROVISIONS FOR LIABILITIES 16 56,403 38,045
NET ASSETS 4,591,259 2,990,030

CAPITAL AND RESERVES
Called up share capital 17 100 100
Fair value reserve 18 - 71,250
Retained earnings 18 4,591,159 2,918,680
SHAREHOLDERS' FUNDS 4,591,259 2,990,030

Company's profit for the financial year 1,861,229 2,359,886

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:





J Pitman - Director


Cold Clad Group Ltd (Registered number: 12513051)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 100 5,418,281 76,950 5,495,331

Changes in equity
Dividends - (272,000 ) - (272,000 )
Total comprehensive income - 3,474,258 (5,700 ) 3,468,558
Balance at 31 March 2023 100 8,620,539 71,250 8,691,889

Changes in equity
Dividends - (260,000 ) - (260,000 )
Total comprehensive income - 3,950,766 (71,250 ) 3,879,516
Balance at 31 March 2024 100 12,311,305 - 12,311,405

Cold Clad Group Ltd (Registered number: 12513051)

Company Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 100 825,094 76,950 902,144

Changes in equity
Dividends - (272,000 ) - (272,000 )
Total comprehensive income - 2,365,586 (5,700 ) 2,359,886
Balance at 31 March 2023 100 2,918,680 71,250 2,990,030

Changes in equity
Dividends - (260,000 ) - (260,000 )
Total comprehensive income - 1,932,479 (71,250 ) 1,861,229
Balance at 31 March 2024 100 4,591,159 - 4,591,259

Cold Clad Group Ltd (Registered number: 12513051)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 5,324,323 2,287,260
Interest paid (355 ) (14,702 )
Interest element of hire purchase or
finance lease rental payments paid

-

(114

)
Tax paid (1,045,624 ) (995,557 )
Net cash from operating activities 4,278,344 1,276,887

Cash flows from investing activities
Purchase of tangible fixed assets (592,706 ) (1,876,086 )
Sale of tangible fixed assets 31,499 204,421
Interest received 91,468 7,551
Net cash from investing activities (469,739 ) (1,664,114 )

Cash flows from financing activities
Loan repayments in year - (218,750 )
Capital repayments in year - (122,531 )
Amount introduced by directors 260,000 417,100
Amount withdrawn by directors (354,539 ) (591,740 )
Equity dividends paid (260,000 ) (272,000 )
Net cash from financing activities (354,539 ) (787,921 )

Increase/(decrease) in cash and cash equivalents 3,454,066 (1,175,148 )
Cash and cash equivalents at
beginning of year

2

3,641,842

4,816,990

Cash and cash equivalents at end of
year

2

7,095,908

3,641,842

Cold Clad Group Ltd (Registered number: 12513051)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 5,148,393 4,277,773
Depreciation charges 393,846 282,814
Profit on disposal of fixed assets (1,336 ) (36,948 )
(Increase)/Decrease in LTC WIP (1,330,100 ) 810,737
Finance costs 355 14,816
Finance income (91,468 ) (7,551 )
4,119,690 5,341,641
Decrease/(increase) in stocks 115,238 (157,460 )
Increase in trade and other debtors (595,961 ) (1,193,257 )
Increase/(decrease) in trade and other creditors 1,685,356 (1,703,664 )
Cash generated from operations 5,324,323 2,287,260

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 7,095,908 3,641,842
Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 3,641,842 4,816,990


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/23 Cash flow At 31/3/24
£    £    £   
Net cash
Cash at bank and in hand 3,641,842 3,454,066 7,095,908
3,641,842 3,454,066 7,095,908
Total 3,641,842 3,454,066 7,095,908

Cold Clad Group Ltd (Registered number: 12513051)

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

1. STATUTORY INFORMATION

Cold Clad Group 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 General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting preparing the financial statements.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and the entity controlled by the company, namely Cold Clad Ltd. Uniform accounting policies are adopted throughout the Group.

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 for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Amounts recoverable on contract
Contract valuations are treated in the financial statements in accordance with FRS 102, section 23 for revenue. Treating contract valuations as long term contracts means that they are included in turnover in the period the work is undertaken and that the attributable profit element is recognised as the contract proceeds. The valuation is based on the sales value of the work undertaken to the balance sheet date. Foreseeable losses on contracts are accounted for as soon as they are recognised.

Based on the above policy, the following has been recognised:

20242023
££
Amounts recoverable on contract4,859,6743,529,573
Provision for purchases94,079229,246
Deferred Income168,199958,993

Cold Clad Group Ltd (Registered number: 12513051)

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

2. ACCOUNTING POLICIES - continued

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investments in associates
Investments in associate undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Financial instruments
Basic financial instruments, including trade and other receivables and payables, cash and bank balances, bank loans and loans to or from other group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.


