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Registration number: 07041939

Clearvac International Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Clearvac International Limited
(Registration number: 07041939)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Clearvac International Limited
(Registration number: 07041939)

Company Information

Directors

Mr Roger Flynn

Mr Martyn Fisher

Mr David Salter

Mr Neil Jones

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Clearvac International Limited
(Registration number: 07041939)

Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

225

452

Tangible assets

5

12,352

11,630

Investments

6

64,603

64,603

 

77,180

76,685

Current assets

 

Stocks

7

108,525

144,700

Debtors

8

1,048,578

1,052,518

Cash at bank and in hand

 

341,326

218,680

 

1,498,429

1,415,898

Creditors: Amounts falling due within one year

9

(538,222)

(428,833)

Net current assets

 

960,207

987,065

Total assets less current liabilities

 

1,037,387

1,063,750

Creditors: Amounts falling due after more than one year

9

-

(1,588)

Provisions for liabilities

(1,718)

(1,751)

Net assets

 

1,035,669

1,060,411

Capital and reserves

 

Called up share capital

1,378

1,378

Share premium reserve

32,619

32,619

Capital redemption reserve

102

102

Retained earnings

1,001,570

1,026,312

Shareholders' funds

 

1,035,669

1,060,411

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Clearvac International Limited
(Registration number: 07041939)

Balance Sheet as at 30 September 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 April 2025 and signed on its behalf by:
 

.........................................
Mr Martyn Fisher
Director

 

Clearvac International Limited
(Registration number: 07041939)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The parent company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Revenue recognition

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.

Tax

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

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

 

Clearvac International Limited
(Registration number: 07041939)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20 % straight line

Fixtures fittings & equipment

20 % straight line

Motor vehicles

25 % straight line

Computer equipment

33.33 % straight line

Plant and machinery held as lessor under operating leases

10 % straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Clearvac International Limited
(Registration number: 07041939)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 % straight line

Patents

10 % straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Clearvac International Limited
(Registration number: 07041939)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments received under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Clearvac International Limited
(Registration number: 07041939)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 11).

 

Clearvac International Limited
(Registration number: 07041939)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 October 2023

100,000

2,268

102,268

At 30 September 2024

100,000

2,268

102,268

Amortisation

At 1 October 2023

100,000

1,816

101,816

Amortisation charge

-

227

227

At 30 September 2024

100,000

2,043

102,043

Carrying amount

At 30 September 2024

-

225

225

At 30 September 2023

-

452

452

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

15,382

74,394

39,717

129,493

Additions

4,075

-

5,935

10,010

Disposals

-

(6,375)

-

(6,375)

At 30 September 2024

19,457

68,019

45,652

133,128

Depreciation

At 1 October 2023

11,975

71,562

34,326

117,863

Charge for the year

2,091

2,832

4,365

9,288

Eliminated on disposal

-

(6,375)

-

(6,375)

At 30 September 2024

14,066

68,019

38,691

120,776

Carrying amount

At 30 September 2024

5,391

-

6,961

12,352

At 30 September 2023

3,407

2,832

5,391

11,630

 

Clearvac International Limited
(Registration number: 07041939)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

58,122

58,122

Investments in associates

6,481

6,481

64,603

64,603

Subsidiaries

£

Cost or valuation

At 1 October 2023

58,122

Carrying amount

At 30 September 2024

58,122

At 30 September 2023

58,122

Associates

£

Cost

At 1 October 2023

6,481

Additions

-

Disposals

-

At 30 September 2024

6,481

Carrying amount

At 30 September 2024

6,481

At 30 September 2023

6,481

7

Stocks

2024
£

2023
£

Other stocks

108,525

144,700

 

Clearvac International Limited
(Registration number: 07041939)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Debtors

2024
£

2023
£

Trade debtors

388,933

210,448

Amounts owed by group undertakings and undertakings in which the company has a participating interest

313,415

435,763

Other debtors

250,129

309,831

Prepayments and accrued income

96,101

96,476

Total current trade and other debtors

1,048,578

1,052,518

 

Clearvac International Limited
(Registration number: 07041939)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

1,588

4,303

Trade creditors

 

442,417

135,183

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

8,097

9,753

Taxation and social security

 

63,498

13,728

Other creditors

 

16,249

15,494

Accrued expenses

 

6,373

250,372

 

538,222

428,833

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

-

1,588

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Finance lease and hire purchase liabilities

1,588

4,303

2024
£

2023
£

Non-current loans and borrowings

Finance lease and hire purchase liabilities

-

1,588


Security and restricted title
Finance lease and hire purchase liabilities are secured over the assets to which they relate.

 

Clearvac International Limited
(Registration number: 07041939)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The company, together with the group's other UK subsidiaries, has provided an unlimited guarantee for the bank borrowings of the parent company. The bank borrowings of the parent company at the year end stand at £175,000 (2023: £275,000). The amount the company expects to pay in respect of this guarantee is £nil (2023: £nil).

12

Related party transactions

Interest is charged on directors' loans at the average official rate.

2024

At 1 October 2023
£

Advances to director
£

At 30 September 2024
£

Director 1 - interest bearing loan, repayable on demand

96,386

4,080

100,466

Director 2 - interest bearing loan, repayable on demand

2,136

58

2,194

98,522

4,138

102,660

 

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Director 1 - interest bearing loan, repayable on demand

94,337

15,365

(13,316)

96,386

Director 2 - interest bearing loan, repayable on demand

2,092

44

-

2,136

Director 3 - interest bearing loan, repayable on demand

988

-

(988)

-

97,417

15,409

(14,304)

98,522