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REGISTERED NUMBER: 01648233 (England and Wales)












Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Climatec Systems Limited

Climatec Systems Limited (Registered number: 01648233)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Climatec Systems Limited (Registered number: 01648233)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 349,420 354,933
Investments 5 1 1
349,421 354,934

CURRENT ASSETS
Stocks 425,374 431,247
Debtors 6 1,339,883 1,282,246
Cash at bank and in hand 223,263 220,903
1,988,520 1,934,396
CREDITORS
Amounts falling due within one year 7 285,051 200,158
NET CURRENT ASSETS 1,703,469 1,734,238
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,052,890

2,089,172

PROVISIONS FOR LIABILITIES 36,605 37,375
NET ASSETS 2,016,285 2,051,797

CAPITAL AND RESERVES
Called up share capital 9 9
Capital redemption reserve 1 1
Retained earnings 2,016,275 2,051,787
SHAREHOLDERS' FUNDS 2,016,285 2,051,797

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Climatec Systems Limited (Registered number: 01648233)

Balance Sheet - continued
30 June 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 January 2025 and were signed by:





M L Williams - Director


Climatec Systems Limited (Registered number: 01648233)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Climatec Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01648233

Registered office: Unit 6 Old Wharf Ind Est
Dymock Road
Ledbury
Herefordshire
HR8 2JQ

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Climatec Systems Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% to 25% reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Climatec Systems Limited (Registered number: 01648233)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


Climatec Systems Limited (Registered number: 01648233)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Hire purchase and leasing commitments
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 14 ) .

Climatec Systems Limited (Registered number: 01648233)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Cost
At 1 July 2023 214,929 132,908 314,568 662,405
Additions - 295 49,507 49,802
At 30 June 2024 214,929 133,203 364,075 712,207
Depreciation
At 1 July 2023 27,501 104,197 175,774 307,472
Charge for year 1,100 7,140 47,075 55,315
At 30 June 2024 28,601 111,337 222,849 362,787
Net book value
At 30 June 2024 186,328 21,866 141,226 349,420
At 30 June 2023 187,428 28,711 138,794 354,933

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
Cost
At 1 July 2023
and 30 June 2024 1
Net book value
At 30 June 2024 1
At 30 June 2023 1

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 307,925 303,703
Amounts owed by group undertakings 936,427 909,196
Other debtors 95,531 69,347
1,339,883 1,282,246

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 155,505 166,650
Taxation and social security 116,815 26,987
Other creditors 12,731 6,521
285,051 200,158

Climatec Systems Limited (Registered number: 01648233)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

8. FINANCIAL COMMITMENTS

The total value of financial commitments, guarantees and contingencies that are not included in the balance sheet amounts to £1,488 (2023: £7,438).

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
M L Williams
Balance outstanding at start of year 19,073 18,243
Amounts advanced 24,093 830
Amounts repaid (41,990 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,176 19,073

The above loan is included within other debtors. It is unsecured and repayable on demand. Interest is charged at the official rate of 2.25%.

10. RELATED PARTY DISCLOSURES

As at the year end 30 June 2024 the company was owed £890,663 (2023: £909,196) by its wholly owned subsidiary. The loan is interest free with no fixed repayment terms, however, the company would not call in the loan if it affected the solvency of the subsidiary.

11. CALLED UP SHARE CAPITAL

Alloted and issued:Nominal20242023
Number:Class:value:££

550Ordinary A1p5.505.50
90Ordinary B1p0.900.90
90Ordinary C1p0.900.90
90Ordinary D1p0.900.90
90Ordinary E1p0.900.90
9.109.10