Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-312025-03-3177717truetruefalsetruetruefalsefalsetrue2024-04-0111399 06511662 2024-04-01 2025-03-31 06511662 2023-04-01 2024-03-31 06511662 2025-03-31 06511662 2024-03-31 06511662 2023-04-01 06511662 1 2024-04-01 2025-03-31 06511662 1 2023-04-01 2024-03-31 06511662 5 2024-04-01 2025-03-31 06511662 5 2023-04-01 2024-03-31 06511662 d:Director1 2024-04-01 2025-03-31 06511662 d:Director2 2024-04-01 2025-03-31 06511662 d:Director3 2024-04-01 2025-03-31 06511662 d:Director4 2024-04-01 2025-03-31 06511662 d:Director6 2024-04-01 2025-03-31 06511662 d:Director9 2024-04-01 2025-03-31 06511662 d:Director10 2024-04-01 2025-03-31 06511662 d:Director11 2024-04-01 2025-03-31 06511662 d:Director12 2024-04-01 2025-03-31 06511662 d:RegisteredOffice 2024-04-01 2025-03-31 06511662 d:Agent1 2024-04-01 2025-03-31 06511662 e:Buildings e:LongLeaseholdAssets 2024-04-01 2025-03-31 06511662 e:Buildings e:LongLeaseholdAssets 2025-03-31 06511662 e:Buildings e:LongLeaseholdAssets 2024-03-31 06511662 e:LandBuildings 2025-03-31 06511662 e:LandBuildings 2024-03-31 06511662 e:MotorVehicles 2024-04-01 2025-03-31 06511662 e:MotorVehicles 2025-03-31 06511662 e:MotorVehicles 2024-03-31 06511662 e:MotorVehicles e:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 06511662 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-04-01 2025-03-31 06511662 e:OfficeEquipment 2024-04-01 2025-03-31 06511662 e:OfficeEquipment 2025-03-31 06511662 e:OfficeEquipment 2024-03-31 06511662 e:OfficeEquipment e:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 06511662 e:OfficeEquipment e:LeasedAssetsHeldAsLessee 2024-04-01 2025-03-31 06511662 e:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 06511662 e:LeasedAssetsHeldAsLessee 2024-04-01 2025-03-31 06511662 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-04-01 2025-03-31 06511662 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-03-31 06511662 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 06511662 e:ComputerSoftware 2025-03-31 06511662 e:ComputerSoftware 2024-03-31 06511662 e:OtherResidualIntangibleAssets 2024-04-01 2025-03-31 06511662 e:CurrentFinancialInstruments 2025-03-31 06511662 e:CurrentFinancialInstruments 2024-03-31 06511662 e:Non-currentFinancialInstruments 2025-03-31 06511662 e:Non-currentFinancialInstruments 2024-03-31 06511662 e:CurrentFinancialInstruments e:WithinOneYear 2025-03-31 06511662 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 06511662 e:Non-currentFinancialInstruments e:AfterOneYear 2025-03-31 06511662 e:Non-currentFinancialInstruments e:AfterOneYear 2024-03-31 06511662 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2025-03-31 06511662 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-03-31 06511662 f:UnitedKingdom 2024-04-01 2025-03-31 06511662 f:UnitedKingdom 2023-04-01 2024-03-31 06511662 e:UKTax 2024-04-01 2025-03-31 06511662 e:UKTax 2023-04-01 2024-03-31 06511662 e:ShareCapital 2025-03-31 06511662 e:ShareCapital 2024-03-31 06511662 e:ShareCapital 2023-04-01 06511662 e:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 06511662 e:RetainedEarningsAccumulatedLosses 2025-03-31 06511662 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 06511662 e:RetainedEarningsAccumulatedLosses 2024-03-31 06511662 e:RetainedEarningsAccumulatedLosses 2023-04-01 06511662 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2025-03-31 06511662 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 06511662 e:FinancialAssetsAmortisedCost 2025-03-31 06511662 e:FinancialAssetsAmortisedCost 2024-03-31 06511662 e:FinancialLiabilitiesAmortisedCost 2025-03-31 06511662 e:FinancialLiabilitiesAmortisedCost 2024-03-31 06511662 e:AcceleratedTaxDepreciationDeferredTax 2025-03-31 06511662 e:AcceleratedTaxDepreciationDeferredTax 2024-03-31 06511662 e:TaxLossesCarry-forwardsDeferredTax 2025-03-31 06511662 e:TaxLossesCarry-forwardsDeferredTax 2024-03-31 06511662 d:OrdinaryShareClass1 2024-04-01 2025-03-31 06511662 d:OrdinaryShareClass1 2025-03-31 06511662 d:OrdinaryShareClass1 2024-03-31 06511662 d:FRS102 2024-04-01 2025-03-31 06511662 d:Audited 2024-04-01 2025-03-31 06511662 d:FullAccounts 2024-04-01 2025-03-31 06511662 d:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 06511662 e:WithinOneYear 2025-03-31 06511662 e:WithinOneYear 2024-03-31 06511662 e:BetweenOneFiveYears 2025-03-31 06511662 e:BetweenOneFiveYears 2024-03-31 06511662 e:MoreThanFiveYears 2025-03-31 06511662 e:MoreThanFiveYears 2024-03-31 06511662 e:PlantEquipmentOtherAssetsUnderOperatingLeases 2025-03-31 06511662 e:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-03-31 06511662 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:WithinOneYear 2025-03-31 06511662 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:WithinOneYear 2024-03-31 06511662 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:BetweenOneFiveYears 2025-03-31 06511662 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:BetweenOneFiveYears 2024-03-31 06511662 e:HirePurchaseContracts e:WithinOneYear 2025-03-31 06511662 e:HirePurchaseContracts e:WithinOneYear 2024-03-31 06511662 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:ExternallyAcquiredIntangibleAssets 2024-04-01 2025-03-31 06511662 e:ComputerSoftware e:ExternallyAcquiredIntangibleAssets 2024-04-01 2025-03-31 06511662 e:ExternallyAcquiredIntangibleAssets 2024-04-01 2025-03-31 06511662 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:OwnedIntangibleAssets 2024-04-01 2025-03-31 06511662 e:ComputerSoftware e:OwnedIntangibleAssets 2024-04-01 2025-03-31 06511662 g:PoundSterling 2024-04-01 2025-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06511662
















