REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2025 |
FOR |
CLOSOMAT LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2025 |
FOR |
CLOSOMAT LIMITED |
CLOSOMAT LIMITED (REGISTERED NUMBER: 02489536) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2025 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Statement of Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
CLOSOMAT LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2025 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors and Chartered Accountants |
5 Brooklands Place |
Brooklands Road |
Sale |
Cheshire |
M33 3SD |
CLOSOMAT LIMITED (REGISTERED NUMBER: 02489536) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2025 |
The directors present their strategic report on the company for the year ended 31 March 2025. |
REVIEW OF THE BUSINESS |
This report aims to present a balanced view of the development and the performance of the company. |
PRINCIPAL ACTIVITIES |
The principal activities of the company are the distribution and servicing of Closomat wash/dry toilets and associated equipment. The company is committed to the provision of innovative healthcare products together with outstanding customer service and support with the objective of creating a better quality of life. |
RESULTS AND DIVIDENDS |
Closomat Limited continued to trade successfully through a period of market volatility and cost base challenges. |
Turnover exceeded budget with operating profit slightly behind expectation for the year. |
Ordinary dividends were paid during the year of £1,765,239 (2024: £432,338). |
FUTURE DEVELOPMENTS AND INVESTMENT |
The company will continue to invest in the continuous improvement of its existing products and in the development of new innovative products to facilitate sales growth, long term sustainability and efficiency gains across a range of market sectors. This ongoing investment will ensure the company provides ever increasing levels of product quality, performance, customer service and satisfaction. |
Cyber security continues to be a focus for investment and is integrated into the organisation wide governance frameworks, including strategy, risk management processes and compliance and audit procedures. |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
Effective working capital management is a priority to ensure the associated risks are controlled and balanced against the challenging market environment in which we operate. |
The main financial risks facing the company are those relating to liquidity, foreign currency exchange and credit exposure. The director's policy agreed for managing these financial risks remain unchanged and are summarised below: |
Liquidity risk |
The company finances its operations through retained profits and has sufficient available funds for its current operations and future planned expansion. |
Currency risk |
The company is exposed to transaction and translation foreign exchange risk. In relation to translation risk, as far as possible, foreign purchases are offset by foreign receipts. |
Credit risk |
The company mitigates credit risk by continually assessing new and existing customers and using credit reference agencies. |
NON - FINANCIAL RISKS AND UNCERTAINTIES |
The management of the business and the execution of the company's strategy are subject to several risks. The key business risks and uncertainties affecting the company are considered to relate to a certain level of dependence on our National Social Care funding for disabled facility grants and in addition, the company's ability to maintain adequate continuity of supply chain within the context of global uncertainties on raw material availability and demand. |
CLOSOMAT LIMITED (REGISTERED NUMBER: 02489536) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2025 |
NON-FINANCIAL PERFORMANCE INDICATORS |
The company's key non-financial indicators are those related to employee health, safety and well-being, training, development, quality, community, and customer satisfaction. The company and our employees continue to support a wide variety of community projects. |
SUPPLIERS |
The company commits to regular engagement and collaboration with our supply chain and are committed to paying in line with supplier payment terms. |
OUR COMMITMENT TO THE ENVIRONMENT |
Corporate objectives continue to focus on doing the right thing for our community and the environment in everything we do, we have significantly reduced paper and plastic usage throughout both manufacturing and office activities and continue to find ways of 'recycling and reusing'. |
ON BEHALF OF THE BOARD: |
CLOSOMAT LIMITED (REGISTERED NUMBER: 02489536) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2025 |
The directors present their report with the financial statements of the company for the year ended 31 March 2025. |
DIVIDENDS |
Details of dividends are set out in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report. |
DIRECTORS' INDEMNITIES |
The company has made qualifying third party provisions for the benefit of its directors which remain in force at the date of this report. |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen to set out information in respect of financial risk management and future developments in its strategic report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
CLOSOMAT LIMITED (REGISTERED NUMBER: 02489536) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2025 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CLOSOMAT LIMITED |
Opinion |
We have audited the financial statements of Closomat Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CLOSOMAT LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CLOSOMAT LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
As part of our planning process: |
- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. |
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety, employment law and direct and indirect tax compliance. |
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly. |
- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment. |
The key procedures we undertook to detect irregularities including fraud during the course of the audit included: |
- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual. |
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied. |
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates. |
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation. |
- Testing key revenue lines, in particular cut-off, for evidence of management bias. |
- Obtaining third-party confirmation of material bank balances. |
- Documenting and verifying all significant related party balances and transactions. |
