| REGISTERED NUMBER: 15395974 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the period |
| 8th January 2024 to 31st December 2024 |
| for |
| CLIMATEC GROUP LIMITED |
| REGISTERED NUMBER: 15395974 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the period |
| 8th January 2024 to 31st December 2024 |
| for |
| CLIMATEC GROUP LIMITED |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Contents of the Consolidated Financial Statements |
| for the period 8th January 2024 to 31st December 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Profit and Loss Statement | 10 |
| Consolidated Other Comprehensive Income | 11 |
| Consolidated Balance Sheet | 12 |
| Company Balance Sheet | 13 |
| Consolidated Statement of Changes in Equity | 14 |
| Company Statement of Changes in Equity | 15 |
| Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Cash Flow Statement | 17 |
| Notes to the Consolidated Financial Statements | 18 |
| CLIMATEC GROUP LIMITED |
| Company Information |
| for the period 8th January 2024 to 31st December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| & Statutory Auditors |
| Monometer House |
| Rectory Grove |
| Leigh on Sea |
| Essex |
| SS9 2HN |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Group Strategic Report |
| for the period 8th January 2024 to 31st December 2024 |
| The directors present their strategic report of the company and the group for the period 8th January 2024 to 31st December 2024. |
| Business review |
| A change in the company structure and a new holding company mean that these accounts are the first year's trading under the current guise and are also covering a 9 month period. |
| What can be said however is that all group companies posted a profit which has to be seen as a positive but the old adage 'good but could have done better' does spring to mind. |
| The fenestration business in 2024 as a whole did seem to slow down, which could be down to a number of factors, including the current economy and political unrest etc. However, closer to home, the ongoing issues with U values is still raising its head meaning that contract work has not picked up as we would have liked, which ultimately has impacted on our turnover and profitability. |
| We have however, managed in the main, continued to have the support of our regulator customer base and have also managed to pick up new business along the way which all bodes well for the future, especially as we are also looking to invest in new up to date machinery and possible additional space so as to enhance the business further. |
| Principle risks & uncertainties |
| There are several risks and uncertainties that can be highlighted which could cause us problems in the future with the hiring of staff being one of them. Being based in an area of relatively low unemployment means that potential employees can be more selective in what roles they take and this can be challenging at times. |
| The ability to hire good staff along with the cost of leasing affordable space is also key to our business, which are primarily based around our pricing, lead times and quality, all of which are a must if we wish to maintain our place as a leading supplier of upvc and aluminium windows and doors. |
| Government legislation and taxes are also a major concern as these impact markedly on both our profitability and cash-flow, especially when any tax or increases relate to staff, as the group has in excess of 150 employees can be somewhat difficult to manage in keeping staff motivated and committed. |
| It would also be foolish to ignore, as mentioned above, the current economic and political climate and the problems that this could cause with transportation (lead times), utility costs (overheads) and interest rates (borrowing costs) should a major event raise its head. |
| Key performance indicators |
| 2024 saw a downturn in both turnover and profitability although the margins in the main held up relatively well which was aided by our regular monthly monitoring of the costs allowing us to have control and be reactive to any ongoing adverse price movements and increase in expenditure. |
| Staffing costs were a little higher both in cost and in percentage of turnover than we would have liked, which primarily was due to the mandatory government salary increases (living wage and the knock on effect of this), however we did not increase our prices in the financial year to offset this additional expense. |
| Future outlook |
| Hopefully with the U value situation finally reaching its conclusion, contract work, especially in aluminium, should see an increase and with the introduction of new products due to come to the market in the coming year, there is a positive feel about the future. |
