Freezteq International Limited 11814313 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is . Digita Accounts Production Advanced 6.30.9574.0 true true 11814313 2022-03-01 2023-02-28 11814313 2023-02-28 11814313 core:RetainedEarningsAccumulatedLosses 2023-02-28 11814313 core:ShareCapital 2023-02-28 11814313 core:CurrentFinancialInstruments 2023-02-28 11814313 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 11814313 core:Goodwill 2023-02-28 11814313 core:FurnitureFittingsToolsEquipment 2023-02-28 11814313 core:MotorVehicles 2023-02-28 11814313 bus:SmallEntities 2022-03-01 2023-02-28 11814313 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 11814313 bus:FullAccounts 2022-03-01 2023-02-28 11814313 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 11814313 bus:RegisteredOffice 2022-03-01 2023-02-28 11814313 bus:Director1 2022-03-01 2023-02-28 11814313 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 11814313 core:Goodwill 2022-03-01 2023-02-28 11814313 core:FurnitureFittings 2022-03-01 2023-02-28 11814313 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 11814313 core:MotorVehicles 2022-03-01 2023-02-28 11814313 core:PlantMachinery 2022-03-01 2023-02-28 11814313 countries:England 2022-03-01 2023-02-28 11814313 2022-02-28 11814313 core:Goodwill 2022-02-28 11814313 core:FurnitureFittingsToolsEquipment 2022-02-28 11814313 core:MotorVehicles 2022-02-28 11814313 2021-03-01 2022-02-28 11814313 2022-02-28 11814313 core:RetainedEarningsAccumulatedLosses 2022-02-28 11814313 core:ShareCapital 2022-02-28 11814313 core:CurrentFinancialInstruments 2022-02-28 11814313 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 11814313 core:Goodwill 2022-02-28 11814313 core:FurnitureFittingsToolsEquipment 2022-02-28 11814313 core:MotorVehicles 2022-02-28 iso4217:GBP xbrli:pure

Registration number: 11814313

Freezteq International Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Freezteq International Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Freezteq International Limited

Company Information

Director

Mr A Trow

Registered office

Unit 7 Britannia Business Centre
Britannia Way
Malvern
Worcestershire
WR14 1GZ

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Freezteq International Limited

(Registration number: 11814313)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

15,000

20,000

Tangible assets

5

41,626

55,150

 

56,626

75,150

Current assets

 

Stocks

6

178

-

Debtors

7

125,632

65,710

Cash at bank and in hand

 

6,386

17,605

 

132,196

83,315

Creditors: Amounts falling due within one year

8

(317,889)

(274,191)

Net current liabilities

 

(185,693)

(190,876)

Net liabilities

 

(129,067)

(115,726)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(129,167)

(115,826)

Shareholders' deficit

 

(129,067)

(115,726)

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 October 2023
 

.........................................
Mr A Trow
Director

   
 

Freezteq International Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 7 Britannia Business Centre
Britannia Way
Malvern
Worcestershire
WR14 1GZ
Great Britain

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

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.

 

Freezteq International Limited

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

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:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures and fittings

25% 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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

No amortisation

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.

 

Freezteq International Limited

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

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

25,000

25,000

At 28 February 2023

25,000

25,000

Amortisation

At 1 March 2022

5,000

5,000

Amortisation charge

5,000

5,000

At 28 February 2023

10,000

10,000

Carrying amount

At 28 February 2023

15,000

15,000

At 28 February 2022

20,000

20,000

 

Freezteq International Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

61,463

32,214

93,677

Additions

270

-

270

At 28 February 2023

61,733

32,214

93,947

Depreciation

At 1 March 2022

33,555

4,972

38,527

Charge for the year

6,984

6,810

13,794

At 28 February 2023

40,539

11,782

52,321

Carrying amount

At 28 February 2023

21,194

20,432

41,626

At 28 February 2022

27,908

27,242

55,150

6

Stocks

2023
£

2022
£

Other inventories

178

-

7

Debtors

2023
£

2022
£

Trade debtors

117,963

57,603

Other debtors

7,669

8,107

 

125,632

65,710

 

Freezteq International Limited

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

8

Creditors

2023
£

2022
£

Due within one year

Trade creditors

1,379

3,545

Amounts owed to related parties

299,305

268,526

Taxation and social security

15,690

696

Other creditors

1,515

1,424

317,889

274,191