CLADE ENGINEERING SYSTEMS LTD




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

































CLADE ENGINEERING SYSTEMS LTD

 
COMPANY INFORMATION


DIRECTORS
Oliver Brown 
Andrew Dewhurst 
Dean Frost 
Michael Hodgson 
Timothy Rook 
Christopher Bassford 
Darren Finley 
Steven Hairsine 
Jason Speedy 




REGISTERED NUMBER
06511662



REGISTERED OFFICE
Bristol & Bath Science Park
Dirac Crescent

Emersons Green

Bristol

BS16 7FR




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL




BANKERS
HSBC Bank Plc
58 High Street

Knaresborough

North Yorkshire

HG5 0EB






CLADE ENGINEERING SYSTEMS LTD


CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Directors' Responsibilities Statement
 
5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Statement of Financial Position
 
11
Statement of Changes in Equity
 
12
Notes to the Financial Statements
 
13 - 30



CLADE ENGINEERING SYSTEMS LTD

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025

INTRODUCTION
 
The directors present their strategic report on the company for the year ended 31 March 2025.

BUSINESS REVIEW
 
The company has seen a surge in natural refrigerant heat activity, principally through the selling of Clade's manufactured products, but also through the installation of heat pump systems. Clade's strategic move from a predominantly refrigeration based business (by turnover) to a predominantly heat pump based one has been realised in 2024/25. However both heat pumps and refrigeration remain of strategic importance to Clade.

Clade's pipeline and strong order book, derived from a diverse client base, were a reflection of Clade maintaining its position at the forefront of heat pump technology in the UK, with a focus on engineering innovation and relentless customer service.

Clade continue to lead the way as a UK manufacturer, with its B Corp Certification; demonstrating the high social, environmental and business standards that our customers, employees and other stakeholders expect from us.

Clade's partnership with Groupe Atlantic continued to be transformative in the second year of investment, with financial, technical, operational and commercial cooperation, broadening the relationship as the two businesses head towards close integration.