| With new machinery on order, this will undoubtedly improve our quality further and we are also actively looking to increase our productivity and lead times by introducing additional staff to our current night shift. We are also seeking much needed additional factory space albeit that this would need to meet our criteria for rent and rates expenditure. |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Group Strategic Report |
| for the period 8th January 2024 to 31st December 2024 |
| Finally, with the way the company is funded, a strong balance sheet, a good order book and knowledgeable staff at the helm, The Climatec Group looks to be in a healthy position to maintain and surpass its current profitability and moving forward we fully expect 2025 to be another decent year of trading for all group companies. |
| ON BEHALF OF THE BOARD: |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Report of the Directors |
| for the period 8th January 2024 to 31st December 2024 |
| The directors present their report with the financial statements of the company and the group for the period 8th January 2024 to 31st December 2024. |
| INCORPORATION |
| The group was incorporated on 8th January 2024 . |
| DIVIDENDS |
| The total distribution of dividends for the period ended 31st December 2024 will be £ 80,000 . |
| DIRECTORS |
| The directors who have held office during the period from 8th January 2024 to the date of this report are as follows: |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 judgments and accounting estimates that are reasonable and prudent |
| - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements |
| - 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. |
| 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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Report of the Directors |
| for the period 8th January 2024 to 31st December 2024 |
| AUDITORS |
| The auditors, Barrons Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Climatec Group Limited |
| Opinion |
| We have audited the financial statements of Climatec Group Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31st December 2024 which comprise the Consolidated Profit and Loss Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31st December 2024 and of the group's profit for the period 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 |
| Climatec Group Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Climatec Group 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: |
| Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. |
| The following laws and regulations were identified as being of significance to the entity: |
| - Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation and distributable profits legislation. |
| - Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include operating licence, environmental regulations and health and safety legislation. |
| Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of; inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence: testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. |
| No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
| 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 |
| Climatec Group 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 |
| Chartered Accountants |
| & Statutory Auditors |
| Monometer House |
| Rectory Grove |
| Leigh on Sea |
| Essex |
| SS9 2HN |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Consolidated Profit and Loss Statement |
| for the period 8th January 2024 to 31st December 2024 |
| Notes | £ | £ |
| TURNOVER | 12,937,976 |
| Cost of sales | 9,468,277 |
| GROSS PROFIT | 3,469,699 |
| Distribution costs | 551,025 |
| Administrative expenses | 2,290,820 |
| 2,841,845 |
| OPERATING PROFIT | 4 | 627,854 |
| Interest receivable and similar income | 29 |
| 627,883 |
| Interest payable and similar expenses | 5 | 36,571 |
| PROFIT BEFORE TAXATION | 591,312 |
| Tax on profit | 6 | 196,042 |
| PROFIT FOR THE FINANCIAL PERIOD |
| Profit attributable to: |
| Owners of the parent | 395,270 |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Consolidated Other Comprehensive Income |
| for the period 8th January 2024 to 31st December 2024 |
| Notes | £ |
| PROFIT FOR THE PERIOD | 395,270 |
| OTHER COMPREHENSIVE INCOME | - |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
395,270 |
| Total comprehensive income attributable to: |
| Owners of the parent | 395,270 |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Consolidated Balance Sheet |
| 31st December 2024 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 | 982,149 |
| Tangible assets | 10 | 883,549 |
| Investments | 11 | - |
| 1,865,698 |
| CURRENT ASSETS |
