Company Registration No. 13347526 (England and Wales)
CLIMETREK LTD
Unaudited accounts
for the year ended 31 March 2024
CLIMETREK LTD
Unaudited accounts
Contents
CLIMETREK LTD
Company Information
for the year ended 31 March 2024
Directors
Daksh Kumar BALIAN
Company Number
13347526 (England and Wales)
Registered Office
245 Feltham Hill Road
Ashford, England,
TW15 1LU
Accountants
CoreAdviz Digital Finance Ltd
10 Daventer Drive
Stanmore
HA7 3TJ
CLIMETREK LTD
Accountants' report
Accountants' report to the board of directors of CLIMETREK LTD on the preparation of the unaudited statutory accounts for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
CLIMETREK LTD for the year ended
31 March 2024 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of CLIMETREK LTD, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of CLIMETREK LTD and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CLIMETREK LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that CLIMETREK LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of CLIMETREK LTD. You consider that CLIMETREK LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of CLIMETREK LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
CoreAdviz Digital Finance Ltd
10 Daventer Drive
Stanmore
HA7 3TJ
25 March 2025
CLIMETREK LTD
Statement of financial position
as at 31 March 2024
Tangible assets
79,679
97,170
Inventories
723,419
40,659
Cash at bank and in hand
803,802
217,655
Creditors: amounts falling due within one year
(719,599)
2,230
Net current assets
1,271,783
460,233
Total assets less current liabilities
1,351,462
557,403
Creditors: amounts falling due after more than one year
(820,310)
(28,159)
Net assets
531,152
529,244
Called up share capital
35
35
Capital contribution reserve
502,781
502,781
Profit and loss account
28,336
26,428
Shareholders' funds
531,152
529,244
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by
Daksh Kumar BALIAN
Director
Company Registration No. 13347526
CLIMETREK LTD
Notes to the Accounts
for the year ended 31 March 2024
CLIMETREK LTD is a private company, limited by shares, registered in England and Wales, registration number 13347526. The registered office is 245 Feltham Hill Road, Ashford, England,, TW15 1LU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Business Car @18%
4
Tangible fixed assets
Motor vehicles
Charge for the year
17,491
Finished goods
723,419
40,659
Inventories are recorded and valued on the basis of the LCM method towards Carbon credit units yet to be delivered to the company.
CLIMETREK LTD
Notes to the Accounts
for the year ended 31 March 2024
Amounts falling due within one year
Trade debtors
74,353
176,424
Accrued income and prepayments
387,614
21,142
Amounts falling due after more than one year
7
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
4,414
16,333
LOSS FROM CHANGES IN PROVISION (ACCRUAL & PREPAYMENTS):
“The financial statement reflects an exceptional item presented as "Loss from changes in provisions (£1,138,502)." This comprises of prepaid and advanced expenses incurred for a future project that failed to materialize and was eventually cancelled during this fiscal year. The breakup of amount are as follows:
Suppliers were paid GBP 271,233.87 ($336,000) for project development cost. However, due to the crash in the Voluntary Carbon Market since early half of 2022, in particularly credits generated from Global Carbon Council (GCC), a carbon registry, Climetrek management opted to discontinue developing these projects, resulting in unpaid invoices linked to the GCC.
GBP 583,910 ($663,450) was prepaid expenses for carbon credits in a back-to-back trade involving purchasing from the Brazilian project owner and selling to American and British clients. The project encountered obstacles with VERRA, an American carbon registry, coinciding with a crash in the voluntary carbon market, causing the value of carbon credits to plummet from $12 to $1.5 or lower. Despite the issuance of credits, the project owner is hesitant to deliver them. This occurred a loss, hence recognised in current year financial statement.
Additionally, GBP 283,358 ($310,000) was disbursed as brokerage/consulting fees for the carbon rights of the DRC projects. The plan was to develop REDD + (REDD+ (Reducing Emissions from Deforestation and forest Degradation and enhancing forest stocks) however due to crash in Voluntary Carbon Market, the management have decided not to pursue these projects any further. Unfortunately, leaving no potential for refunds or revenue generation from these project.”
8
Creditors: amounts falling due after more than one year
2024
2023
Loans from directors
(35)
28,159
The advances to the suppliers and prepayment from the customers are already part of the closing balance sheet under total net assets. In addition to that, there are future liabilities to deliver those linked contracts.
CLIMETREK LTD
Notes to the Accounts
for the year ended 31 March 2024
10
Average number of employees
During the year the average number of employees was 9 (2023: 9).