Company registration number 00835510 (England and Wales)
CLA-VAL UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CLA-VAL UK LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
CLA-VAL UK LTD (REGISTERED NUMBER: 00835510)
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
408,566
307,314
Current assets
Stocks
1,095,146
839,736
Debtors
4
691,122
1,004,857
Cash at bank and in hand
692,096
368,189
2,478,364
2,212,782
Creditors: amounts falling due within one year
5
(789,248)
(605,884)
Net current assets
1,689,116
1,606,898
Total assets less current liabilities
2,097,682
1,914,212
Provisions for liabilities
(4,640)
(8,728)
Net assets
2,093,042
1,905,484
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
2,092,942
1,905,384
Total equity
2,093,042
1,905,484
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 February 2025 and are signed on its behalf by:
Mr H Van Buel
Director
CLA-VAL UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Cla-Val UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Dainton House, Goods Station Road, Tunbridge Wells, Kent, TN1 2DR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has continued to be profitable throughout 2024. The financial projections for the company over the coming 12 months showcase that the company is expected to have sufficient cash to meet its liabilities as they become due. true
1.3
Turnover
Turnover represents amounts receivable for the distribution of equipment.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Buildings - freehold and improvements
40 years straight line basis and 10 years straight line basis
Fixtures, fittings and computer equipment
7 years straight line basis
Motor vehicles
5 years straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the statement of comprehensive income.
CLA-VAL UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Taxation
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.
Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.
Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date .
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CLA-VAL UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date or the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.
All translation differences are taken to the statement of comprehensive income, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
11
3
Tangible fixed assets
Buildings - freehold and improvements
Fixtures, fittings and computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
387,470
34,365
119,044
540,879
Additions
110,587
4,399
33,333
148,319
Disposals
(27,000)
(27,000)
At 31 December 2024
498,057
38,764
125,377
662,198
Depreciation and impairment
At 1 January 2024
150,920
24,655
57,990
233,565
Depreciation charged in the year
24,715
2,937
19,415
47,067
Eliminated in respect of disposals
(27,000)
(27,000)
At 31 December 2024
175,635
27,592
50,405
253,632
Carrying amount
At 31 December 2024
322,422
11,172
74,972
408,566
At 31 December 2023
236,550
9,710
61,054
307,314
CLA-VAL UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
661,976
981,145
Amounts owed by group undertakings
4,889
800
Other debtors
24,257
22,912
691,122
1,004,857
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
235,301
326,716
Taxation and social security
413,583
132,853
Other creditors
140,364
146,315
789,248
605,884
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Stephen Hale
Statutory Auditor:
Perrys Audit Limited
Date of audit report:
18 February 2025
8
Financial commitments, guarantees and contingent liabilities
The company has provided a guarantee to HMRC amounting to £3,000 in respect of amounts due which is secured over the cash deposits held by Barclays Bank plc.
CLA-VAL UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
781
2,928
10
Related party transactions
The company has taken advantage of the exemption available in FRS 102 Section 33.1A, whereby it has not disclosed transactions with group companies that are wholly owned by the same ultimate parent company.
11
Parent company
The immediate and ultimate parent company is Griswold Industries Inc., registered in the United States of America, with its registered office address being 1701 Placentia Avenue, Costa Mesa, CA 92627. The accounts of the ultimate parent company are not publicly available.