Turnover increased in the year to £39,153,860 (2024: £27,231,155) and profit before tax increased to £2,645,247 (2024: £1,033,563 loss). The growth in turnover and profitability was primarily due to increased activity in heat pumps, particularly with product sold into the commercial and public sector space.

Tight control of overheads meant the prior year's investment in the engineering and sales departments delivered in enhanced profitability.

The Balance Sheet position improved to Net Assets of £3,105,536 (2024: £1,022,858), reflective of the turnaround in profitability and restrained distribution from capital expenditure and financing. Despite increased trading, Clade improved the management of the Sales Ledger, which decreased by £1,800,920 year on year. In addition Stock (including WIP) remained stable year on year (2025: £3,979,973, 2024: £3,745,535). These factors were the principal reasons for the £3,836,748 improved cash position from 2024 to 2025.  

Page 1


CLADE ENGINEERING SYSTEMS LTD


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

PRINCIPAL RISKS AND UNCERTAINTIES
 
The Directors remain confident that the UK (and global) direction of travel remains toward the greener electrification of heating and Clade is well placed to exploit that change. However the flattening off of UK construction sector activity means that Clade has to take market share to continue to grow.

In addition the importation and deployment of cheaper, non-natural refrigerant, lower quality heat pumps remains tempting for the construction sector.

Clade will be able to meet those challenges through continued innovation, sector leading customer service, and the driving up of manufacturing efficiency.

The complex nature of heat pump system design and installation continues to affect the construction sector, leading to customer delays, potentially pushing back company revenues. The Directors believe that those cashflows are achievable, and that we have sufficient head room for that period. Our confidence in them arise from a number of factors, but most particularly:

A strong order book, both in the Projects and Plant departments;
Significant pipeline of Heat Pump opportunities, with a growing number of enquiries;
Dependable refrigeration order book;
Reliable, often blue chip, customers who pay their bills;
Continued support from our bank HSBC who have provided our day to day working capital facilities, and
Ongoing support from our Equity partners, Groupe Atlantic.

FUTURE DEVELOPMENTS

Clade will continue investing in R&D to create innovative new heating and cooling products for the built environment.  The UK Government is supporting Clade’s R&D through R&D Tax Credits.
The Directors believe that Clade has a strong platform to exploit its position as the UK’s No. 1 natural commercial heat pump manufacturer, with the focus this financial year on increasing efficient capacity in the Leeds facility to meet the market demand. To that end Clade will have invested c£350,000 in robotic manufacturing equipment in the early part of 2025/26, significantly contributing to the enhanced productivity of the facility.

The successful Clade/Groupe Atlantic relationship will continue to deepen in 2025/26 as Groupe Atlantic takes a controlling stake in Clade. The philosophy of "integration to add value and maintain difference for commercial agility" will remain. Groupe Atlantic's expertise in manufacturing excellence, Clade's leveraging of the Groupe Atlantic brand, and Clade's expertise in refrigeration/heat pump engineering will continue to be invaluable to both businesses.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The key performance indicator of revenue and profit for 2024/2025 is higher than budgeted and those achieved in 2024.

OTHER KEY PERFORMANCE INDICATORS
 
The company operates KPI's for a number of its key customers and also considers the KPI of power output of equipment sold. The latter being higher than budgeted in 2025.


This report was approved by the board on 26 June 2025 and signed on its behalf.



Michael Hodgson
Director

Page 2

1
CLADE ENGINEERING SYSTEMS LTD

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The principal activities of the company are:
The manufacture and installation of heat pumps and refrigeration systems using natural refrigerants in the retail, commercial, industrial and public sectors.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £2,082,678 (2024: loss £821,221).

DIRECTORS

The directors who served during the year were:

Oliver Brown 
Andrew Dewhurst 
Dean Frost 
Michael Hodgson 
Timothy Rook 
Christopher Bassford 
Darren Finley 
Steven Hairsine 
Jason Speedy 

MATTERS COVERED IN THE STRATEGIC REPORT

The company has included mandatory Directors' Report disclosures within the Strategic Report as they are considered by the directors to be of strategic importance; as permitted by the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There are no post balance sheet events relevant to the company. 

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.


Page 3


CLADE ENGINEERING SYSTEMS LTD
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
This report was approved by the board and signed on its behalf.
 






