Company Registration No. 08457758 (England and Wales)
CULM COOLING REFRIGERATION & ELECTRICAL SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CULM COOLING REFRIGERATION & ELECTRICAL SERVICES LIMITED
COMPANY INFORMATION
Directors
Mrs D Berry
Mr S Berry
Mr S Day
Miss M Howe
Company number
08457758
Registered office
Unit Z2
Westpark 26
Wellington
Somerset
TA21 9AD
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
CULM COOLING REFRIGERATION & ELECTRICAL SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CULM COOLING REFRIGERATION & ELECTRICAL SERVICES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
74,369
107,568
Current assets
Debtors
4
149,227
202,463
Cash at bank and in hand
33,282
176
182,509
202,639
Creditors: amounts falling due within one year
5
(166,776)
(183,021)
Net current assets
15,733
19,618
Total assets less current liabilities
90,102
127,186
Creditors: amounts falling due after more than one year
6
(75,849)
(106,468)
Provisions for liabilities
(14,130)
(20,438)
Net assets
123
280
Capital and reserves
Called up share capital
7
20
20
Profit and loss reserves
103
260
Total equity
123
280
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
CULM COOLING REFRIGERATION & ELECTRICAL SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 August 2023 and are signed on its behalf by:
Mrs D Berry
Director
Company Registration No. 08457758
CULM COOLING REFRIGERATION & ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Culm Cooling Refrigeration & Electrical Services Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Going concern
Following the global impact of Covid-19, atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
Revenue from the sale of goods and services are recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
3 year straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
CULM COOLING REFRIGERATION & ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account on a straight line basis over the life of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 11 (2022 - 12).
CULM COOLING REFRIGERATION & ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
53,412
20,485
227,112
301,009
Additions
1,145
416
19,000
20,561
Disposals
(102,033)
(102,033)
At 31 March 2023
54,557
20,901
144,079
219,537
Depreciation and impairment
At 1 April 2022
30,688
11,983
150,770
193,441
Depreciation charged in the year
3,580
1,338
15,500
20,418
Eliminated in respect of disposals
(68,691)
(68,691)
At 31 March 2023
34,268
1,338
11,983
97,579
145,168
Carrying amount
At 31 March 2023
20,289
(1,338)
8,918
46,500
74,369
At 31 March 2022
22,724
8,502
76,342
107,568
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
119,630
159,711
Other debtors
28,956
42,023
Prepayments and accrued income
641
729
149,227
202,463
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
29,800
41,070
Obligations under finance leases
11,153
15,810
Trade creditors
32,875
28,593
Corporation tax
20,514
1,889
Other taxation and social security
54,742
61,475
Other creditors
14,692
31,433
Accruals and deferred income
3,000
2,751
166,776
183,021
CULM COOLING REFRIGERATION & ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
67,089
96,625
Obligations under finance leases
8,760
9,843
75,849
106,468
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
18 Ordinary A of £1 each
18
18
1 Ordinary B of £1 each
1
1
1 Ordinary C of £1 each
1
1
20
20