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Registration number: 02673785

Crisp Clean Services Limited

Annual Report and Financial Statements

for the Year Ended 31 October 2024

 

Crisp Clean Services Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 10

 

Crisp Clean Services Limited

(Registration number: 02673785)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

435,143

463,580

Current assets

 

Stocks

5

678,956

668,116

Debtors

6

363,580

336,774

Cash at bank and in hand

 

14,522

40,432

 

1,057,058

1,045,322

Creditors: Amounts falling due within one year

7

(543,093)

(433,863)

Net current assets

 

513,965

611,459

Total assets less current liabilities

 

949,108

1,075,039

Creditors: Amounts falling due after more than one year

7

(7,500)

(17,500)

Provisions for liabilities

(66,679)

(75,938)

Net assets

 

874,929

981,601

Capital and reserves

 

Called up share capital

2,000

2,000

Profit and loss account

872,929

979,601

Total equity

 

874,929

981,601

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.

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 7 January 2025 and signed on its behalf by:
 

G M Crisp
Director

J F Crisp
Director

 
     
 

Crisp Clean Services Limited

Notes to the Financial Statements for the Year Ended 31 October 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:
Myrtle Yard
Curry Rivel
Langport
Somerset
TA10 0PP

These financial statements were authorised for issue by the Board on 7 January 2025.

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 were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard appicable in the UK and Republic of Ireland'.

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

These accounts have been prepared on a going concern basis. Results for the year were disappointing. However, sales in the first month since the year end were up considerably on the prior year and cashflow has improved as a result. The directors consider that the strong orders going forward, price increases and good continuing relationships with key customers and suppliers will see improved results going forward. These expected improved results, mean that the directors consider there to be no material uncertainties relating to going concern and the going concern basis is therefore appropriate.

Audit opinion

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 9 January 2025 was Nigel Fry, who signed for and on behalf of ML Audit LLP.

 

Crisp Clean Services Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

Key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which are considered to have a significant risk of causing a material adjustment to the carrying amount of assets arise in respect of the stock provision applied to stock, which management are of the opinion is appropriate. The value of the stock provision at the year end is £97,117 (2023 - £97,269).

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.

Government grants

Government grants are recognised at fair value when there is reasonable assurance that the Company will comply with the conditions attaching to them and that the grants will be received. Grants related to the purchase of assets are treated as deferred income and allocated to the income statement over the useful lives of the related assets while grants related to expenses are treated as other income in the income statement.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Crisp Clean Services Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

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

Leasehold improvements

Straight line over the expected life of the lease

Office equipment

30% reducing balance

Plant and machinery

5-15% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Development costs

Expenditure on research and development is recognised as an expense in the year in which it is incurred with the exception of expenditure on the development of products where the outcome of these products is assessed as being reasonably certain as regards to economic viability and technical feasibility. Such expenditure is recognised as an intangible asset and amortised to administrative expenses on a straight line basis over the useful economic life once the related product or enhancement is available for use.

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 stocks 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.

 

Crisp Clean Services Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

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.

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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

 

Crisp Clean Services Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

Leases

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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 40 (2023 - 46).

 

Crisp Clean Services Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Leasehold improvements
£

Office equipment
 £

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

312,911

43,593

53,650

1,910,400

20,500

2,341,054

Additions

8,286

1,648

-

9,562

-

19,496

Disposals

-

(1,391)

-

-

-

(1,391)

At 31 October 2024

321,197

43,850

53,650

1,919,962

20,500

2,359,159

Depreciation

At 1 November 2023

198,616

40,029

51,611

1,568,770

18,448

1,877,474

Charge for the year

8,377

1,111

306

37,540

513

47,847

Eliminated on disposal

-

(1,305)

-

-

-

(1,305)

At 31 October 2024

206,993

39,835

51,917

1,606,310

18,961

1,924,016

Carrying amount

At 31 October 2024

114,204

4,015

1,733

313,652

1,539

435,143

At 31 October 2023

114,295

3,564

2,039

341,630

2,052

463,580

5

Stocks

2024
£

2023
£

Raw materials and consumables

355,970

349,116

Work in progress

260,773

243,830

Finished goods

62,213

75,170

678,956

668,116

6

Debtors

2024
£

2023
£

Trade debtors

279,332

271,621

Other debtors

26,040

17,689

Prepayments

58,208

47,464

363,580

336,774

 

Crisp Clean Services Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

7

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

9

203,616

165,748

Trade creditors

 

276,520

181,902

Social security and other taxes

 

15,175

11,302

Other creditors

 

16,839

9,968

Accruals

 

30,943

64,943

 

543,093

433,863

Due after one year

 

Loans and borrowings

9

7,500

17,500

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2,000

2,000

2,000

2,000

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

7,500

17,500

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Bank overdrafts

193,616

139,109

Finance lease liabilities

-

16,639

203,616

165,748

The bank overdraft is secured by way of a fixed and floating charge over all assets of the company.

The finance lease liabilities are secured against tangible assets of the company to which they relate.

 

Crisp Clean Services Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

10

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £32.25 (2023 - £45.50) per ordinary share

 

64,500

 

91,000

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,033,912 (2023 - £1,122,495).

 

Crisp Clean Services Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

12

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

19,684

19,886

Other transactions with directors

The directors have provided a limited guarantee totalling £300,000 plus interest in relation to bank liabilities.

Loans to related parties

Terms of loans to related parties

The loan to the directors is interest free and repayable on demand.
 

2024

Total
£

At start of period

15,661

Advanced

41,084

Repaid

(42,813)

At end of period

13,932

2023

Total
£

At start of period

18,508

Advanced

52,337

Repaid

(55,184)

At end of period

15,661