Michael Hodgson
Director

Date: 26 June 2025

Bristol & Bath Science Park
Dirac Crescent
Emersons Green
Bristol
BS16 7FR

Page 4


CLADE ENGINEERING SYSTEMS LTD

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 5


CLADE ENGINEERING SYSTEMS LTD

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLADE ENGINEERING SYSTEMS LTD
OPINION


We have audited the financial statements of Clade Engineering Systems Ltd (the 'company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 6


CLADE ENGINEERING SYSTEMS LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLADE ENGINEERING SYSTEMS LTD (CONTINUED)

OPINION 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 5, 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 is 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.


Page 7


CLADE ENGINEERING SYSTEMS LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLADE ENGINEERING SYSTEMS LTD (CONTINUED)

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 an Auditors' Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have considered the nature of the industry and sector, control environment, and business performance including the design of remuneration policies;
We have considered the results of enquiries with management, the directors in relation to their own identification and assessment of the risks of irregularities within the entity;
We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained an understanding of the legal and regulatory frameworks that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group's ability to operate or avoid a material penalty. These included data protection legislation, health and safety regulations, and employment law.

Our procedures to respond to risks identified included the following:

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Enquiring of management in relation to actual and potential claims or litigation;
Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Reviewing board meeting minutes;
Performing detailed transactional testing in relation to the recognition of revenue with a particular focus around the year-end cut off; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.

We also communicated identified laws and regulations and potential fraud risks to all members involved in the engagement and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.

As a result of inherent limitations of the audit, there is a risk that not all irregularities, including a material misstatement in the financial statements or non compliance with regulation, will be detected by us. This risk increases the further removed compliance with a law and regulation is from the events and transactions reflected
Page 8


CLADE ENGINEERING SYSTEMS LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLADE ENGINEERING SYSTEMS LTD (CONTINUED)

in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one-off error, as this may involve intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


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 2006Our 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 an Auditors' Report 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.






David Butler FCA (Senior Statutory Auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

10 July 2025
Page 9


CLADE ENGINEERING SYSTEMS LTD

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
Note
£
£

  

Turnover
 4 
39,153,860
27,231,155

Cost of sales
  
(30,687,635)
(23,013,916)

Gross profit
  
8,466,225
4,217,239

Administrative expenses
  
(5,802,785)
(5,118,076)

Other operating income
 5 
49,316
-

Operating profit/(loss)
 6 
2,712,756
(900,837)

Interest payable and similar expenses
  
(67,509)
(132,726)

Profit/(loss) before tax
  
2,645,247
(1,033,563)

Tax on profit/(loss)
 10 
(562,569)
212,342

Profit/(loss) for the financial year
  
2,082,678
(821,221)

Total comprehensive income for the year
  
2,082,678
(821,221)

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

The notes on pages 13 to 30 form part of these financial statements.

Page 10


CLADE ENGINEERING SYSTEMS LTD
REGISTERED NUMBER:06511662

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025

2025
2024
Note
£
£

Fixed assets
  

Intangible assets
 11 
281,502
358,619

Tangible assets
 12 
433,302
382,680

  
714,804
741,299

Current assets
  

Stocks
 13 
3,979,973
3,745,535

Debtors: amounts falling due within one year
 14 
8,404,583
10,091,969

Cash at bank and in hand
 15 
1,793,419
111,307

  
14,177,975
13,948,811

Creditors: amounts falling due within one year
 16 
(11,764,495)
(13,598,502)

Net current assets
  
 
 
2,413,480
 
 
350,309

Total assets less current liabilities
  
3,128,284
1,091,608

Creditors: amounts falling due after more than one year
 17 
-
(68,750)

Provisions for liabilities
  

Deferred tax
 21 
(22,748)
-

  
 
 
(22,748)
 
 
-

Net assets
  
3,105,536
1,022,858


Capital and reserves
  

Called up share capital 
 22 
125
125

Profit and loss account
 23 
3,105,411
1,022,733

  
3,105,536
1,022,858


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Michael Hodgson
Director

Date: 26 June 2025

The notes on pages 13 to 30 form part of these financial statements.

