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Registration number: 04115155

Dry Ice UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Dry Ice UK Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Dry Ice UK Limited

Company Information

Directors

S A Thomas

G D Thomas

Company secretary

S A Thomas

Registered office

2a Appian Way
Grimsby
North East Lincolnshire
DN31 2UT

 

Dry Ice UK Limited

(Registration number: 04115155)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

257,986

283,349

Investments

5

5

5

 

257,991

283,354

Current assets

 

Debtors

6

483,852

410,536

Cash at bank and in hand

 

519,829

529,819

 

1,003,681

940,355

Creditors: Amounts falling due within one year

7

(518,244)

(469,975)

Net current assets

 

485,437

470,380

Total assets less current liabilities

 

743,428

753,734

Creditors: Amounts falling due after more than one year

7

(50,655)

(91,676)

Provisions for liabilities

(28,141)

(25,607)

Net assets

 

664,632

636,451

Capital and reserves

 

Called up share capital

8

2

2

Profit and loss account

664,630

636,449

Total equity

 

664,632

636,451

For the financial year ending 31 March 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.

 

Dry Ice UK Limited

(Registration number: 04115155)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 31 October 2023 and signed on its behalf by:
 

.........................................
S A Thomas
Company secretary and director

.........................................
G D Thomas
Director

 

Dry Ice UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital incorporated in England and the company registration number is 04115155.

The address of its registered office is:
2a Appian Way
Grimsby
North East Lincolnshire
DN31 2UT

These financial statements were authorised for issue by the Board on 31 October 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.

The company is a parent undertaking that is exempt from preparing group accounts as it is a small group,

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.

The financial statements have been prepared for the individual entity, presented in Pound Sterling and have been rounded to the nearest pound.

Going concern

Specifically in connection with the current economic climate, the directors are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason 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.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

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.

 

Dry Ice UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

The current corporation 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 represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Furniture, fittings and equipment

25% reducing balance

Land and buildings

25% reducing balance

Land and buildings

2% straight line

Other property, pland and equipment

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.

 

Dry Ice UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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.

Borrowings

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 30 (2022 - 30).

 

Dry Ice UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

209,284

248,864

115,310

573,458

Additions

-

11,242

-

11,242

At 31 March 2023

209,284

260,106

115,310

584,700

Depreciation

At 1 April 2022

46,499

195,247

48,363

290,109

Charge for the year

4,444

15,424

16,737

36,605

At 31 March 2023

50,943

210,671

65,100

326,714

Carrying amount

At 31 March 2023

158,341

49,435

50,210

257,986

At 31 March 2022

162,785

53,617

66,947

283,349

Included within the net book value of land and buildings above is £158,341 (2022 - £162,785) in respect of freehold land and buildings.
 

5

Investments

2023
£

2022
£

Investments in subsidiaries

5

5

Subsidiaries

£

Cost or valuation

At 1 April 2022

5

Provision

Carrying amount

At 31 March 2023

5

At 31 March 2022

5

6

Debtors

Current

2023
£

2022
£

Trade debtors

403,015

393,554

Prepayments

14,632

14,713

Other debtors

66,205

2,269

 

483,852

410,536

 

Dry Ice UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

38,228

34,645

Trade creditors

 

326,277

295,156

Taxation and social security

 

47,199

50,327

Other creditors

 

83,721

69,887

Accruals and deferred income

 

22,819

19,960

 

518,244

469,975

Due after one year

 

Loans and borrowings

9

37,216

64,136

Other non-current financial liabilities

 

13,439

27,540

 

50,655

91,676

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £28,481 (2022 - £25,138). These are secured by a charge against the asset they finance.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

37,216

64,136

Other non-current financial liabilities

 

13,439

27,540

 

50,655

91,676

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £19,904 (2022 - £51,177). These are secured by a charge against the asset they finance.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         
 

Dry Ice UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

37,216

64,136

2023
£

2022
£

Current loans and borrowings

Bank borrowings

24,127

19,838

Hire purchase contracts

14,101

14,807

Other borrowings

-

244

38,228

34,889

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £12,822 (2022 - £29,796).

11

Related party transactions

 

Dry Ice UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Transactions with Directors

2023

At 1 April 2022
£

Advances to Director
£

Repayments by Director
£

At 31 March 2023
£

S A Thomas

Loan with interest charged at ORI

(122)

162,975

(130,218)

32,635

         
       

G D Thomas

Loan with interest charged at ORI

(122)

162,976

(130,218)

32,636

         
       

 

2022

At 1 April 2021
£

Advances to Director
£

Repayments by Director
£

At 31 March 2022
£

S A Thomas

Loan with interest charged at ORI

29,612

142,475

(172,209)

(122)

         
       

G D Thomas

Loan with interest charged at ORI

29,612

142,475

(172,209)

(122)