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Registered number: 06264797


CLEAR SKY CATERING CONSUMABLES 
LIMITED








AUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
CLEAR SKY CATERING CONSUMABLES LIMITED
REGISTERED NUMBER: 06264797

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
600,139
684,103

Investments
 6 
1,674,211
1,674,555

  
2,274,350
2,358,658

Current assets
  

Debtors: amounts falling due within one year
 7 
71,233
70,945

Cash at bank and in hand
 8 
74
2

  
71,307
70,947

Creditors: amounts falling due within one year
 9 
(3,036,006)
(3,112,682)

Net current liabilities
  
 
 
(2,964,699)
 
 
(3,041,735)

Total assets less current liabilities
  
(690,349)
(683,077)

Provisions for liabilities
  

Deferred tax
 11 
(85,705)
(70,000)

  
 
 
(85,705)
 
 
(70,000)

Net liabilities
  
(776,054)
(753,077)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(776,055)
(753,078)

  
(776,054)
(753,077)


Page 1

 
CLEAR SKY CATERING CONSUMABLES LIMITED
REGISTERED NUMBER: 06264797
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
P Wightman
Director

Date: 18 October 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
CLEAR SKY CATERING CONSUMABLES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Clear Sky Catering Consumables Limited is a private company limited by share capital, incorporated in England and Wales, registration number 06264797. The registered office is: Unit 1 - 4 Oxford Industrial Park, Mead Road, Yarnton, Oxfordshire, OX5 1QU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 company is exempt from the obligation to prepare and deliver consolidated accounts under S.400 of the Companies Act 2006. The results of the company are consolidated in the UK group accounts of a larger group, being Owen Greenings & Mumford (Holdings) Ltd.
The Company's functional and presentational currency is GBP.
In preparing the financial statements, a rounding difference of £5 has been used, in accordance with Company policy and in line with the previous year.

The following principal accounting policies have been applied:

 
2.2

Going concern

The board of directors is of the opinion that the company is a going concern.
The board of directors have a reasonable expectation that the company has adequate resources to continue its operations for a period of at least 12 months from the date that the financial statements are approved. The key method for assessing going concern is through the business planning process which considers profitability, liquidity and solvency. The business planning process considers the company's business activities, together with factors likely to affect its future development, successful performance and position, and key risks in the current economic climate.
The validity of this assumption depends on the continued support from the other group companies, company's financiers, creditors and the ability to have sufficient working capital in the foreseeable future. The directors are not aware of any reason why the support from the other group companies, company's financiers and other creditors will not be renewed. The continuation of this support is critical to the company's ability to meet its liabilities as they fall due.
Should the going concern basis of preparation of the financial statements be found to be inappropriate should such support be withdrawn by the financiers or there was insufficient working capital for the company to continue as a going concern adjustments may have to be made to reduce the value of assets to their recoverable amount, to provide further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities respectively, both adjustments having a consequent effect on the profit and loss account. It is not practical to quantify these potential adjustments which are not included in these financial statements.

Page 3

 
CLEAR SKY CATERING CONSUMABLES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
CLEAR SKY CATERING CONSUMABLES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
6.67%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

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

Page 5

 
CLEAR SKY CATERING CONSUMABLES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Auditors' remuneration

The company has taken advantage of the exemption not to disclose amounts paid for audit and non audit services as these are disclosed in the group accounts of the parent company.

Page 6

 
CLEAR SKY CATERING CONSUMABLES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


5.


Tangible fixed assets





Plant & machinery

£



Cost


At 1 June 2023
1,258,831



At 31 May 2024

1,258,831



Depreciation


At 1 June 2023
574,728


Charge for the year on financed assets
83,964



At 31 May 2024

658,692



Net book value



At 31 May 2024
600,139



At 31 May 2023
684,103

Page 7

 
CLEAR SKY CATERING CONSUMABLES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 June 2023
6,025,886



At 31 May 2024

6,025,886



Impairment


At 1 June 2023
4,351,331


Charge for the period
344



At 31 May 2024

4,351,675



Net book value



At 31 May 2024
1,674,211



At 31 May 2023
1,674,555


7.


Debtors

2024
2023
£
£


Other debtors
288
-

Prepayments and accrued income
70,945
70,945

71,233
70,945



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
74
2

74
2


Page 8

 
CLEAR SKY CATERING CONSUMABLES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
3,028,436
3,104,270

Other taxation and social security
-
1,412

Accruals and deferred income
7,570
7,000

3,036,006
3,112,682



10.


Debenture

HSBC UK Bank PLC, hold a debenture over the company, including a fixed charge over all book and other debts, both present and future; together with a floating charge over all assets and undertakings, both present and future.
The above security also includes an unlimited Multilateral Guarantee dated 12 May 2022, and given by OGM (SW) Limited, Terinex Flexibles Ltd (formerly QC Packaging Films Limited), Clear Sky Catering Consumables Limited, Owen Greenings & Mumford (Holdings) Limited, and Owen Greenings & Mumford Limited, of which group set-off is held.


11.


Deferred taxation




2024


£






At beginning of year
(70,000)


Charged to profit or loss
(15,705)



At end of year
(85,705)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(85,705)
(70,000)

(85,705)
(70,000)


12.


Related party transactions

The Company has taken advantage of the exemption under FRS102 section 33 paragraph 1a and therefore has not reported the related party transactions or balances of companies within the group.  

Page 9

 
CLEAR SKY CATERING CONSUMABLES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Ultimate parent undertaking

The ultimate parent undertaking is Owen Greenings & Mumford (Holdings) Limited, with registered office Unit 1 Mead Road, Oxford Industrial Park, Yarnton, Oxford, OX5 1QU, and company number 06259950.
The smallest group in which the company will be consolidated is that of its ultimate parent undertaking.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2024 was unqualified.

The audit report was signed on 18 October 2024 by Mr Matthew Wyatt (senior statutory auditor) on behalf of Wellers.

 
Page 10