Page 11


CLADE ENGINEERING SYSTEMS LTD


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2023
125
1,843,954
1,844,079



Loss for the year
-
(821,221)
(821,221)



At 1 April 2024
125
1,022,733
1,022,858



Profit for the year
-
2,082,678
2,082,678


At 31 March 2025
125
3,105,411
3,105,536


The notes on pages 13 to 30 form part of these financial statements.

Page 12


CLADE ENGINEERING SYSTEMS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


GENERAL INFORMATION

Clade Engineering Systems Limited is a limited liability company incorporated in the UK and registered in England and Wales. The registered office is in Bristol and Bath Science Park, Dirac Crescent, Emersons Green, Bristol, BS16 7FR. 

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.

This information is included in the consolidated financial statements of Clade Engineering Systems Group Limited as at 31 March 2024 and these financial statements may be obtained from Companies House.

 
2.3

GOING CONCERN

The Directors assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the group to continue as a going concern. The Directors make this assessment in respect of a period of 12-months from the date of approval of the financial statements.
The Directors have prepared forecasts which demonstrate that the business will have access to adequate working capital for at least 12 months from the date of approval of the financial statements. The banking facilities are expected to continue allowing the business to meet its day to day working capital requirements.
The Directors believe that preparing the financial statements on a going concern basis is entirely appropriate and that there are no factors reasonably foreseen that are expected to materially impact that assessment. Moreover, the directors believe that the business has a strong future beyond 12 months.

Page 13


CLADE ENGINEERING SYSTEMS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

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

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 14


CLADE ENGINEERING SYSTEMS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

LEASED ASSETS: THE COMPANY AS LESSEE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase 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 creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.8

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which would be 8 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.9

FINANCE COSTS

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

 
2.10

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

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

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

Page 15


CLADE ENGINEERING SYSTEMS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

CURRENT AND DEFERRED TAXATION

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.12

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
8 years
Computer software
-
25% Straight line

 
2.13

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16


CLADE ENGINEERING SYSTEMS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)


2.13
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold Improvements
-
20% straight line
Motor vehicles
-
25% straight line
Plant and machinery and office equipment
-
20-50% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

STOCKS

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

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

 
2.15

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.17

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 17


CLADE ENGINEERING SYSTEMS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

 
2.18

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Statement of Financial Position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

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

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

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

Page 18


CLADE ENGINEERING SYSTEMS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The following judgments and estimates have had the most significant effect on amounts recognised in the financial statements.
Long term contracts
Amounts recoverable on contracts are recognised on the proportion of work completed to date on the project. The attributable profit is recognised once the outcome of the project can be assessed with reasonable certainty.
Bad debt provision
Provision for bad and doubtful debts is estimated based on management knowledge of the business and its customers using all relevant and available information.
Warranty provision
The company gives warranties at the time of sale to purchasers of its product. Under the terms of the contract for sale, the company undertakes to make good, by repair or replacement, manufacturing defects that become apparent within a specified timeframe. At the year end management make an assessment of the present value of future economic outflow based on the time passed since warranty-eligible products have been sold and past experience of warranties paid. 


4.


TURNOVER

The whole of the turnover is attributable to the company's principal activities which are listed page 2.

2025
2024
£
£

United Kingdom
39,153,860
27,231,155

39,153,860
27,231,155



5.


OTHER OPERATING INCOME

2025
2024
£
£

Other operating income
49,316
-

49,316
-


Page 19


CLADE ENGINEERING SYSTEMS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

6.


OPERATING PROFIT/(LOSS)

The operating profit/(loss) is stated after charging:

2025
2024
£
£

Exchange differences
30,881
34,092


7.


AUDITORS' REMUNERATION

During the year, the company obtained the following services from the company's auditors:


2025
2024
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
22,500
16,000

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.


8.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2025
2024
£
£

Wages and salaries
5,586,614
4,810,291

Social security costs
616,523
526,100

Cost of defined contribution scheme
199,782
185,471

6,402,919
5,521,862


The average monthly number of employees, including the directors, during the year113 was as follows:


        2025
        2024
            No.
            No.







Plant and Administrative
107
93



Management
6
6

113
99

Page 20


CLADE ENGINEERING SYSTEMS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

9.


DIRECTORS' REMUNERATION

2025
2024
£
£

Directors' emoluments
472,926
487,705

Company contributions to defined contribution pension schemes
67,066
62,040

539,992
549,745


During the year retirement benefits were accruing to 6 directors (2024: 6) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £136,542 (2024: £132,081).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £30,000 (2024: £30,000).


