Company Registration No. 03168499 (England and Wales)
Refcool Refrigeration Limited
Unaudited accounts
for the year ended 31 July 2023
Refcool Refrigeration Limited
Unaudited accounts
Contents
Refcool Refrigeration Limited
Company Information
for the year ended 31 July 2023
Company Number
03168499 (England and Wales)
Registered Office
Unit L Langlands Business Park
Uffculme,Cullompton
Devon
United Kingdom
EX15 3DA
Accountants
TaxSense Accountants Ltd
203 West Street
Fareham
Hants
PO16 0EN
Refcool Refrigeration Limited
Accountants' report
Accountants' report to the director of Refcool Refrigeration Limited on the preparation of the unaudited statutory accounts for the year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Refcool Refrigeration Limited for the year ended
31 July 2023 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Refcool Refrigeration Limited , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Refcool Refrigeration Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Refcool Refrigeration Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Refcool Refrigeration 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 loss of Refcool Refrigeration Limited . You consider that Refcool Refrigeration 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 Refcool Refrigeration 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.
TaxSense Accountants Ltd
203 West Street
Fareham
Hants
PO16 0EN
18 September 2023
Refcool Refrigeration Limited
Statement of financial position
as at 31 July 2023
Tangible assets
47,973
62,806
Inventories
283,186
321,981
Cash at bank and in hand
18,378
95,736
Creditors: amounts falling due within one year
(298,944)
(329,326)
Net current assets
145,222
217,786
Total assets less current liabilities
193,195
280,592
Creditors: amounts falling due after more than one year
(7,171)
(17,548)
Net assets
186,024
263,044
Called up share capital
75
75
Profit and loss account
185,949
262,969
Shareholders' funds
186,024
263,044
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 18 September 2023 and were signed on its behalf by
K J Keyte
Director
Company Registration No. 03168499
Refcool Refrigeration Limited
Notes to the Accounts
for the year ended 31 July 2023
Refcool Refrigeration Limited is a private company, limited by shares, registered in England and Wales, registration number 03168499. The registered office is Unit L Langlands Business Park, Uffculme,Cullompton, Devon, United Kingdom, EX15 3DA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Over 5 years
Plant & machinery
20% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
20% reducing balance
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Refcool Refrigeration Limited
Notes to the Accounts
for the year ended 31 July 2023
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 August 2022
6,304
24,210
80,703
55,058
166,275
At 31 July 2023
6,304
24,210
80,703
55,058
166,275
At 1 August 2022
6,304
21,665
35,269
40,231
103,469
Charge for the year
-
509
11,359
2,965
14,833
At 31 July 2023
6,304
22,174
46,628
43,196
118,302
At 31 July 2023
-
2,036
34,075
11,862
47,973
At 31 July 2022
-
2,545
45,434
14,827
62,806
Amounts falling due within one year
Trade debtors
103,270
84,908
Accrued income and prepayments
4,255
9,135
Other debtors
35,077
35,352
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
8,937
10,000
Obligations under finance leases and hire purchase contracts
3,936
8,075
Trade creditors
83,403
152,700
Taxes and social security
(922)
8,007
Other creditors
148,784
137,873
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
7,171
17,548
Refcool Refrigeration Limited
Notes to the Accounts
for the year ended 31 July 2023
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors Loan Accounts
-
(1,083)
(1,083)
-
9
Average number of employees
During the year the average number of employees was 11 (2022: 12).