Cold Clad Group Ltd (Registered number: 12513051)

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

2. 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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

Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expenses, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Termination benefits are recognised immediately as an expenses when the company is demonstrably committed to terminate th employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,072,801 2,625,860
Social security costs 358,405 320,975
Other pension costs 457,588 85,899
3,888,794 3,032,734

Cold Clad Group Ltd (Registered number: 12513051)

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

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Administration 5 5
Cost of Sales 50 38
55 43

The average number of employees by undertakings that were proportionately consolidated during the year was 55 (2023 - 43 ) .

2024 2023
£ £

Directors' Remuneration


699,329


658,337
Directors' Pension contributions to money purchase
schemes


208,734


33,102
908,063 691,439



The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4


Remuneration above includes the following amount paid to the highest paid director:

2024 2023
£ £
Director Remuneration 374,059 336,457
Director Pension contributions to money purchase
scheme


13,012


11,707
433,873 348,164




Cold Clad Group Ltd (Registered number: 12513051)

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

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 1,431,320 1,062,585
Depreciation - owned assets 393,847 254,655
Depreciation - assets on hire purchase contracts or finance leases - 28,159
Profit on disposal of fixed assets (1,336 ) (36,948 )
Auditors' remuneration 20,550 19,000
Auditors' remuneration for non audit work 34,614 14,293
Foreign exchange differences 2,337 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest - 14,702
HMRC Interest 355 -
Hire purchase - 114
355 14,816

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 1,214,462 749,191
Corporation tax (over)/under provision in prior
years

2,228

(5,879

)
Total current tax 1,216,690 743,312

Deferred tax 52,187 65,903
Tax on profit 1,268,877 809,215

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Cold Clad Group Ltd (Registered number: 12513051)

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

8. DIVIDENDS
2024 2023
£    £   
Ordinary £1 A Shares shares of 1 each
Interim 130,000 140,000
Ordinary £1 B Shares shares of 1 each
Interim 130,000 132,000
260,000 272,000

9. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 1,785,668 414,199 67,869
Additions - 59,350 60,590
Disposals - - -
Reclassification/transfer (752,390 ) - -
At 31 March 2024 1,033,278 473,549 128,459
DEPRECIATION
At 1 April 2023 - 200,897 8,030
Charge for year - 68,280 28,105
Eliminated on disposal - - -
At 31 March 2024 - 269,177 36,135
NET BOOK VALUE
At 31 March 2024 1,033,278 204,372 92,324
At 31 March 2023 1,785,668 213,302 59,839

Cold Clad Group Ltd (Registered number: 12513051)

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

9. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 1,167,951 111,409 3,547,096
Additions 430,206 42,560 592,706
Disposals (100,775 ) (2,673 ) (103,448 )
Reclassification/transfer - - (752,390 )
At 31 March 2024 1,497,382 151,296 3,283,964
DEPRECIATION
At 1 April 2023 379,373 31,447 619,747
Charge for year 272,520 24,942 393,847
Eliminated on disposal (71,655 ) (1,630 ) (73,285 )
At 31 March 2024 580,238 54,759 940,309
NET BOOK VALUE
At 31 March 2024 917,144 96,537 2,343,655
At 31 March 2023 788,578 79,962 2,927,349

Cold Clad Group Ltd (Registered number: 12513051)

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

9. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 1,785,668 197,938 36,766 145,059 2,165,431
Additions - 28,950 16,861 13,568 59,379
Disposals - - - (6,007 ) (6,007 )
Reclassification/transfer (752,390 ) - - - (752,390 )
At 31 March 2024 1,033,278 226,888 53,627 152,620 1,466,413
DEPRECIATION
At 1 April 2023 - 73,318 2,628 45,975 121,921
Charge for year - 32,915 12,750 27,625 73,290
Eliminated on disposal - - - (3,733 ) (3,733 )
At 31 March 2024 - 106,233 15,378 69,867 191,478
NET BOOK VALUE
At 31 March 2024 1,033,278 120,655 38,249 82,753 1,274,935
At 31 March 2023 1,785,668 124,620 34,138 99,084 2,043,510

10. FIXED ASSET INVESTMENTS

Group
Interest
in
associate
£   
COST
At 1 April 2023
and 31 March 2024 49
NET BOOK VALUE
At 31 March 2024 49
At 31 March 2023 49

Cold Clad Group Ltd (Registered number: 12513051)

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

10. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 100
NET BOOK VALUE
At 31 March 2024 100
At 31 March 2023 100

