Caseware UK (AP4) 2024.0.164 2024.0.164 1305222The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-08-01falseNo description of principal activity22truetruefalse 04255669 2023-08-01 2024-07-31 04255669 2022-08-01 2023-07-31 04255669 2024-07-31 04255669 2023-07-31 04255669 c:Director1 2023-08-01 2024-07-31 04255669 c:Director2 2023-08-01 2024-07-31 04255669 d:Buildings d:LongLeaseholdAssets 2023-08-01 2024-07-31 04255669 d:Buildings d:LongLeaseholdAssets 2024-07-31 04255669 d:Buildings d:LongLeaseholdAssets 2023-07-31 04255669 d:PlantMachinery 2023-08-01 2024-07-31 04255669 d:PlantMachinery 2024-07-31 04255669 d:PlantMachinery 2023-07-31 04255669 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 04255669 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-08-01 2024-07-31 04255669 d:MotorVehicles 2023-08-01 2024-07-31 04255669 d:MotorVehicles 2024-07-31 04255669 d:MotorVehicles 2023-07-31 04255669 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 04255669 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-08-01 2024-07-31 04255669 d:FurnitureFittings 2023-08-01 2024-07-31 04255669 d:FurnitureFittings 2024-07-31 04255669 d:FurnitureFittings 2023-07-31 04255669 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 04255669 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-08-01 2024-07-31 04255669 d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 04255669 d:LeasedAssetsHeldAsLessee 2023-08-01 2024-07-31 04255669 d:CurrentFinancialInstruments 2024-07-31 04255669 d:CurrentFinancialInstruments 2023-07-31 04255669 d:Non-currentFinancialInstruments 2024-07-31 04255669 d:Non-currentFinancialInstruments 2023-07-31 04255669 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 04255669 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 04255669 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 04255669 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 04255669 d:ShareCapital 2024-07-31 04255669 d:ShareCapital 2023-07-31 04255669 d:CapitalRedemptionReserve 2024-07-31 04255669 d:CapitalRedemptionReserve 2023-07-31 04255669 d:RetainedEarningsAccumulatedLosses 2024-07-31 04255669 d:RetainedEarningsAccumulatedLosses 2023-07-31 04255669 c:OrdinaryShareClass1 2023-08-01 2024-07-31 04255669 c:OrdinaryShareClass1 2023-07-31 04255669 c:OrdinaryShareClass2 2023-08-01 2024-07-31 04255669 c:OrdinaryShareClass2 2024-07-31 04255669 c:OrdinaryShareClass3 2023-08-01 2024-07-31 04255669 c:OrdinaryShareClass3 2024-07-31 04255669 c:FRS102 2023-08-01 2024-07-31 04255669 c:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 04255669 c:FullAccounts 2023-08-01 2024-07-31 04255669 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 04255669 d:WithinOneYear 2024-07-31 04255669 d:WithinOneYear 2023-07-31 04255669 d:BetweenOneFiveYears 2024-07-31 04255669 d:BetweenOneFiveYears 2023-07-31 04255669 2 2023-08-01 2024-07-31 04255669 d:AcceleratedTaxDepreciationDeferredTax 2024-07-31 04255669 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 04255669 d:TaxLossesCarry-forwardsDeferredTax 2024-07-31 04255669 d:TaxLossesCarry-forwardsDeferredTax 2023-07-31 04255669 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-07-31 04255669 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-07-31 04255669 d:LeasedAssetsHeldAsLessee 2024-07-31 04255669 d:LeasedAssetsHeldAsLessee 2023-07-31 04255669 e:PoundSterling 2023-08-01 2024-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04255669










Classic Filters Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 July 2024

 
Classic Filters Ltd
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Classic Filters Ltd for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Classic Filters Ltd for the year ended 31 July 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Classic Filters Ltd, as a body, in accordance with the terms of our engagement letter dated 18 April 2023Our work has been undertaken solely to prepare for your approval the financial statements of Classic Filters Ltd and state those matters that we have agreed to state to the Board of directors of Classic Filters Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Classic Filters Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Classic Filters Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Classic Filters Ltd. You consider that Classic Filters Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Classic Filters 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 financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
Maritime Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QZ
28 April 2025
Page 1

 
Classic Filters Ltd
Registered number: 04255669

Balance sheet
As at 31 July 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
797,741
824,685

  
797,741
824,685

Current assets
  

Stocks
  
187,521
187,521

Debtors: amounts falling due within one year
 5 
546,211
629,236

Bank and cash balances
  
603,350
605,922

  
1,337,082
1,422,679

Creditors: amounts falling due within one year
 6 
(385,078)
(361,984)

Net current assets
  
 
 
952,004
 
 
1,060,695

Total assets less current liabilities
  
1,749,745
1,885,380

Creditors: amounts falling due after more than one year
 7 
(18,220)
(41,250)

Provisions for liabilities
  

Deferred tax
 8 
(161,320)
(112,446)

  
 
 
(161,320)
 
 
(112,446)

Net assets
  
1,570,205
1,731,684


Capital and reserves
  

Called up share capital 
  
60,000
100,000

Capital redemption reserve
  
40,000
-

Profit and loss account
  
1,470,205
1,631,684

  
1,570,205
1,731,684


Page 2

 
Classic Filters Ltd
Registered number: 04255669

Balance sheet (continued)
As at 31 July 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 on 28 April 2025.




