REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements |
for the Year Ended 31 October 2022 |
for |
Intercleanse Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements |
for the Year Ended 31 October 2022 |
for |
Intercleanse Limited |
Intercleanse Limited (Registered number: 04167453) |
Contents of the Financial Statements |
for the Year Ended 31 October 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 | to | 7 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Statement of Financial Position | 10 |
Statement of Changes in Equity | 11 |
Statement of Cash Flows | 12 |
Notes to the Statement of Cash Flows | 13 |
Notes to the Financial Statements | 14 | to | 21 |
Intercleanse Limited |
Company Information |
for the Year Ended 31 October 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
5 West Court |
Enterprise Road |
Maidstone |
Kent |
ME15 6JD |
Intercleanse Limited (Registered number: 04167453) |
Strategic Report |
for the Year Ended 31 October 2022 |
The directors present their strategic report for the year ended 31 October 2022. |
The company continues to primarily provide high quality valeting services to the motor industry operating within new car main dealerships.The strategies employed by the company have remained fundamentally the same as in previous years, the directors choosing to focus on expanding the company's traditional market of main dealerships in the south east of England. |
REVIEW OF BUSINESS |
The directors are pleased to report that turnover has increased by 22.9% on the previous year. Despite pressures on materials and labour costs, overall the gross profit percentage remains strong at 19.1%. Administrative expenses have increased 27.5% on the previous year, resulting in a marginal decrease in the net profit margin of 0.5%. Overall the directors are pleased with the results in a challenging operating environment. |
Furthermore the company has benefitted from a continuation of its low turnover of key staff which ensures contacts within the industry remain strong. |
At the end of the financial reporting period the financial statements show a promising position with profits increasing on the previous year. The balance sheet shows improved net current assets proving liquidity in the business and further solidifies the going concern assessment of the company. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Working in the motor industry the company is susceptible to changes in the UK economy as this could significantly affect both new car sales and the number of customers visiting main dealerships for servicing requirements. The company operates at dealerships at all levels within the industry supplying from basic cheaper vehicles through to luxury high-end marques. This helps to minimise the risk in a downturn whilst maximising growth during economic growth. |
As with many companies the maintenance of staff is key to the ongoing success of the company. As mentioned above, turnover of key personnel has remained low but this does not remove an element of uncertainty for the future. |
ON BEHALF OF THE BOARD: |
Intercleanse Limited (Registered number: 04167453) |
Report of the Directors |
for the Year Ended 31 October 2022 |
The directors present their report with the financial statements of the company for the year ended 31 October 2022. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 October 2022 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2021 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), 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 and then apply them consistently; |
- | make judgements 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 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 company'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 company's auditors are aware of that information. |
AUDITORS |
The auditors, Charcroft Baker LLP, 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 |
Intercleanse Limited |
Opinion |
We have audited the financial statements of Intercleanse Limited (the 'company') for the year ended 31 October 2022 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 company's affairs as at 31 October 2022 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 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. |
Material uncertainty 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 directors are responsible for the other information. The other information comprises the information in the 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 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 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 |
Intercleanse Limited |
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 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, 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 Statement of Directors' Responsibilities set out on page three, 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 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. |
Report of the Independent Auditors to the Members of |
Intercleanse 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: |
We obtained an understanding of the legal and regulatory frameworks that the company operates in, including those on provisions of those laws and regulations where the consequences of non-compliance could have a material effect on the determination of amounts and disclosures in the financial statements. The key laws and regulations we considered included FRS 102, the Companies Act 2006 along with tax, employment, data protection and health and safety legislation. |
