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Registered number: 05095086
Clayton Equipment Limited
Unaudited Financial Statements
For the Period 1 March 2023 to 31 August 2024
CSM Financial Consultancy Limited
Contents
Page
Company Information 1
Balance Sheet 2—3
Statement of Changes in Equity 4
Notes to the Financial Statements 5—9
Page 1
Company Information
Director Mr Steve Gretton
Company Number 05095086
Registered Office Unit 2A
Second Avanue, Centrum 100
Burton On Trent
Staffs
DE14 2WF
Bankers Santander
6th Floor
No 1 Colmore Row
Birmingham
B3 2BJ
Solicitors Nelsons
Pennine House
8 Stanford Street
Nottingham
NG1 7BQ
Page 1
Page 2
Balance Sheet
Registered number: 05095086
31 August 2024 28 February 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 269,309 339,763
269,309 339,763
CURRENT ASSETS
Stocks 5 3,094,089 8,752,405
Debtors 6 2,195,165 3,285,583
Cash at bank and in hand 112,104 511,121
5,401,358 12,549,109
Creditors: Amounts Falling Due Within One Year 7 (2,882,719 ) (11,345,080 )
NET CURRENT ASSETS (LIABILITIES) 2,518,639 1,204,029
TOTAL ASSETS LESS CURRENT LIABILITIES 2,787,948 1,543,792
Creditors: Amounts Falling Due After More Than One Year 8 (150,587 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation - (82,548 )
NET ASSETS 2,637,361 1,461,244
CAPITAL AND RESERVES
Called up share capital 10 100,000 23,000
Share premium account 2,150,000 -
Capital redemption reserve - 27,000
Profit and Loss Account 387,361 1,411,244
SHAREHOLDERS' FUNDS 2,637,361 1,461,244
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For the period ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Steve Gretton
Director
12/12/2024
The notes on pages 5 to 9 form part of these financial statements.
Page 3
Page 4
Statement of Changes in Equity
Share Capital Share Premium Capital Redemption Profit and Loss Account Total
£ £ £ £ £
As at 1 March 2022 23,000 - 27,000 1,417,240 1,467,240
Profit for the year and total comprehensive income - - - 679,632 679,632
Dividends paid - - - (685,628) (685,628)
As at 28 February 2023 and 1 March 2023 23,000 - 27,000 1,411,244 1,461,244
Loss for the period and total comprehensive income - - - (1,023,883 ) (1,023,883)
Arising on shares issued during the period 77,000 2,150,000 - - 2,227,000
Transfer to/from Profit & Loss Account - - (27,000 ) - (27,000)
As at 31 August 2024 100,000 2,150,000 - 387,361 2,637,361
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Notes to the Financial Statements
1. General Information
Clayton Equipment Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05095086 . The registered office is Unit 2A, Second Avanue, Centrum 100, Burton On Trent, Staffs, DE14 2WF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare  consolidated  accounts. The  financial  statements  present  information  about  the  company  as  an individual entity and not about its group.
Clayton Equipment Limited is a  subsidiary of Clayton Equipment Group Limited.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% & 20% straight line
Motor Vehicles 20 straight line
Fixtures & Fittings 20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account] as incurred.
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2.5. Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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  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 payments 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.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks,  other  short-term  liquid  investments  with  original  maturities  of  three  months  or  less,  and  bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.7. Foreign Currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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2.8. Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred  tax  liabilities  are  generally  recognised  for  all  timing  differences  and  deferred  tax  assets  are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.9. Government Grant
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met.  Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.10. Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure  is  capitalised  to  the  extent  that  the  technical,  commercial  and  financial  feasibility  can  be demonstrated.
2.11. Impairmant of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised  for  the  asset  (or  cash-generating  unit)  in  prior  years. A  reversal  of  an  impairment  loss  is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
3. Average Number of Employees
Average number of employees, including directors, during theyear was: 40 (2023: 46)
40 46
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 March 2023 493,322 246,522 145,382 885,226
Additions - - 54,208 54,208
As at 31 August 2024 493,322 246,522 199,590 939,434
Depreciation
As at 1 March 2023 372,295 111,686 61,482 545,463
Provided during the period 24,997 73,957 25,708 124,662
As at 31 August 2024 397,292 185,643 87,190 670,125
Net Book Value
As at 31 August 2024 96,030 60,879 112,400 269,309
As at 1 March 2023 121,027 134,836 83,900 339,763
5. Stocks
31 August 2024 28 February 2023
£ £
Stock 3,094,089 8,752,405
6. Debtors
31 August 2024 28 February 2023
£ £
Due within one year
Trade debtors 2,085,654 2,885,043
Other debtors 109,511 400,540
2,195,165 3,285,583
7. Creditors: Amounts Falling Due Within One Year
31 August 2024 28 February 2023
£ £
Net obligations under finance lease and hire purchase contracts 29,062 -
Trade creditors 691,301 10,173,580
Amounts owed to group undertakings 70,757 841,428
Other creditors 1,753,360 175,811
Taxation and social security 338,239 154,261
2,882,719 11,345,080
8. Creditors: Amounts Falling Due After More Than One Year
31 August 2024 28 February 2023
£ £
Net obligations under finance lease and hire purchase contracts 150,587 -
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9. Obligations Under Finance Leases and Hire Purchase
31 August 2024 28 February 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 29,062 -
Later than one year and not later than five years 150,587 -
179,649 -
179,649 -
10. Share Capital
31 August 2024 28 February 2023
£ £
Allotted, Called up and fully paid 100,000 23,000
During the period the company alloted and issued 77,000  £1  fully paid ordinary shares as follows:
27,000  issued at par as a reorganisation of the capital redemption reserve.
25,000 issued for £700,000 to the parent company Clayton Equipment Group Limited in part satisfaction of the amount due to the parent company from the company
25,000 allotted and issued for £1,500,000 to CGS Mining Technology & Equipment Limited, a strategic partner in the Far East.
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