I P Bovington
D P Janes
Director
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
Classic Filters Ltd
 

 
Notes to the financial statements
For the Year Ended 31 July 2024

1.


General information

Classic Filters Ltd is a private company limited by shares and is incorporated in England and Wales, company registration number 04255669.  The address of the registered office and principal place of business is 16 Sextant Park, Neptune Close, Rochester, Kent, England, ME2 4LU.

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 following principal accounting policies have been applied:

 
2.2

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

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

 
2.4

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 4

 
Classic Filters Ltd
 

 
Notes to the financial statements
For the Year Ended 31 July 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Leasehold improvements
-
10% reducing balance
Plant and machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance

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.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

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.

 
2.7

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.

Page 5

 
Classic Filters Ltd
 

 
Notes to the financial statements
For the Year Ended 31 July 2024

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Page 6

 
Classic Filters Ltd
 

 
Notes to the financial statements
For the Year Ended 31 July 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.9

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.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 7

 
Classic Filters Ltd
 

 
Notes to the financial statements
For the Year Ended 31 July 2024

2.Accounting policies (continued)

 
2.12

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.13

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.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

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 8

 
Classic Filters Ltd
 

 
Notes to the financial statements
For the Year Ended 31 July 2024

2.Accounting policies (continued)

 
2.15

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.


Employees

The average monthly number of employees, including directors, during the year was 22 (2023 - 22).


4.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 August 2023
176,036
1,003,711
78,000
63,317
1,321,064


Additions
23,691
39,136
-
4,241
67,068



At 31 July 2024

199,727
1,042,847
78,000
67,558
1,388,132



Depreciation


At 1 August 2023
45,508
370,351
39,024
41,496
496,379


Charge for the year on owned assets
13,052
52,188
9,744
5,753
80,737


Charge for the year on financed assets
-
13,275
-
-
13,275



At 31 July 2024

58,560
435,814
48,768
47,249
590,391



Net book value



At 31 July 2024
141,167
607,033
29,232
20,309
797,741



At 31 July 2023
130,528
633,360
38,976
21,821
824,685

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
119,475
132,750

119,475
132,750

Page 9

 
Classic Filters Ltd
 

 
Notes to the financial statements
For the Year Ended 31 July 2024

5.


Debtors

2024
2023
£
£


Trade debtors
418,589
463,659

Other debtors
31,571
77,986

Called up share capital not paid
9,721
9,721

Prepayments and accrued income
86,330
77,870

546,211
629,236



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
139,684
130,560

Amounts owed to other participating interests
7,273
149,070

Corporation tax
152,334
-

Other taxation and social security
17,257
20,229

Obligations under finance lease and hire purchase contracts
55,230
45,000

Other creditors
5,204
6,503

Accruals and deferred income
8,096
10,622

385,078
361,984



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
18,220
41,250


Page 10

 
Classic Filters Ltd
 

 
Notes to the financial statements
For the Year Ended 31 July 2024

8.


Deferred taxation




2024


£






At beginning of year
(112,446)


Charged to profit or loss
(48,874)



At end of year
(161,320)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(161,320)
(170,332)

Tax losses carried forward
-
57,886

(161,320)
(112,446)


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



0 (2023 - 100,000) Ordinary shares of £1.00 each
-
100,000
50,000 (2023 - 0) Ordinary A shares of £1.00 each
50,000
-
10,000 (2023 - 0) Ordinary B shares of £1.00 each
10,000
-

60,000

100,000

On 26 January 2024 40,000 £1 Ordinary shares were purchased for cancellation. The total consideration for the shares was €400,000. On 27 June 2024 the remaining shares were redesignated to Ordinary A and Ordinary B shares. 



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £27,090 (2023 - £22,830). Contributions totalling £4,303 (2023 - £3,990) were payable to the fund at the balance sheet date and are included in other creditors.

Page 11

 
Classic Filters Ltd
 

 
Notes to the financial statements
For the Year Ended 31 July 2024

11.


Commitments under operating leases

At 31 July 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
159,030
159,030

Later than 1 year and not later than 5 years
379,073
538,103

538,103
697,133


12.


Related party transactions

During the year the company paid dividends to those directors who were also shareholder in the company totalling £97,002 (2023: £nil).
All other transactions with related parties that arose during the current and prior years, including directors' remuneration payable, were done so under normal market conditions. 

Page 12