| Stocks | 12 | 1,695,398 |
| Debtors | 13 | 2,557,143 |
| Cash at bank and in hand | 594,441 |
| 4,846,982 |
| CREDITORS |
| Amounts falling due within one year | 14 | 3,014,432 |
| NET CURRENT ASSETS | 1,832,550 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
3,698,248 |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
(443,035 |
) |
| PROVISIONS FOR LIABILITIES | 19 | (197,203 | ) |
| NET ASSETS | 3,058,010 |
| CAPITAL AND RESERVES |
| Called up share capital | 20 | 2,742,740 |
| Retained earnings | 21 | 315,270 |
| SHAREHOLDERS' FUNDS | 3,058,010 |
| The financial statements were approved by the Board of Directors and authorised for issue on 1st August 2025 and were signed on its behalf by: |
| Mr S P Muskett - Director |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Company Balance Sheet |
| 31st December 2024 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 |
| Tangible assets | 10 |
| Investments | 11 |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT LIABILITIES | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 80,000 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Consolidated Statement of Changes in Equity |
| for the period 8th January 2024 to 31st December 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Changes in equity |
| Issue of share capital | 2,742,740 | - | 2,742,740 |
| Dividends | - | (80,000 | ) | (80,000 | ) |
| Total comprehensive income | - | 395,270 | 395,270 |
| Balance at 31st December 2024 | 2,742,740 | 315,270 | 3,058,010 |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Company Statement of Changes in Equity |
| for the period 8th January 2024 to 31st December 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Changes in equity |
| Issue of share capital | - |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31st December 2024 |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Consolidated Cash Flow Statement |
| for the period 8th January 2024 to 31st December 2024 |
| Notes | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,037,681 |
| Interest paid | (29,165 | ) |
| Interest element of hire purchase payments paid |
(7,406 |
) |
| Tax paid | (428,385 | ) |
| Net cash from operating activities | 572,725 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (63,280 | ) |
| Sale of tangible fixed assets | 4,745 |
| Net cash received on aqcuisition | 410,115 |
| Deferred cash paid on investment | (131,730 | ) |
| Interest received | 29 |
| Net cash from investing activities | 219,879 |
| Cash flows from financing activities |
| Loan repayments in year | (37,037 | ) |
| Capital repayments in year | (81,126 | ) |
| Equity dividends paid | (80,000 | ) |
| Net cash from financing activities | (198,163 | ) |
| Increase in cash and cash equivalents | 594,441 |
| Cash and cash equivalents at beginning of period |
2 |
- |
| Cash and cash equivalents at end of period |
2 |
594,441 |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Notes to the Consolidated Cash Flow Statement |
| for the period 8th January 2024 to 31st December 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| £ |
| Profit before taxation | 591,312 |
| Depreciation charges | 203,715 |
| Profit on disposal of fixed assets | (4,745 | ) |
| Finance costs | 36,571 |
| Finance income | (29 | ) |
| 826,824 |
| Increase in stocks | (15,156 | ) |
| Decrease in trade and other debtors | 422,861 |
| Decrease in trade and other creditors | (196,848 | ) |
| Cash generated from operations | 1,037,681 |
| 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: |
| Period ended 31st December 2024 |
| 31.12.24 | 8.1.24 |
| £ | £ |
| Cash and cash equivalents | 594,441 | - |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| Other |
| non-cash |
| At 8.1.24 | Cash flow | changes | At 31.12.24 |
| £ | £ | £ | £ |
| Net cash |
| Cash at bank |
| and in hand | - | 594,441 | 594,441 |
| - | 594,441 | 594,441 |
| Debt |
| Finance leases | - | (201,533 | ) | - | (283,739 | ) |
| Debts falling due |
| within 1 year | - | (46,296 | ) | - | (46,296 | ) |
| - | (247,829 | ) | - | (330,035 | ) |
| Total | - | 346,612 | - | 264,406 |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Notes to the Consolidated Financial Statements |
| for the period 8th January 2024 to 31st December 2024 |
| 1. | STATUTORY INFORMATION |
| Climatec Group Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| The turnover 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 the 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. |
| Goodwill |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Notes to the Consolidated Financial Statements - continued |
| for the period 8th January 2024 to 31st December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets 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. |