We considered the opportunities and incentives that may exist within the organisation for fraud, including the risk of management override of controls. |
We clearly communicated the risk of fraud and non-compliance with the identified significant laws and regulations to all engagement team members from the planning stages of the audit and remained vigilant for indications of these throughout the audit. |
We investigated and obtained an understanding of the following in our assessment of the risk of misstatement: |
- the nature of the Company's operations, from sourcing materials and labour through to revenue sources and the mechanics of the operations involved; |
- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies; |
- results of our enquiries of management about their own identification and assessment of the risks of irregularities; and |
- any matters we identified having enquired into the policies and procedures relating to: |
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- the appropriateness of accounting policies in accordance with current accounting standards; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. |
Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above, key potential risk areas we identified being: |
- Revenue recognition |
- Related party transactions |
- Management override of controls |
Our procedures to respond to risks identified included the following: |
- substantive testing in order to obtain sufficient audit evidence for the figures and disclosures within the financial statements; |
- 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 concerning actual and potential litigation and claims; |
- ensuring appropriate knowledge and resources within the engagement team |
- testing of related party transactions and awareness of the possibility of related party relationships throughout sample testing; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and |
Report of the Independent Auditors to the Members of |
Intercleanse Limited |
- testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
Based on the work we have performed, we have not identified any material matters in relation to non-compliance with laws and regulations or in relation to fraud. |
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. |
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 |
Statutory Auditors |
5 West Court |
Enterprise Road |
Maidstone |
Kent |
ME15 6JD |
Intercleanse Limited (Registered number: 04167453) |
Income Statement |
for the Year Ended 31 October 2022 |
2022 | 2021 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,058,467 | 873,957 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
1,060,963 | 949,068 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
Intercleanse Limited (Registered number: 04167453) |
Other Comprehensive Income |
for the Year Ended 31 October 2022 |
2022 | 2021 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Intercleanse Limited (Registered number: 04167453) |
Statement of Financial Position |
31 October 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Intercleanse Limited (Registered number: 04167453) |
Statement of Changes in Equity |
for the Year Ended 31 October 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 November 2020 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2022 |
Intercleanse Limited (Registered number: 04167453) |
Statement of Cash Flows |
for the Year Ended 31 October 2022 |
2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Capital repayments in year | ( |
) |
Amount introduced by directors | 784,841 | 756,759 |
Amount withdrawn by directors | (717,216 | ) | (784,841 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
(692,241 |
) |
234,016 |
Cash and cash equivalents at end of year |
2 |
( |
) |
( |
) |
Intercleanse Limited (Registered number: 04167453) |
Notes to the Statement of Cash Flows |
for the Year Ended 31 October 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£ | £ |
Profit before taxation |
Depreciation charges |
(Profit)/loss on disposal of fixed assets | ( |
) |
Finance costs | 20,554 | 7,667 |
Finance income | (2,496 | ) | (18 | ) |
1,269,783 | 1,146,095 |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 October 2022 |
31/10/22 | 1/11/21 |
£ | £ |
Cash and cash equivalents | 164,415 | 142,270 |
Bank overdrafts | ( |
) | ( |
) |
(361,975 | ) | (692,241 | ) |
Year ended 31 October 2021 |
31/10/21 | 1/11/20 |
£ | £ |
Cash and cash equivalents | 142,270 | 329,609 |
Bank overdrafts | ( |
) | ( |
) |
(692,241 | ) | 234,016 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/11/21 | Cash flow | At 31/10/22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 142,270 | 22,145 | 164,415 |
Bank overdrafts | (834,511 | ) | 308,121 | (526,390 | ) |
(692,241 | ) | (361,975 | ) |
Debt |
Finance leases | (156,373 | ) | (185,682 | ) | (342,055 | ) |
(156,373 | ) | (185,682 | ) | (342,055 | ) |
Total | (848,614 | ) | 144,584 | (704,030 | ) |
Intercleanse Limited (Registered number: 04167453) |
Notes to the Financial Statements |
for the Year Ended 31 October 2022 |
1. | STATUTORY INFORMATION |
Intercleanse Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
There are no judgements in relation to specific accounting policies that have a material effect on the amounts recognised within these financial statements. |
There are no key sources of estimation or key assumptions concerning the future that carry a significant risk of resulting in a material adjustment to the carrying amounts of any assets or liabilities within the next financial year. |
Turnover |
