REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 March 2024 |
for |
Cold Clad Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
Cold Clad Limited |
Company Information |
for the Year Ended 31 March 2024 |
AUDITORS: |
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: |
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 |
£ |
The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 31 March 2024 will be £ |
DIRECTORS |
The directors shown below have 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: |
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: |
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. |
for and on behalf of |
Statutory Auditor, Chartered Certified Accountants |
2 Cricklade Court |
Old Town |
Swindon |
Wiltshire |
SN1 3EY |
Cold Clad Limited (Registered number: 06276475) |
Income Statement |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
4,966,507 | 4,207,062 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
5,019,804 | 4,208,311 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
Cold Clad Limited (Registered number: 06276475) |
Other Comprehensive Income |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Cold Clad Limited (Registered number: 06276475) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
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 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase or finance lease rental payments paid |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) |
Amounts owed by group undertakings | 279,509 | 16,654 |
Capital repayments in year | ( |
) |
Amount withdrawn by directors | (5,000 | ) | - |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
(Profit)/loss on disposal of fixed assets | ( |
) |
(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 | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
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 | 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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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: |
2024 | 2023 |
£ | £ |
Amounts recoverable on contract | 4,859,674 | 3,529,573 |
Provision for purchases | 94,079 | 229,246 |
Deferred Income | 168,199 | 958,993 |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administration | 5 | 5 |
Cost of Sales | 50 | 38 |
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 |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts or finance leases |
(Profit)/loss on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Foreign exchange differences |
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 |
HMRC Interest |
Hire purchase |
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 |
Corporation tax (over)/under provision in prior years |
2,228 |
(5,879 |
) |
Total current tax |
Deferred tax |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
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 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
10. | FIXED ASSET INVESTMENTS |
Interest |
in |
associate |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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: |
Registered office: 6th Floor Bank House, Cherry Street, Birmingham, B2 5AL |
Nature of business: |
% |
Class of shares: | holding |
11. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
12. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contract |
Other debtors |
J & Z Pitman loan account | 5,000 | - |
VAT |
Prepayments |
Amounts falling due after more than one year: |
Trade debtors |
Aggregate amounts |
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 |
Amounts owed to group undertakings |
Amounts owed to participating interests | 6,182 | 6,182 |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
14. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
15. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Accelerated capital allowances | 33,829 |
Rate movement |
Balance at 31 March 2024 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
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 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2024 |
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. |
2024 | 2023 |
£ | £ |
Sales |
Purchases |
Amount due from related party |
Amount due to related party |
Cold Clad Group Ltd is regarded by the directors as being the company's ultimate parent company. |
The ultimate controlling party is |
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. |