| Depreciation is charged so as to allocate the cost of assets less residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below. |
| Depreciation is provided on the following basis: |
| Leasehold land and buildings | - 10% Straight Line |
| Plant and machinery | - 15% Reducing Balance |
| Fixtures and Fittings | - 10% Reducing Balance |
| Computers | - 33% Straight Line |
| Motor Vehicles | - 25% Reducing Balance |
| The asset's 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. |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Statement, 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 period 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. |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Notes to the Consolidated Financial Statements - continued |
| for the period 8th January 2024 to 31st December 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| £ |
| Wages and salaries | 4,047,016 |
| The average number of employees during the period was as follows: |
| Directors | 2 |
| Manufacturing | 130 |
| Engineering | 4 |
| Admin | 13 |
| Transport | 9 |
| £ |
| Directors' remuneration | 114,966 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| £ |
| Depreciation - owned assets | 94,586 |
| Profit on disposal of fixed assets | (4,745 | ) |
| Goodwill amortisation | 109,128 |
| Auditors' remuneration | 23,345 |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| £ |
| Bank interest | (3,317 | ) |
| Interest on overdue taxation | 1,732 |
| Other interest payable | 30,750 |
| Hire purchase | 7,406 |
| 36,571 |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the period was as follows: |
| £ |
| Current tax: |
| UK corporation tax | 174,213 |
| Deferred tax | 21,829 |
| Tax on profit | 196,042 |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Notes to the Consolidated Financial Statements - continued |
| for the period 8th January 2024 to 31st December 2024 |
| 6. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| £ |
| Profit before tax | 591,312 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % | 147,828 |
| Effects of: |
| Expenses not deductible for tax purposes | 9,336 |
| Depreciation in excess of capital allowances | 7,383 |
| Deferred tax | 21,829 |
| Marginal relief | (410 | ) |
| Pre aqcuisition tax effects | 10,076 |
| Total tax charge | 196,042 |
| 7. | INDIVIDUAL PROFIT AND LOSS STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements. |
| 8. | DIVIDENDS |
| £ |
| Ordinary A shares of £1 each |
| Interim | 80,000 |
| 9. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| Additions | 1,091,277 |
| At 31st December 2024 | 1,091,277 |
| AMORTISATION |
| Amortisation for period | 109,128 |
| At 31st December 2024 | 109,128 |
| NET BOOK VALUE |
| At 31st December 2024 | 982,149 |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Notes to the Consolidated Financial Statements - continued |
| for the period 8th January 2024 to 31st December 2024 |
| 10. | TANGIBLE FIXED ASSETS |
| Group |
| Improvements |
| Long | to | Plant and |
| leasehold | property | machinery |
| £ | £ | £ |
| COST |
| Additions | 49,620 | 54,087 | 707,021 |
| At 31st December 2024 | 49,620 | 54,087 | 707,021 |
| DEPRECIATION |
| Charge for period | 6,617 | 6,122 | 64,671 |
| At 31st December 2024 | 6,617 | 6,122 | 64,671 |
| NET BOOK VALUE |
| At 31st December 2024 | 43,003 | 47,965 | 642,350 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| Additions | 136,236 | 13,873 | 17,298 | 978,135 |
| At 31st December 2024 | 136,236 | 13,873 | 17,298 | 978,135 |
| DEPRECIATION |
| Charge for period | 7,583 | 2,150 | 7,443 | 94,586 |
| At 31st December 2024 | 7,583 | 2,150 | 7,443 | 94,586 |
| NET BOOK VALUE |
| At 31st December 2024 | 128,653 | 11,723 | 9,855 | 883,549 |
| Within tangible fixed asset additions, the following was purchased on aqcusition of the Climatec Group Holdings Group: |
| Long leasehold | £49,620 |
| Improvements to property | £44,966 |
| Plant & Machinery | £616,779 |
| Fixtures and fittings | £90,893 |
| Motor vehicles | £13,873 |
| Computer equipment | £16,517 |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Notes to the Consolidated Financial Statements - continued |
| for the period 8th January 2024 to 31st December 2024 |
| 11. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| Additions |
| At 31st December 2024 |
| NET BOOK VALUE |
| At 31st December 2024 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 |
| £ |
| Aggregate capital and reserves |
| Profit for the period |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 |
| £ |
| Aggregate capital and reserves |
