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REGISTERED NUMBER: 06276475 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2024

for

Cold Clad Limited

Cold Clad Limited (Registered number: 06276475)






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




Page

Company Information 1

Strategic Report 3

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


Cold Clad Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: J Pitman
G Pitman
C Baker
A Harrold
I Welton





SECRETARY: Mrs Z Pitman





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





BUSINESS ADDRESS: Western House
Furrowfield Park
Tewkesbury
Glos
GL20 8UR





REGISTERED NUMBER: 06276475 (England and Wales)






Cold Clad Limited

Company Information
for the Year Ended 31 March 2024







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

Cold Clad Limited (Registered number: 06276475)

Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report 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 company's directors meet on a regular basis to evaluate the company'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 Limited (Registered number: 06276475)

Report of the Directors
for the Year Ended 31 March 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company 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:
7,500 - 11 April 2023
4,950 - 12 June 2023
2,250 - 7 July 2023
2,815 - 24 January 2024
£17,515

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2024 will be £ 1,751,493 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

J Pitman
G Pitman
C Baker
A Harrold

Other changes in directors holding office are as follows:

I Welton was appointed as a director after 31 March 2024 but prior to the date of this report.

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

GOING CONCERN
The directors have assessed the going concern status of the business and are satisfied that the company has adequate financial resources and facilities which will enable the company to continue trading for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.


Cold Clad Limited (Registered number: 06276475)

Report of the Directors
for the Year Ended 31 March 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company'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 Limited

Opinion
We have audited the financial statements of Cold Clad Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 March 2024 and of its 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 company 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the 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.

Report of the Independent Auditors to the Members of
Cold Clad Limited


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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 five, 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 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 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 Limited


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.

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.

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.


Report of the Independent Auditors to the Members of
Cold Clad Limited

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 Limited (Registered number: 06276475)

Income Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 3 41,972,099 31,151,142

Cost of sales 30,566,141 22,445,390
GROSS PROFIT 11,405,958 8,705,752

Administrative expenses 6,439,451 4,498,690
4,966,507 4,207,062

Other operating income 6,937 -
OPERATING PROFIT 5 4,973,444 4,207,062

Interest receivable and similar income 46,360 1,249
5,019,804 4,208,311

Interest payable and similar expenses 6 355 14,816
PROFIT BEFORE TAXATION 5,019,449 4,193,495

Tax on profit 7 1,249,369 829,731
PROFIT FOR THE FINANCIAL YEAR 3,770,080 3,363,764

Cold Clad Limited (Registered number: 06276475)

Other Comprehensive Income
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 3,770,080 3,363,764


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

3,770,080

3,363,764

Cold Clad Limited (Registered number: 06276475)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,068,720 883,838
Investments 10 49 49
1,068,769 883,887

CURRENT ASSETS
Stocks 11 42,222 157,460
Debtors 12 9,970,181 8,042,219
Cash at bank and in hand 4,880,920 2,924,074
14,893,323 11,123,753
CREDITORS
Amounts falling due within one year 13 8,057,055 6,155,019
NET CURRENT ASSETS 6,836,268 4,968,734
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,905,037

5,852,621

PROVISIONS FOR LIABILITIES 15 184,792 150,963
NET ASSETS 7,720,245 5,701,658

CAPITAL AND RESERVES
Called up share capital 16 100 100
Retained earnings 17 7,720,145 5,701,558
SHAREHOLDERS' FUNDS 7,720,245 5,701,658

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 Limited (Registered number: 06276475)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 100 4,593,187 4,593,287

Changes in equity
Dividends - (2,255,393 ) (2,255,393 )
Total comprehensive income - 3,363,764 3,363,764
Balance at 31 March 2023 100 5,701,558 5,701,658

Changes in equity
Dividends - (1,751,493 ) (1,751,493 )
Total comprehensive income - 3,770,080 3,770,080
Balance at 31 March 2024 100 7,720,145 7,720,245

Cold Clad Limited (Registered number: 06276475)

Cash Flow Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,937,778 2,485,855
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 3,891,799 1,475,482

Cash flows from investing activities
Purchase of tangible fixed assets (533,328 ) (668,427 )
Sale of tangible fixed assets 28,999 66,376
Interest received 46,360 1,249
Net cash from investing activities (457,969 ) (600,802 )

Cash flows from financing activities
Loan repayments in year - (218,750 )
Amounts owed by group undertakings 279,509 16,654
Capital repayments in year - (122,531 )
Amount withdrawn by directors (5,000 ) -
Equity dividends paid (1,751,493 ) (2,255,393 )
Net cash from financing activities (1,476,984 ) (2,580,020 )

Increase/(decrease) in cash and cash equivalents 1,956,846 (1,705,340 )
Cash and cash equivalents at
beginning of year

2

2,924,074

4,629,414

Cash and cash equivalents at end of
year

2

4,880,920

2,924,074

Cold Clad Limited (Registered number: 06276475)

Notes to the 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 5,019,449 4,193,495
Depreciation charges 320,556 223,516
(Profit)/loss on disposal of fixed assets (1,110 ) 1,656
(Increase)/Decrease in LTC WIP (1,330,101 ) 810,737
Finance costs 355 14,816
Finance income (46,360 ) (1,249 )
3,962,789 5,242,971
Decrease/(increase) in stocks 115,238 (157,460 )
Increase in trade and other debtors (843,316 ) (881,575 )
Increase/(decrease) in trade and other creditors 1,703,067 (1,718,081 )
Cash generated from operations 4,937,778 2,485,855

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 4,880,920 2,924,074
Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 2,924,074 4,629,414


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 2,924,074 1,956,846 4,880,920
2,924,074 1,956,846 4,880,920
Total 2,924,074 1,956,846 4,880,920

Cold Clad Limited (Registered number: 06276475)

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

1. STATUTORY INFORMATION

Cold Clad Limited 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.

