Company Registration No. SC506587 (Scotland)
Clover Tool Europe Limited
Unaudited accounts
for the year ended 31 December 2024
Clover Tool Europe Limited
Unaudited accounts
Contents
Clover Tool Europe Limited
Company Information
for the year ended 31 December 2024
Directors
Johnny Ray Russell Jr
Andrew Colquhoun Downs
Secretary
Peterkins Solicitors
Company Number
SC506587 (Scotland)
Registered Office
Unit B
Badentoy Place
Portlethen
Aberdeenshire
AB12 4YB
United Kingdom
Accountants
Granite Accountants (Aberdeen) Limited
2 Queens Road
Aberdeen
AB15 4ZT
Clover Tool Europe Limited
Statement of financial position
as at 31 December 2024
Tangible assets
220,782
170,766
Inventories
132,368
94,829
Cash at bank and in hand
318,979
275,517
Creditors: amounts falling due within one year
(408,532)
(461,089)
Net current assets
333,053
247,685
Total assets less current liabilities
553,835
418,451
Creditors: amounts falling due after more than one year
(5,833)
(15,833)
Provisions for liabilities
Deferred tax
(51,748)
(38,306)
Other provisions
(25,000)
(20,000)
Net assets
471,254
344,312
Called up share capital
100
100
Profit and loss account
471,154
344,212
Shareholders' funds
471,254
344,312
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by
Andrew Colquhoun Downs
Director
Company Registration No. SC506587
Clover Tool Europe Limited
Notes to the Accounts
for the year ended 31 December 2024
Clover Tool Europe Limited is a private company, limited by shares, registered in Scotland, registration number SC506587. The registered office is Unit B, Badentoy Place, Portlethen, Aberdeenshire, AB12 4YB, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the accounts.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% straight line
Plant & machinery
25% straight line
Motor vehicles
25% straight line
Computer equipment
25% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Clover Tool Europe Limited
Notes to the Accounts
for the year ended 31 December 2024
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2024
37,531
270,613
83,363
16,037
407,544
Additions
-
116,953
-
4,591
121,544
Disposals
-
(12,113)
-
-
(12,113)
At 31 December 2024
37,531
375,453
83,363
20,628
516,975
At 1 January 2024
19,986
169,148
32,614
15,030
236,778
Charge for the year
3,753
46,920
14,059
1,292
66,024
On disposals
-
(6,609)
-
-
(6,609)
At 31 December 2024
23,739
209,459
46,673
16,322
296,193
At 31 December 2024
13,792
165,994
36,690
4,306
220,782
At 31 December 2023
17,545
101,465
50,749
1,007
170,766
Clover Tool Europe Limited
Notes to the Accounts
for the year ended 31 December 2024
Amounts falling due within one year
Trade debtors
218,305
294,175
Accrued income and prepayments
52,212
42,653
Other debtors
19,721
1,600
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,000
10,000
Trade creditors
119,761
42,691
Taxes and social security
27,992
62,844
Amounts due in relation to invoice financing are secured by a floating charge over the whole of the property and undertaking of the company. The amount due at the balance sheet date was nil.
7
Creditors: amounts falling due after more than one year
2024
2023
8
Operating lease commitments
2024
2023
At 31 December 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
151,634
83,196
Later than one year and not later than five years
476,455
145,071
Later than five years
623,437
1,566
9
Transactions with related parties
Clover Tool Co Inc. is a company that was under common control during the year as defined by FRS 102.
During the year the company sold goods and services amounting to £64,446 (2023: £3,199) to Clover Tool Co Inc.. These were sold on an arm's length basis. £nil (2022: £nil) was due to the company at the year end.
During the year the company purchased goods and services amounting to £109,323 (2023: £24,765) from Clover Tool Co Inc.. These were purchased on an arm's length basis. £1,583 (2023: £1,313) was due from the company at the year end.
Clover Tool Europe Limited
Notes to the Accounts
for the year ended 31 December 2024
10
Post balance sheet events
A new building lease was entered into after the balance sheet date which runs for 10 years. This commitment has been disclosed in Note 8 - Operating lease commitments.
11
Average number of employees
During the year the average number of employees was 6 (2023: 5).