| Profit for the period |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 |
| £ |
| Aggregate capital and reserves |
| Profit for the period |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Notes to the Consolidated Financial Statements - continued |
| for the period 8th January 2024 to 31st December 2024 |
| 11. | FIXED ASSET INVESTMENTS - continued |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 |
| £ |
| Aggregate capital and reserves |
| Profit for the period |
| 12. | STOCKS |
| Group |
| £ |
| Raw materials | 1,473,820 |
| Work-in-progress | 221,578 |
| 1,695,398 |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group |
| £ |
| Trade debtors | 2,159,150 |
| Other debtors | 48,615 |
| Prepayments and accrued income | 349,378 |
| 2,557,143 |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Notes to the Consolidated Financial Statements - continued |
| for the period 8th January 2024 to 31st December 2024 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| £ | £ |
| Bank loans and overdrafts (see note 16) | 46,296 |
| Hire purchase contracts (see note 17) | 130,485 |
| Trade creditors | 1,975,284 |
| Amounts owed to group undertakings | - |
| Tax | 108,252 |
| Social security and other taxes | 140,738 |
| VAT | 200,176 | - |
| Other creditors | 357,177 |
| Accruals and deferred income | 56,024 |
| 3,014,432 |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| £ | £ |
| Hire purchase contracts (see note 17) | 153,254 |
| Other creditors | 289,781 |
| 443,035 |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 46,296 |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Notes to the Consolidated Financial Statements - continued |
| for the period 8th January 2024 to 31st December 2024 |
| 17. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire |
| purchase |
| contracts |
| £ |
| Net obligations repayable: |
| Within one year | 130,485 |
| Between one and five years | 153,254 |
| 283,739 |
| Group |
| Non- | cancellable | operating leases |
| £ |
| Within one year | 253,719 |
| Between one and five years | 470,292 |
| In more than five years | 75,995 |
| 800,006 |
| 18. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| £ |
| Bank loans | 46,296 |
| Hire purchase contracts | 283,739 |
| 330,035 |
| Hire purchase contracts are secured against the assets to which they relate. |
| Invoice discounting and overdraft facilities are secured by way of both fixed and floating charges over the assets of the group. |
| There is a cross guarantee in place between Climatec Group Limited and it's subsidiary undertakings on all borrowings outstanding within the group at the balance sheet date. |
| The long term loan obtained in 2020 is supported by the Coronavirus Business Interruption Loan Scheme (CBILS) provided by the government. |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Notes to the Consolidated Financial Statements - continued |
| for the period 8th January 2024 to 31st December 2024 |
| 19. | PROVISIONS FOR LIABILITIES |
| Group |
| £ |
| Deferred tax | 197,203 |
| Group |
| Deferred |
| tax |
| £ |
| Provided during period | 14,552 |
| Introduced on acquisition | 182,651 |
| Balance at 31st December 2024 | 197,203 |
| 20. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal |
| value: | £ |
| Ordinary A | £1 | 1,000 |
| Ordinary M | £1 | 2,741,740 |
| 2,742,740 |
| The following shares were issued during the period for cash at par : |
| 1,000 Ordinary A shares of £1 |
| 2,741,740 Ordinary M shares of £1 |
| Ordinary A Shares have attached to them full voting and dividend rights but they do not confer any right of redemption. Capital distribution (including on winding up) rights; |
| The holders of Ordinary A shares shall rank behind the holders of Ordinary M shares in respect of the capital distribution of the first £2,700,000. |
| Ordinary M Shares have attached to them no voting and dividend rights and they do not confer any right of redemption. |
| The holders of Ordinary M shares shall have priority over the holders of Ordinary M shares in respect of the capital distribution of the first £2,700,000. |
| CLIMATEC GROUP LIMITED (REGISTERED NUMBER: 15395974) |
| Notes to the Consolidated Financial Statements - continued |
| for the period 8th January 2024 to 31st December 2024 |
| 21. | RESERVES |
| Group |
| Retained |
| earnings |
| £ |
| Profit for the period | 395,270 |
| Dividends | (80,000 | ) |
| At 31st December 2024 | 315,270 |
| Company |
| Retained |
| earnings |
| £ |
| Profit for the period |
| Dividends | ( |
) |
| At 31st December 2024 |
| 22. | CAPITAL COMMITMENTS |
| £ |
| Contracted but not provided for in the |
| financial statements | 54,865 |
| At the Balance Sheet date there are capital commitments totalling £54,865. |