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Registration number: 07512215

Cool Blades Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Cool Blades Limited

Contents

Company Information

1

Accountants' Report

2

Profit and Loss Account

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 14

 

Cool Blades Limited

Company Information

Directors

Mrs J Bannister

Mr BP Bannister

Registered office

15 Piper Court
Amy Johnson Way
Blackpool
Lancashire
FY4 2RT

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Cool Blades Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cool Blades Limited for the year ended 28 February 2023 as set out on pages 3 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Cool Blades Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Cool Blades Limited and state those matters that we have agreed to state to the Board of Directors of Cool Blades Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cool Blades Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cool Blades Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Cool Blades Limited. You consider that Cool Blades Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Cool Blades Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

13 September 2023

 

Cool Blades Limited

Profit and Loss Account for the Year Ended 28 February 2023

Note

2023
£

2022
£

Turnover

 

3,064,966

4,055,612

Cost of sales

 

(2,250,597)

(3,000,354)

Gross profit

 

814,369

1,055,258

Administrative expenses

 

(749,742)

(626,744)

Operating profit

 

64,627

428,514

Other interest receivable and similar income

 

210

-

Interest payable and similar expenses

 

(7,882)

(2,061)

   

(7,672)

(2,061)

Profit before tax

56,955

426,453

Tax on profit

 

(10,754)

(80,424)

Profit for the financial year

 

46,201

346,029

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Cool Blades Limited

(Registration number: 07512215)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

5,290

5,290

Tangible assets

5

39,751

44,789

 

45,041

50,079

Current assets

 

Stocks

6

880,557

935,507

Debtors

7

23,894

19,600

Cash at bank and in hand

 

137,478

367,203

 

1,041,929

1,322,310

Creditors: Amounts falling due within one year

8

(340,428)

(497,311)

Net current assets

 

701,501

824,999

Total assets less current liabilities

 

746,542

875,078

Creditors: Amounts falling due after more than one year

8

(134,599)

(211,513)

Provisions for liabilities

(6,687)

(8,510)

Net assets

 

605,256

655,055

Capital and reserves

 

Called up share capital

9

280

280

Retained earnings

604,976

654,775

Shareholders' funds

 

605,256

655,055

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Cool Blades Limited

(Registration number: 07512215)
Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 13 September 2023 and signed on its behalf by:
 

.........................................
Mr BP Bannister
Director

 

Cool Blades Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The address of its registered office is:
15 Piper Court
Amy Johnson Way
Blackpool
Lancashire
FY4 2RT

These financial statements were authorised for issue by the Board on 13 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Cool Blades Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Cool Blades Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Asset class

Depreciation method and rate

Plant and machinery

5 Years straight line

Fixtures and fittings

20% reducing balance

Motor vehicles

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Cool Blades Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Cool Blades Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 16).

 

Cool Blades Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 March 2022

60,000

5,290

65,290

At 28 February 2023

60,000

5,290

65,290

Amortisation

At 1 March 2022

60,000

-

60,000

At 28 February 2023

60,000

-

60,000

Carrying amount

At 28 February 2023

-

5,290

5,290

At 28 February 2022

-

5,290

5,290

5

Tangible assets

Fixtures and fittings
 £

Motor vehicles
 £

Plant and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

96,964

21,024

17,083

135,071

Additions

908

4,850

275

6,033

At 28 February 2023

97,872

25,874

17,358

141,104

Depreciation

At 1 March 2022

72,427

7,569

10,286

90,282

Charge for the year

5,089

3,661

2,321

11,071

At 28 February 2023

77,516

11,230

12,607

101,353

Carrying amount

At 28 February 2023

20,356

14,644

4,751

39,751

At 28 February 2022

24,537

13,455

6,797

44,789

 

Cool Blades Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Stocks

2023
£

2022
£

Raw materials and consumables

880,557

935,507

7

Debtors

2023
£

2022
£

Trade debtors

10,003

8,347

Prepayments

13,891

11,253

23,894

19,600

 

Cool Blades Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

135,092

76,914

Trade creditors

 

140,764

247,533

Taxation and social security

 

43,059

126,069

Accruals and deferred income

 

5,759

2,951

Other creditors

 

15,754

43,844

 

340,428

497,311

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

134,599

211,513

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

210

210

210

210

Ordinary B of £1 each

70

70

70

70

 

280

280

280

280

 

Cool Blades Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

134,599

211,513

2023
£

2022
£

Current loans and borrowings

Bank borrowings

135,022

76,914

Bank overdrafts

70

-

135,092

76,914

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

22,698

26,517

Contributions paid to money purchase schemes

189,000

42,000

211,698

68,517