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.

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, any sales invoices raised in relation to periods after the period end are included within deferred income. 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

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

Cold Clad Limited (Registered number: 06276475)

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

2. ACCOUNTING POLICIES - continued

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.

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 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.

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.

Cold Clad Limited (Registered number: 06276475)

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

2. ACCOUNTING POLICIES - continued

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 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.

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. TURNOVER

All turnover arose from activities within the United Kingdom

Turnover and profit before taxation are attributable to the principal activity of the company.

4. 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

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

Administration 5 5
Cost of Sales 50 38
55 43

Cold Clad Limited (Registered number: 06276475)

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

4. EMPLOYEES AND DIRECTORS - continued

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




5. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 1,464,385 1,098,804
Depreciation - owned assets 320,557 195,357
Depreciation - assets on hire purchase contracts or finance leases - 28,159
(Profit)/loss on disposal of fixed assets (1,110 ) 1,656
Auditors' remuneration 16,700 14,000
Auditors' remuneration for non audit work 18,220 11,121
Foreign exchange differences 2,337 -

Cold Clad Limited (Registered number: 06276475)

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

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

7. 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 1,213,312 749,191
Corporation tax (over)/under provision in prior
years

2,228

(5,879

)
Total current tax 1,215,540 743,312

Deferred tax 33,829 86,419
Tax on profit 1,249,369 829,731

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 5,019,449 4,193,495
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

1,254,862

796,764

Effects of:
Expenses not deductible for tax purposes 10,556 8,611
Capital allowances in excess of depreciation (34,871 ) (50,188 )
Utilisation of tax losses (10,657 ) (2,229 )
Adjustments to tax charge in respect of previous periods - (5,879 )
Movement in deferred tax 33,829 86,419
Other adjustments (4,350 ) (3,767 )
Total tax charge 1,249,369 829,731

Cold Clad Limited (Registered number: 06276475)

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

8. DIVIDENDS
2024 2023
£    £   
Ordinary £1 shares of 1 each
Interim 1,751,493 2,255,393

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 216,261 31,103 1,022,891 111,409 1,381,664
Additions 30,400 43,729 416,639 42,560 533,328
Disposals - - (94,768 ) (2,673 ) (97,441 )
At 31 March 2024 246,661 74,832 1,344,762 151,296 1,817,551
DEPRECIATION
At 1 April 2023 127,579 5,402 333,398 31,447 497,826
Charge for year 35,365 15,355 244,895 24,942 320,557
Eliminated on disposal - - (67,922 ) (1,630 ) (69,552 )
At 31 March 2024 162,944 20,757 510,371 54,759 748,831
NET BOOK VALUE
At 31 March 2024 83,717 54,075 834,391 96,537 1,068,720
At 31 March 2023 88,682 25,701 689,493 79,962 883,838

10. FIXED ASSET INVESTMENTS
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 Limited (Registered number: 06276475)

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

10. FIXED ASSET INVESTMENTS - continued

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

Kramer Cold Clad Ltd
Registered office: 6th Floor Bank House, Cherry Street, Birmingham, B2 5AL
Nature of business: Construction of commercial buildings
%
Class of shares: holding
£1 Ordinary 49.00

11. STOCKS
2024 2023
£    £   
Stocks 42,222 157,460

12. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 3,577,186 2,152,135
Amounts owed by group undertakings - 250,455
Amounts recoverable on contract 4,859,674 3,529,573
Other debtors 16,356 5,861
J & Z Pitman loan account 5,000 -
VAT 655,479 510,159
Prepayments 328,236 1,112,492
9,441,931 7,560,675

Amounts falling due after more than one year:
Trade debtors 528,250 481,544

Aggregate amounts 9,970,181 8,042,219

Cold Clad Limited (Registered number: 06276475)

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

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 5,866,354 3,527,123
Amounts owed to group undertakings 29,053 -
Amounts owed to participating interests 6,182 6,182
Tax 516,312 346,396
Social security and other taxes 255,187 147,534
Other creditors 349,002 223,085
Accrued expenses 1,034,965 1,904,699
8,057,055 6,155,019

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 13,449 8,919
Between one and five years - 2,973
13,449 11,892

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 184,792 150,963

Deferred
tax
£   
Balance at 1 April 2023 150,963
Accelerated capital allowances 33,829
Rate movement
Balance at 31 March 2024 184,792

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 1 100 100



Cold Clad Limited (Registered number: 06276475)

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

17. RESERVES
Retained
earnings
£   

At 1 April 2023 5,701,558
Profit for the year 3,770,080
Dividends (1,751,493 )
At 31 March 2024 7,720,145

Retained earnings are accumulated profits/losses, less dividends, plus other comprehensive income.

18. RELATED PARTY DISCLOSURES

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.

At the balance sheet date the company owed £6,182 (2023: £6,182) to an entity which is an associate of the company.

Entities over which the entity has control, joint control or significant influence
2024 2023
£    £   
Sales 37,875 17,610
Purchases 1,199,225 1,141,885
Amount due from related party 2,217 12,647
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.

Cold Clad Group Ltd is regarded by the directors as being the company's ultimate parent company.

The ultimate controlling party is J Pitman.

19. J & Z PITMAN LOAN ACCOUNT

At the balance sheet date the total amount owed to the company by J & Z Pitman was £5,000 (2023: £Nil). Where applicable interest has been charged at the official HMRC rate. The loan was repaid in full on 11th April 2024.