- Reviewing documentation such as the company board minutes for discussions of irregularities including fraud. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors and management. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CLOSOMAT LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors and Chartered Accountants |
5 Brooklands Place |
Brooklands Road |
Sale |
Cheshire |
M33 3SD |
CLOSOMAT LIMITED (REGISTERED NUMBER: 02489536) |
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2025 |
2025 | 2024 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
2,176,403 | 2,150,266 |
Amounts written off investments | 6 | - | (26,908 | ) |
2,176,403 | 2,123,358 |
Interest payable and similar expenses | 7 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 8 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
CLOSOMAT LIMITED (REGISTERED NUMBER: 02489536) |
BALANCE SHEET |
31 MARCH 2025 |
2025 | 2024 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
CLOSOMAT LIMITED (REGISTERED NUMBER: 02489536) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2025 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2025 |
CLOSOMAT LIMITED (REGISTERED NUMBER: 02489536) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2025 |
2025 | 2024 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Dividends received |
Sale of investments |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
5,895,928 |
Cash and cash equivalents at end of year | 2 | 7,470,199 | 8,159,495 |
CLOSOMAT LIMITED (REGISTERED NUMBER: 02489536) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2025 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2025 | 2024 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Amounts written off investments | - | 26,908 |
Finance costs | 15,000 | 15,000 |
Finance income | (44,524 | ) | (36,927 | ) |
2,150,536 | 2,233,839 |
(Increase)/decrease in stocks | ( |
) |
Decrease in trade and other debtors |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2025 |
31/3/25 | 1/4/24 |
£ | £ |
Cash and cash equivalents | 7,470,199 | 8,159,495 |
Year ended 31 March 2024 |
31/3/24 | 1/4/23 |
£ | £ |
Cash and cash equivalents | 8,159,495 | 5,895,928 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/4/24 | Cash flow | At 31/3/25 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 8,159,495 | (689,296 | ) | 7,470,199 |
8,159,495 | ( |
) | 7,470,199 |
Debt |
Debts falling due within 1 year | (150,000 | ) | - | (150,000 | ) |
(150,000 | ) | - | (150,000 | ) |
Total | 8,009,495 | (689,296 | ) | 7,320,199 |
CLOSOMAT LIMITED (REGISTERED NUMBER: 02489536) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2025 |
1. | STATUTORY INFORMATION |
Closomat Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02489536 and the registered address is Building 1, Brooklands Place, Brooklands Road, Sale, Cheshire, M33 3SD. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
The financial statements represent the results of the individual entity. The presentational currency is £ sterling. |
Significant judgements and estimates |
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 of the revision and future periods where the revision affects both current and future periods. |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. |
Accrued expenses and deferred income |
The company receives income in advance for service contracts and the income is apportioned over the period the company is liable to provide the service. |
Warranty provisions |
The company is required to estimate the expected cost to repair or replace parts under guarantee. This provision is based on the expected level of repair and replacement costs informed by historical information. |
Research and development costs |
Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the company can demonstrate: |
a) The technical feasibility of completing the intangible asset so that the asset will be available for use or sale |
b) The intention to complete and its ability to use or sell the asset |
c) How the asset will generate future economic benefits |
d) The availability of resources to complete the asset |
e) The ability to measure reliably the expenditure during development |
f) The ability to use the intangible asset generated |
Where the directors are satisfied as to the technical, commercial and financial viability of the project, the identifiable expenditure is deferred and amortised over the period during which the company is expected to benefit which is 10 years. |
CLOSOMAT LIMITED (REGISTERED NUMBER: 02489536) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2025 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover represents the amounts receivable by the company for goods supplied and services provided, excluding VAT and trade discounts. Revenue is recognised once the goods have passed to the customer. Deposits received in advance are included within creditors in the balance sheet, and are released to income when the goods have passed to the customer. Service income received in advance are included within creditors in the balance sheet, and are released to income evenly over the life of the contract. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery | - 20% on cost |
Fixtures, fittings and equipment | - 16.67% to 50% on cost |
Motor vehicles | - 25% on cost |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Land and buildings are long leasehold |
There has been continued levels of investment and development to improve the quality of the company's property therefore depreciation is zero in the financial period, as in the opinion of the directors the cost/valuation included in the accounts is a fair representation of their residual value. |
The company holds certain long leasehold properties for long term investment which are included in the balance sheet at directors valuations. |
At each balance sheet date the Company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
CLOSOMAT LIMITED (REGISTERED NUMBER: 02489536) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2025 |
2. | ACCOUNTING POLICIES - continued |
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 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, which include trade debtors, other debtors, amounts owed by related companies 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. Financial assets classified as receivable within one year are not amortised. |
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, including trade creditors, other creditors, amounts owed to group undertakings, and directors loan accounts 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 are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