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 rendering of services, is recognised by reference to the stage of completion of the contract. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
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 is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Intercleanse Limited (Registered number: 04167453) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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 profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2022 | 2021 |
Management | 2 | 2 |
Administrative | 67 | 71 |
2022 | 2021 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
Directors received additional benefits in kind with a value of £61,858 (2021: £59,109) during the year. |
Intercleanse Limited (Registered number: 04167453) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2022 | 2021 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
(Profit)/loss on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Other non- audit services |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£ | £ |
Bank loan interest | ( |
) |
Hire purchase |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2022 | 2021 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Deferred tax movement | 10,849 | (3,863 | ) |
Total tax charge | 215,998 | 179,944 |
Intercleanse Limited (Registered number: 04167453) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
7. | DIVIDENDS |
2022 | 2021 |
£ | £ |
Ordinary shares of £1 each |
Interim |
8. | GOVERNMENT GRANTS |
The company received £Nil (2021: £22,481) of government grants during the year via the Coronavirus Job Retention Scheme. |
9. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 November 2021 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 October 2022 |
DEPRECIATION |
At 1 November 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 October 2022 |
NET BOOK VALUE |
At 31 October 2022 |
At 31 October 2021 |
Intercleanse Limited (Registered number: 04167453) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 November 2021 |
Additions |
Disposals | ( |
) |
Transfer to ownership | (21,148 | ) |
At 31 October 2022 |
DEPRECIATION |
At 1 November 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
Transfer to ownership | (13,337 | ) |
At 31 October 2022 |
NET BOOK VALUE |
At 31 October 2022 |
At 31 October 2021 |
10. | DEBTORS |
2022 | 2021 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Staff loans | 20,000 | 20,000 |
Related party loans | 97,376 | 152,367 |
Directors' current accounts | 717,216 | 784,841 |
Amounts falling due after more than one year: |
Retentions |
Aggregate amounts |
Intercleanse Limited (Registered number: 04167453) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Hire purchase contracts (see note 14) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 601,788 | 746,373 |
Other creditors |
Related party loans | 86,937 | - |
Accrued expenses |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Hire purchase contracts (see note 14) |
13. | LOANS |
An analysis of the maturity of loans is given below: |
2022 | 2021 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
Intercleanse Limited (Registered number: 04167453) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank Loans | 526,390 | 834,511 |
The loans are secured by way of a fixed and floating charge over the company and all its property and assets. The directors have also joint and severally given a personal guarantee on these loans of £80,000. |
16. | FINANCIAL INSTRUMENTS |
The trade debtors balance includes £526,390 (2021: £834,511) which is covered by an invoice discounting arrangement. These assets are recognised as the company remains ultimately responsible for any unpaid balances, the significant risks and rewards being retained by the company. |
17. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 79,148 | 68,300 |
Deferred |
tax |
£ |
Balance at 1 November 2021 |
Provided during year |
Balance at 31 October 2022 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 50 | 100 |
Ordinary A | £1 | 50 | - |
100 | 100 |
19. | RESERVES |
Retained |
earnings |
£ |
At 1 November 2021 |
Profit for the year |
Dividends | ( |
) |
At 31 October 2022 |
Intercleanse Limited (Registered number: 04167453) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 October 2022 and 31 October 2021: |
2022 | 2021 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
A positive balance on the above loans represents its inclusion within other debtors. These loans are unsecured, interest free and repayable on demand. |
21. | RELATED PARTY DISCLOSURES |
A company under common control. |
Purchases of £108,777 (2021 : £169,882) |
Sales of £5,779 (2021 : £3,865) |
The companies trade under normal commercial terms. |
At the year end the company was owed £Nil (2021: £65,591) by Intercleanse Cleaning Limited in respect of a loan. The loan is interest free, unsecured and repayable on demand. |
At the year end the company owed £86,937 (2021: £Nil) to Intercleanse Cleaning Limited in respect of a loan. The loan was interest free, unsecured and repayable on demand. |
Widmore Properties Limited |
A company under common control. |
At the year end the company was owed £97,376 (2021: £86,776) by Widmore Properties Limited in respect of a loan. The loan is interest free, unsecured and repayable on demand. |
During the year, a total of key management personnel compensation of £ |
Key Management Personnel |
Key management personnel consists solely of the Directors. The Directors received salaries, benefits in kind, pension contributions and dividends during the year. |