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Company registration number: 08145485
Coldstar Refrigeration Limited
Unaudited filleted financial statements
31 July 2018
Coldstar Refrigeration Limited
Contents
Statement of financial position
Notes to the financial statements
Coldstar Refrigeration Limited
Statement of financial position
31 July 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 85,131 91,698
_______ _______
85,131 91,698
Current assets
Stocks 7,000 7,500
Debtors 6 179,621 170,616
Cash at bank and in hand 345,279 372,375
_______ _______
531,900 550,491
Creditors: amounts falling due
within one year 7 ( 263,540) ( 268,613)
_______ _______
Net current assets 268,360 281,878
_______ _______
Total assets less current liabilities 353,491 373,576
Creditors: amounts falling due
after more than one year 8 ( 21,488) ( 33,382)
Provisions for liabilities ( 16,175) ( 17,423)
_______ _______
Net assets 315,828 322,771
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 315,827 322,770
_______ _______
Shareholders funds 315,828 322,771
_______ _______
For the year ending 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 October 2018 , and are signed on behalf of the board by:
Mr Jay Daniel Burton
Director
Company registration number: 08145485
Coldstar Refrigeration Limited
Notes to the financial statements
Year ended 31 July 2018
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 12, Westside Business Park, Estate Road No 2, Grimsby, North East Lincolnshire, DN37 3AG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2017: 7 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 August 2017 3,766 5,008 127,613 136,387
Additions 198 3,930 13,988 18,116
_______ _______ _______ _______
At 31 July 2018 3,964 8,938 141,601 154,503
_______ _______ _______ _______
Depreciation
At 1 August 2017 501 2,241 41,946 44,688
Charge for the year 942 1,740 22,002 24,684
_______ _______ _______ _______
At 31 July 2018 1,443 3,981 63,948 69,372
_______ _______ _______ _______
Carrying amount
At 31 July 2018 2,521 4,957 77,653 85,131
_______ _______ _______ _______
At 31 July 2017 3,265 2,767 85,667 91,699
_______ _______ _______ _______
6. Debtors
2018 2017
£ £
Trade debtors 156,722 148,455
Other debtors 22,899 22,161
_______ _______
179,621 170,616
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 65,044 38,514
Corporation tax 40,286 21,065
Social security and other taxes 63,559 66,300
Other creditors 94,651 142,734
_______ _______
263,540 268,613
_______ _______
8. Creditors: amounts falling due after more than one year
2018 2017
£ £
Other creditors 21,488 33,382
_______ _______