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Cold Clad Ltd
Registered office: Sarnia House, Green Lane, Tewkesbury, Glos, GL20 8HD
Nature of business: Commercial cladding and insulation services
%
Class of shares: holding
Ordinary 100.00


Interest in associates

Kramer Cold Clad Ltd
Registered office: 6th Floor Bank House, Cherry Street, Birmingham, B2 SAL
Nature of business: Construction of commercial buildings

%
Class of shares holding
£1 Ordinary 49.00

Cold Clad Group Ltd (Registered number: 12513051)

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

11. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
Reclassification/transfer 752,390
At 31 March 2024 752,390
NET BOOK VALUE
At 31 March 2024 752,390

Company
Total
£   
FAIR VALUE
Reclassification/transfer 752,390
At 31 March 2024 752,390
NET BOOK VALUE
At 31 March 2024 752,390

The company investment property has been valued so as to be stated at market value. Valuation of the property was determined by the Directors. The investment property was reclassified from Freehold Property as at 1st April 2023.

12. STOCKS

Group
2024 2023
£    £   
Stocks 42,222 157,460

Cold Clad Group Ltd (Registered number: 12513051)

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

13. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 3,580,606 2,155,135 3,420 3,000
Amounts owed by group undertakings - - 29,053 -
Amounts recoverable on contract 4,859,674 3,529,573 - -
Other debtors 55,538 45,043 39,182 39,182
J & Z Pitman loan account 331,545 237,006 326,545 237,006
VAT 654,189 717,545 - 207,388
Prepayments 329,401 1,113,575 1,165 1,083
9,810,953 7,797,877 399,365 487,659

Amounts falling due after more than one year:
Trade debtors 528,250 481,544 - -
Other debtors 16,326 55,507 16,326 55,507
544,576 537,051 16,326 55,507

Aggregate amounts 10,355,529 8,334,928 415,691 543,166

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 5,866,355 3,544,835 - 17,714
Amounts owed to group undertakings - - - 250,755
Amounts owed to participating interests 6,182 6,182 - -
Tax 517,462 346,396 1,150 -
Social security and other taxes 255,187 147,534 - -
VAT - - 1,291 -
Other creditors 349,002 223,085 - -
Accrued expenses 1,042,965 1,912,699 8,000 8,000
8,037,153 6,180,731 10,441 276,469

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Cold Clad Group Ltd (Registered number: 12513051)

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

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 13,449 8,919
Between one and five years - 2,973
13,449 11,892

16. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 241,195 234,907 56,403 83,944
Tax losses carried forward - (45,899 ) - (45,899 )
241,195 189,008 56,403 38,045

Group
Deferred
tax
£   
Balance at 1 April 2023 189,008
Accelerated capital allowances 30,039
Trading losses C/fwd 45,898
Freehold Revaluation (23,750 )
Balance at 31 March 2024 241,195

Company
Deferred
tax
£   
Balance at 1 April 2023 38,045
Accelerated capital allowances (3,790 )
Trading losses C/fwd 45,898
Freehold Revaluation (23,750 )
Balance at 31 March 2024 56,403

Cold Clad Group Ltd (Registered number: 12513051)

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

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
75 Ordinary £1 A Shares 1 75 75
25 Ordinary £1 B Shares 1 25 25
100 100

18. RESERVES

Group
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2023 8,620,539 71,250 8,691,789
Profit for the year 3,879,516 3,879,516
Dividends (260,000 ) (260,000 )
Fair value revaluation 71,250 (71,250 ) -
At 31 March 2024 12,311,305 - 12,311,305

Company
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2023 2,918,680 71,250 2,989,930
Profit for the year 1,861,229 1,861,229
Dividends (260,000 ) (260,000 )
Fair value revaluation 71,250 (71,250 ) -
At 31 March 2024 4,591,159 - 4,591,159


19. RELATED PARTY DISCLOSURES

At the balance sheet date, the company was owed £331,545 by the director (2022: £237,006). Interest has been charged on overdrawn balances arising during the year.

Cold Clad Group Ltd (Registered number: 12513051)

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

19. RELATED PARTY DISCLOSURES - continued

Entities over which the entity has control, joint control or significant influence
2024 2023
£    £   
Sales 37,875 150,155
Purchases 1,199,225 1,141,885
Amount due from related party 5,637 15,647
Amount due to related party 282,182 170,602

All trading transactions and trading balances between the company and the entity over which the director has control are conducted on normal commercial terms.

At the balance sheet date the Group was owed the sum of £55,507 (2023: £94,689) by way of a loan, not included above, to an entity controlled by the director. This loan was made interest free and is repayable over 3 years.

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J Pitman.