10.


TAXATION


2025
2024
£
£

CORPORATION TAX


Current tax on profits for the year
380,177
-

Adjustments in respect of previous periods
(104,654)
28,079


TOTAL CURRENT TAX
275,523
28,079

DEFERRED TAX


Origination and reversal of timing differences
284,544
(240,452)

Adjustment for prior period
2,502
31

TOTAL DEFERRED TAX
287,046
(240,421)


TAXATION ON PROFIT/(LOSS) ON ORDINARY ACTIVITIES
562,569
(212,342)
Page 21


CLADE ENGINEERING SYSTEMS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
 
10.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are explained below:

2025
2024
£
£


Profit/(loss) on ordinary activities before tax
2,645,247
(1,033,563)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%)
661,312
(258,391)

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
6,245
4,730

Capital allowances for year in excess of depreciation
2,701
5,628

Adjustments to tax charge in respect of previous periods - deferred tax
2,501
32

Adjustments to tax charge in respect of previous periods
(104,654)
28,079

Other tax adjustments, reliefs and transfer
-
80

Non-taxable income
(7)
-

Research and development uplifts
6,800
(6,450)

Surrender of tax losses for credit refund
-
13,950

Tax credits in respect of previous periods
(12,329)
-

TOTAL TAX CHARGE FOR THE YEAR
562,569
(212,342)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 22


CLADE ENGINEERING SYSTEMS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

11.


INTANGIBLE ASSETS




Development expenditure
Computer software
Total

£
£
£



COST


At 1 April 2024
296,947
418,628
715,575


Additions
-
9,221
9,221



At 31 March 2025

296,947
427,849
724,796



AMORTISATION


At 1 April 2024
37,118
319,838
356,956


Charge for the year on owned assets
37,118
49,220
86,338



At 31 March 2025

74,236
369,058
443,294



NET BOOK VALUE



At 31 March 2025
222,711
58,791
281,502



At 31 March 2024
259,829
98,790
358,619



Page 23


CLADE ENGINEERING SYSTEMS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

12.


TANGIBLE FIXED ASSETS





Long-term leasehold improvements
Motor vehicles
Office equipment
Total

£
£
£
£



COST OR VALUATION


At 1 April 2024
724,851
86,037
212,589
1,023,477


Additions
11,292
-
157,333
168,625


Disposals
-
(60,063)
-
(60,063)



At 31 March 2025

736,143
25,974
369,922
1,132,039



DEPRECIATION


At 1 April 2024
388,644
81,857
170,296
640,797


Charge for the year on owned assets
77,717
-
36,106
113,823


Charge for the year on financed assets
-
4,180
-
4,180


Disposals
-
(60,063)
-
(60,063)



At 31 March 2025

466,361
25,974
206,402
698,737



NET BOOK VALUE



At 31 March 2025
269,782
-
163,520
433,302



At 31 March 2024
336,207
4,180
42,293
382,680




The net book value of land and buildings may be further analysed as follows:


2025
2024
£
£

Long leasehold
269,782
336,207

269,782
336,207


Page 24


CLADE ENGINEERING SYSTEMS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

13.


STOCKS

2025
2024
£
£

Work in progress
2,282,177
2,162,970

Finished goods and goods for resale
1,697,796
1,582,565

3,979,973
3,745,535


Stock recognised in cost of sales as an expense during the year was £18,375,138 (2024: £10,952,926).


14.


DEBTORS

2025
2024
£
£


Trade debtors
6,285,552
8,086,472

Other debtors
120,296
1,308

Prepayments and accrued income
367,989
434,795

Amounts recoverable on long term contracts
1,630,746
1,305,096

Deferred taxation
-
264,298

8,404,583
10,091,969



15.


