Cleartech Group Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC264196 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

FOR

CLEARTECH GROUP LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J B McGuigan

Mrs D McGuigan

SECRETARY:

Mrs G Sleigh

REGISTERED OFFICE:

17 Langlands Avenue

Kelvin Business Park South

East Kilbride

Scotland

G75 0YG

REGISTERED NUMBER:

SC264196 (Scotland)

ACCOUNTANTS:

Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

FIXED ASSETS

Tangible assets

4

52,532

41,501

CURRENT ASSETS

Stocks

15,000

15,000

Debtors

5

357,365

273,939

Cash in hand

532

354

372,897

289,293

CREDITORS

Amounts falling due within one year

6

333,681

258,992

NET CURRENT ASSETS

39,216

30,301

TOTAL ASSETS LESS CURRENT LIABILITIES

91,748

71,802

CREDITORS

Amounts falling due after more than one year

7

(19,611

)

(4,655

)

PROVISIONS FOR LIABILITIES

10

(7,921

)

(5,769

)

NET ASSETS

64,216

61,378

CAPITAL AND RESERVES

Called up share capital

11

103

103

Share premium

1,599

1,599

Retained earnings

62,514

59,676

SHAREHOLDERS' FUNDS

64,216

61,378

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the Company to obtain an audit of its financial statements for the year ended 30 June 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 29 March 2018 and were signed on its behalf by:

J B McGuigan - Director

1.	STATUTORY INFORMATION

Cleartech Group Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and

registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Information on the impact of the first-time adoption of FRS 102 is given in the last note to the financial statements.

Turnover

The turnover shown in the Income Statement represents the value of all goods sold during the year, less returns received

and services delivered at a selling price exclusive of Value Added Tax. Sales are recognised at the point at which the

Company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence,

have been transferred to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% reducing balance

Fixtures and fittings

-

15% reducing balance

Motor vehicles

-

25% reducing balance

Computer equipment

-

25% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs

of acquisition.

Stocks

Stocks 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 the normal cost of transporting stock to its present

location and condition. Stock consists of materials.

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments,

according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at

principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the

outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of

its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated

financial instrument.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income 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

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been

enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor,

are charged against profits on a straight line basis over the period of the lease.

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and

are depreciated in accordance with the above depreciation policies.

Future instalments payable under such agreements, net of finance charges, are included within creditors. Payments are

apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the

finance element, which is charged to the Income Statement on a straight line basis.

Pension costs and other post-retirement benefits

The Company operates a defined contribution pension scheme. Contributions payable to the Company's pension scheme

are charged to the Income Statement in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2016 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 July 2016

5,936

18,995

60,904

26,463

112,298

Additions

-

-

31,163

-

31,163

Disposals

-

-

(26,916

)

-

(26,916

)

At 30 June 2017

5,936

18,995

65,151

26,463

116,545

DEPRECIATION

At 1 July 2016

5,518

13,463

29,098

22,718

70,797

Charge for year

84

830

10,951

82

11,947

Eliminated on disposal

-

-

(18,731

)

-

(18,731

)

At 30 June 2017

5,602

14,293

21,318

22,800

64,013

NET BOOK VALUE

At 30 June 2017

334

4,702

43,833

3,663

52,532

At 30 June 2016

418

5,532

31,806

3,745

41,501

Included within the net book value of £52,532 (2016 - £41,501) is £40,353 (2016 - £22,115) relating to assets held under

hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets

amounted to £8,287 (2016 - £7,372).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

356,565

272,339

Other debtors

800

1,600

357,365

273,939

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

55,800

46,595

Hire purchase contracts (see note 8)

13,322

8,298

Trade creditors

50,035

55,688

Amounts owed to associates

13,969

22,506

Taxation and social security

124,363

91,804

Other creditors

76,192

34,101

333,681

258,992

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts (see note 8)

19,611

4,655

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2017

2016

£

£

Net obligations repayable:

Within one year

13,322

8,298

Between one and five years

19,611

4,655

32,933

12,953

Non-cancellable operating

leases

2017

2016

£

£

Within one year

6,328

6,328

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

55,800

46,595

Hire purchase contracts

32,933

12,953

88,733

59,548

Bank overdrafts are secured by a floating charge over the assets of the company.

Hire purchase contracts are secured over the assets to which they relate.

10.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

Accelerated capital allowances

7,921

5,769

Deferred

tax

£

Balance at 1 July 2016

5,769

Provided during year

2,152

Balance at 30 June 2017

7,921

11.	CALLED UP SHARE CAPITAL

Alloted and issued:

Number:

Class:

Nominal

2017

2016

value:

£

£

50

Ordinary A

£1

50

50

50

Ordinary B

£1

50

50

3

Ordinary C

£1

3

3

103

103

All classes of shares rank pari passu with each other.

12.	RELATED PARTY DISCLOSURES

The following transactions with related parties took place during the year:

2017

2016

£

£

Amounts owed to associated companies

13,969

22,506

Amounts owed to director

6,733

3,076

Services and goods provided from associated companies

29,850

21,700

The above loans are unsecured, have no fixed repayment terms in place and are interest free.

No other transactions with related parties were undertaken such as are required to be disclosed under the provisions of

Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and

Republic of Ireland".

13.	ULTIMATE CONTROLLING PARTY

The Company was under the control of the holders of the issued ordinary shares during the current and prior year. No

shareholder has overall control.

14.	FIRST YEAR ADOPTION

These financial statements are the first financial statements of the Company to have been prepared in accordance with FRS

102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The transition date for FRS 102

reporting is 1 July 2015. The accounting policies applied under the Company's previous accounting framework (UK GAAP)

are different to those under FRS 102 and the financial statements have been adjusted to reflect the change in policy. Set

out below is the change to the Company's accounting policies:

A - Short Term Compensated Absences

Prior to the adoption of FRS 102, the Company did not make provision for holiday pay earned but not taken before the year

end. FRS 102 requires the cost of short-term compensated absences to be recognised when employees render the service

that creates their entitlement. Consequently, at the transition date an accrual of £10,673 and an additional accrual of

£4,433 at 30 June 2016 have been made to reflect this. The overall impact was a reduction of reserves and net assets at 30

June 2016 of £15,106.