Clear Vent Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Clear Vent Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10600590 . The registered office is 53 Fore Street, Ivybridge, Devon , PL21 9AE.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors believe that the going concern basis is not appropriate as the company has no realistic alternative but to cease trading the directors intend to place the company into liquidation on the 6th March 2025.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer contingences and repairs.

Control over goods

Turnover generated from the sale of systems is recognised when the significant risks and rewards of ownership of the systems has transferred to the buyer. This is usually at the point that the customer has been invoiced for the completion and instalation.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	2% SL
Plant & Machinery	20% SL
Motor Vehicles	20% SL
Computer Equipment	20% SL

2.5. Leasing and Hire Purchase Contracts

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

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. Stocks and Work in Progress

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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Page 3

Page 4

Clear Vent Ltd

Notes to the Financial Statements (continued)

For The Year Ended 5 March 2025

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 19 (2024: 19)

4. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 March 2024	58,498	197,735	252,833	32,619	541,685
Additions	-	5,750	14,500	-	20,250
Disposals	-	(33,345 )	(150,265 )	(10,282 )	(193,892 )

As at 5 March 2025	58,498	170,140	117,068	22,337	368,043

Depreciation
As at 1 March 2024	2,592	124,600	139,117	21,006	287,315
Provided during the period	1,170	28,734	24,289	3,460	57,653
Disposals	-	(30,969 )	(104,168 )	(10,282 )	(145,419 )

As at 5 March 2025	3,762	122,365	59,238	14,184	199,549

Net Book Value
As at 5 March 2025	54,736	47,775	57,830	8,153	168,494

As at 1 March 2024	55,906	73,135	113,716	11,613	254,370

Page 4

Page 5

Clear Vent Ltd

Notes to the Financial Statements (continued)

For The Year Ended 5 March 2025

5. Stocks

	2025	2024
	£	£
Materials	6,000	100,000
Work in progress	-	60,704

	6,000	160,704

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	90,638	470,426
Prepayments and accrued income	1,579	744
Other debtors	81,285	558
Other debtors (1)	26,439	15,000
Corporation tax recoverable assets	49,016	-
Deferred tax current asset	-	8,186
VAT	6,027	5,322
Amounts owed by group undertakings	51,329	-

	306,313	500,236
Due after more than one year
Amounts owed by other participating interests	20	322,961

	306,333	823,197

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	64,251	55,706
Trade creditors	326,076	228,990
Bank loans and overdrafts	314,736	91,313
Corporation tax	38,991	49,016
Other taxes and social security	65,950	69,187
Other creditors	-	72,314
Accruals and deferred income	1,440	4,797
Directors' loan accounts	32,586	-
Amounts owed to group undertakings	-	3,172
Amounts owed to other participating interests	3,266	-

	847,296	574,495

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	-	59,352
Bank loans	-	20,894

	-	80,246

Page 5

Page 6

Clear Vent Ltd

Notes to the Financial Statements (continued)

For The Year Ended 5 March 2025

9. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	64,251	55,706
Later than one year and not later than five years	-	59,352

	64,251	115,058

	64,251	115,058

10. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	2	2

11. Related Party Transactions

CV Fire & Partitions Ltd

Connected Entity, 100% subsidary of Clearvent Holdings Ltd

As of the end of the financial period, Clear Vent Ltd had payable amounts owed of £3,173 in respect of intercompany transactions.

CV HVAC Ltd

Connected Entity, 100% subsidary of Clearvent Holdings Ltd

As of the end of the financial period, Clear Vent Ltd had payable amounts owed of £93.21 in respect of intercompany transactions.

CV Property & Development Ltd

Connected Entity, 100% subsidary of Clearvent Holdings Ltd

As of the end of the financial period, Clear Vent Ltd had receivable amounts owed of £20 in respect of intercompany transactions.

Clearvent Holdings Ltd

Parent Company

As of the end of the financial period, Clear Vent Ltd had receivable amounts owed of £51,329.38 in respect of intercompany transactions.

12. Ultimate Parent Undertaking and Controlling Party

The company's immediate and ultimate parent undertaking is Clearvent Holdings Ltd . Clearvent Holdings Ltd was incorporated in England, United Kingdom. The ultimate controlling party is Clearvent Holdings Ltd who controls 100% of the shares of Clear Vent Ltd .

13. Secured Debt

Atom Bank Plc holds a floating charge over all freehold, leasehold and all commonhold properties currently registered now or in the future to which the company holds interest in respect of a personal advance for the group holding totalling £426,996.00

Page 6

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		168,494		254,370

			168,494		254,370
CURRENT ASSETS
Stocks	5	6,000		160,704
Debtors	6	306,333		823,197
Cash at bank and in hand		2,372		72,434

		314,705		1,056,335
Creditors: Amounts Falling Due Within One Year	7	(847,296 )		(574,495 )

NET CURRENT ASSETS (LIABILITIES)			(532,591 )		481,840

TOTAL ASSETS LESS CURRENT LIABILITIES			(364,097 )		736,210

Creditors: Amounts Falling Due After More Than One Year	8		-		(80,246 )

NET (LIABILITIES)/ASSETS			(364,097 )		655,964

CAPITAL AND RESERVES
Called up share capital	10		2		2
Profit and Loss Account			(364,099 )		655,962

SHAREHOLDERS' FUNDS			(364,097)		655,964