CASH AND CASH EQUIVALENTS

2025
2024
£
£

Cash at bank and in hand
1,793,419
111,307

1,793,419
111,307


Page 25


CLADE ENGINEERING SYSTEMS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

16.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025
2024
£
£

Bank loans
68,750
2,429,625

Payments received on account
1,050,009
1,082,684

Trade creditors
2,386,567
2,707,546

Amounts owed to group undertakings
3,087,937
3,139,482

Corporation tax
316,303
29,378

Other taxation and social security
1,074,276
921,962

Obligations under finance lease and hire purchase contracts
-
15,076

Other creditors
75,023
35,000

Accruals and deferred income
3,705,630
3,237,749

11,764,495
13,598,502





17.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025
2024
£
£

Bank loans
-
68,750

-
68,750


Page 26


CLADE ENGINEERING SYSTEMS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

18.


LOANS


Analysis of the maturity of loans is given below:


2025
2024
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
68,750
2,429,625


68,750
2,429,625


AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
-
68,750


-
68,750


68,750
2,498,375


Included within bank loans is £Nil (2024: £2,154,625) secured over the company's assets in favour of HSBC Bank plc relating to the invoice financing facility. 


19.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2025
2024
£
£


Within one year
-
15,076

-
15,076

Page 27


CLADE ENGINEERING SYSTEMS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

20.


FINANCIAL INSTRUMENTS

2025
2024
£
£

FINANCIAL ASSETS


Financial assets measured at fair value through profit or loss
1,793,419
111,307

Financial assets that are debt instruments measured at amortised cost
6,405,848
8,087,780

8,199,267
8,199,087


FINANCIAL LIABILITIES


Financial liabilities measured at amortised cost
(9,380,603)
(9,910,972)


Financial assets that are debt instruments measured at amortised cost comprise cash and cash equivalents, trade and other debtors excluding prepayments. 


Financial liabilities measured at amortised cost comprise trade and other creditors excluding statutory obligations of corporation tax payable and other taxes and social security payable, along with deferred income. 


21.


DEFERRED TAXATION




2025


£






At beginning of year
264,298


Charged to profit or loss
(287,046)



AT END OF YEAR
(22,748)

The deferred taxation balance is made up as follows:

2025
2024
£
£


Accelerated capital allowances
(22,748)
(25,477)

Tax losses carried forward
-
289,775

(22,748)
264,298

Page 28


CLADE ENGINEERING SYSTEMS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

22.


SHARE CAPITAL

2025
2024
£
£
AUTHORISED, ALLOTTED, CALLED UP AND FULLY PAID



125 (2024: 125) Ordinary shares of £1.00 each
125
125



23.


RESERVES

Profit and loss account

The profit and loss account includes all current and prior periods retained profits and losses.


24.


CAPITAL COMMITMENTS


At 31 March 2025 the company had capital commitments as follows:

2025
2024
£
£


Contracted for but not provided in these financial statements
335,947
-

335,947
-


25.


PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £199,782 (2024: £185,471). Contributions totalling £73,439 (2024: £34,965) were payable to the fund at the reporting date.

Page 29


CLADE ENGINEERING SYSTEMS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

26.


COMMITMENTS UNDER OPERATING LEASES

At 31 March 2025 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
463,753
451,004

Later than 1 year and not later than 5 years
903,651
929,671

Later than 5 years
201,546
382,741

1,568,950
1,763,416

2025
2024

£
£


Not later than 1 year
302,517
292,628

Later than 1 year and not later than 5 years
258,705
296,168

561,222
588,796


27.


RELATED PARTY TRANSACTIONS

During the year the company made sales of £253,452 (2024: £Nil) to Heating Products Ltd, a company with common shareholders.  
During the year the company made sales of £231,516 (2024: £172) to Ideal Boilers Ltd, a company with common shareholders.
During the year the company made purchases of £88,000 (£51,000) from Ideal Boilers Ltd, a company with common shareholders. A balance of £Nil (2024: £24,000) was due at the year end.  
During the year the company paid for services of £24,035 (2024: £24,164) to Andy Dewhurst Consulting Ltd, a director related entity. A balance of £1,942 (2024: £Nil) was due at the year end.

Mr Dewhurst's son is a director of Growth Division LLP. During the year the company paid for services of £91,400 (2024: £96,750) from Growth Division LLP. At the year end a balance of £8,550 (2024: £9,670) was due. 


28.


CONTROLLING PARTY

The immediate and ultimate parent undertaking is Clade Engineering Systems Group Ltd, a company incorporated in the UK and registered in England and Wales. There is no ultimate controlling party.

 
Page 30