CLOSOMAT LIMITED (REGISTERED NUMBER: 02489536) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2025 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable are charged in the period to which they relate. |
Investments |
Investments in listed shares are stated at market value. |
Investment income comprises dividends declared during the accounting period and interest receivable on listed and unlisted investments. |
Going concern |
Based on current trading and future expectations, the directors are confident the company will continue to trade profitably in future periods and generate sufficient cash flows to meet its obligations as they fall due for payment. |
The accounts have therefore been prepared on the going concern basis. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2025 | 2024 |
£ | £ |
United Kingdom |
Europe |
4. | EMPLOYEES AND DIRECTORS |
2025 | 2024 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2025 | 2024 |
Sales | 15 | 15 |
Service | 35 | 34 |
Administrative | 35 | 34 |
CLOSOMAT LIMITED (REGISTERED NUMBER: 02489536) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2025 |
4. | EMPLOYEES AND DIRECTORS - continued |
2025 | 2024 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2025 | 2024 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2025 | 2024 |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Computer software amortisation |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
Pension costs |
Other operating lease rentals |
Operating lease rentals - land and buildings |
6. | AMOUNTS WRITTEN OFF INVESTMENTS |
2025 | 2024 |
£ | £ |
Decrease in value of |
investments | - | 26,908 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2025 | 2024 |
£ | £ |
Preference share dividends |
CLOSOMAT LIMITED (REGISTERED NUMBER: 02489536) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2025 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2025 | 2024 |
£ | £ |
Current tax: |
UK corporation tax |
Corporation tax in respect of |
prior year | 44,180 | 59,444 |
Total current tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2025 | 2024 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2024 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods |
Deferred tax charge | 262,743 | 170,591 |
Tax on investment movement | - | 6,727 |
Development expenditure claim | (254,354 | ) | (203,912 | ) |
Total tax charge | 577,776 | 591,700 |
9. | DIVIDENDS |
2025 | 2024 |
£ | £ |
"B" ordinary shares of £1 each |
Final paid dividends |
CLOSOMAT LIMITED (REGISTERED NUMBER: 02489536) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2025 |
10. | INTANGIBLE FIXED ASSETS |
Development | Computer |
costs | software | Totals |
£ | £ | £ |
COST |
At 1 April 2024 |
Additions |
At 31 March 2025 |
AMORTISATION |
At 1 April 2024 |
Amortisation for year |
At 31 March 2025 |
NET BOOK VALUE |
At 31 March 2025 |
At 31 March 2024 |
11. | TANGIBLE FIXED ASSETS |
Fixtures, |
Freehold | Plant and | fittings | Motor |
property | machinery | & equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2024 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2025 |
DEPRECIATION |
At 1 April 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2025 |
NET BOOK VALUE |
At 31 March 2025 |
At 31 March 2024 |
12. | STOCKS |
2025 | 2024 |
£ | £ |
Stock of spares |
Finished goods |
CLOSOMAT LIMITED (REGISTERED NUMBER: 02489536) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2025 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2025 | 2024 |
£ | £ |
Trade debtors |
Amounts owed by related companies |
Other debtors |
Tax |
Prepayments and accrued income |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2025 | 2024 |
£ | £ |
Preference shares (see note 15) |
Trade creditors |
Amounts owed to related companies |
Corporation tax |
Social security and other taxes |
Other creditors |
Accrued expenses and deferred income |
The preference shares, which were issued at par, are redeemable upon the holders serving not less than 28 days written notice upon the company. |
15. | LOANS |
An analysis of the maturity of loans is given below: |
2025 | 2024 |
£ | £ |
Amounts falling due within one year or on demand: |
Preference shares | 150,000 | 150,000 |
Details of shares shown as liabilities are as follows: |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2025 | 2024 |
value: | £ | £ |
10% preference | £1 | 150,000 | 150,000 |
16. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2025 | 2024 |
£ | £ |
Within one year |
Between one and five years |
CLOSOMAT LIMITED (REGISTERED NUMBER: 02489536) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2025 |
17. | FINANCIAL INSTRUMENTS |
At 31 March 2025, the financial assets and liabilities are measured at amortised cost. |
18. | PROVISIONS FOR LIABILITIES |
2025 | 2024 |
£ | £ |
Deferred tax | 678,866 | 416,123 |
Warranty provision | 90,615 | 90,615 |
Deferred |
tax | Provisions |
£ | £ |
Balance at 1 April 2024 |
Provided during year |
Movement in the year |
Balance at 31 March 2025 |
The deferred tax provision comprises £46,348 (2024: £48,117) relating to the excess of capital allowances over depreciation and £632,518 (2024: £368,006) relating to the tax timing difference created due to the capitalisation of development costs. |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2025 | 2024 |
value: | £ | £ |
"A" ordinary | £1 | 500 | 500 |
"B" ordinary | £1 | 400 | 400 |
900 | 900 |
For details of preference share capital see note 15. |
20. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2024 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2025 |
21. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. At the balance sheet date unpaid contributions of £32,624 (2024: £29,603l) were included in creditors. |
CLOSOMAT LIMITED (REGISTERED NUMBER: 02489536) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2025 |
22. | CAPITAL COMMITMENTS |
At 31 March 2025 the company had capital commitments of £106,667 (2024: £nil). |
23. | RELATED PARTY DISCLOSURES |
The company is controlled by Mrs L E Willan. |
During the year total dividends of £1,765,239 (2024: £432,338) were paid. |
During the year the company transacted with a number of companies under common control. The aggregate of these transactions were as follows: |
Purchases £9,792,434 (2024: £8,982,985) |
Sales £3,756 (2024: £nil) |
Outstanding creditors to those companies were £128,288 (2024: £112,015) |
Outstanding debtors due from those companies were £50,675 (2024: £1,307). |
24. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mrs L E Willan. |