Registered number
07228101
GDI Cooling Limited
Unaudited Filleted Accounts
31 March 2023
GDI Cooling Limited
Registered number: 07228101
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 77,956 48,955
Current assets
Stocks 36,000 6,589
Debtors 4 348,181 244,409
Cash at bank and in hand 95,475 143,823
479,656 394,821
Creditors: amounts falling due within one year 5 (241,935) (179,753)
Net current assets 237,721 215,068
Total assets less current liabilities 315,677 264,023
Creditors: amounts falling due after more than one year 6 (22,436) (32,388)
Provisions for liabilities (17,540) (9,301)
Net assets 275,701 222,334
Capital and reserves
Called up share capital 4 4
Profit and loss account 275,697 222,330
Shareholders' funds 275,701 222,334
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs B Taylor-Walker
Director
Approved by the board on 10 November 2023
GDI Cooling Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33.3% on reducing balance
Office equipment over 3 years
Motor vehicles 25% on reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 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. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 16 15
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 5,562 96,112 101,674
Additions 223 60,200 60,423
Disposals - (8,300) (8,300)
At 31 March 2023 5,785 148,012 153,797
Depreciation
At 1 April 2022 3,334 49,385 52,719
Charge for the year 1,188 25,565 26,753
On disposals - (3,631) (3,631)
At 31 March 2023 4,522 71,319 75,841
Net book value
At 31 March 2023 1,263 76,693 77,956
At 31 March 2022 2,228 46,727 48,955
4 Debtors 2023 2022
£ £
Trade debtors 347,481 243,942
Other debtors 700 467
348,181 244,409
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,952 9,707
Trade creditors 161,418 135,798
Taxation and social security costs 68,253 31,024
Other creditors 2,312 3,224
241,935 179,753
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 22,436 32,388
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 9,338 19,846
8 Other information
GDI Cooling Limited is a private company limited by shares and incorporated in England. Its registered office is:
Brasenose House
Station Road
Cropredy, Banbury
Oxfordshire
OX17 1PW
GDI Cooling Limited 07228101 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts October 2023 release 2 Mrs B Taylor-Walker No description of principal activity 07228101 2021-04-01 2022-03-31 07228101 core:WithinOneYear 2022-03-31 07228101 core:AfterOneYear 2022-03-31 07228101 core:ShareCapital 2022-03-31 07228101 core:RetainedEarningsAccumulatedLosses 2022-03-31 07228101 core:AllPeriods 2022-03-31 07228101 2022-04-01 2023-03-31 07228101 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07228101 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07228101 bus:Director40 2022-04-01 2023-03-31 07228101 core:PlantMachinery 2022-04-01 2023-03-31 07228101 core:Vehicles 2022-04-01 2023-03-31 07228101 countries:England 2022-04-01 2023-03-31 07228101 bus:FRS102 2022-04-01 2023-03-31 07228101 bus:FullAccounts 2022-04-01 2023-03-31 07228101 2023-03-31 07228101 core:WithinOneYear 2023-03-31 07228101 core:AfterOneYear 2023-03-31 07228101 core:ShareCapital 2023-03-31 07228101 core:RetainedEarningsAccumulatedLosses 2023-03-31 07228101 core:PlantMachinery 2023-03-31 07228101 core:Vehicles 2023-03-31 07228101 core:AllPeriods 2023-03-31 07228101 2022-03-31 07228101 core:PlantMachinery 2022-03-31 07228101 core:Vehicles 2022-03-31 iso4217:GBP xbrli:pure