Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr J P Billington 05/03/2003 Mr D R Bond 05/03/2003 06 June 2023 The principal activity of the company is that of installation and repair of air conditioning and refrigeration units. 04687634 2023-03-31 04687634 bus:Director1 2023-03-31 04687634 bus:Director2 2023-03-31 04687634 2022-03-31 04687634 core:CurrentFinancialInstruments 2023-03-31 04687634 core:CurrentFinancialInstruments 2022-03-31 04687634 core:ShareCapital 2023-03-31 04687634 core:ShareCapital 2022-03-31 04687634 core:RetainedEarningsAccumulatedLosses 2023-03-31 04687634 core:RetainedEarningsAccumulatedLosses 2022-03-31 04687634 core:PlantMachinery 2022-03-31 04687634 core:Vehicles 2022-03-31 04687634 core:FurnitureFittings 2022-03-31 04687634 core:PlantMachinery 2023-03-31 04687634 core:Vehicles 2023-03-31 04687634 core:FurnitureFittings 2023-03-31 04687634 bus:OrdinaryShareClass1 2023-03-31 04687634 bus:OrdinaryShareClass2 2023-03-31 04687634 2022-04-01 2023-03-31 04687634 bus:FullAccounts 2022-04-01 2023-03-31 04687634 bus:SmallEntities 2022-04-01 2023-03-31 04687634 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04687634 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04687634 bus:Director1 2022-04-01 2023-03-31 04687634 bus:Director2 2022-04-01 2023-03-31 04687634 core:PlantMachinery core:TopRangeValue 2022-04-01 2023-03-31 04687634 core:Vehicles core:TopRangeValue 2022-04-01 2023-03-31 04687634 core:FurnitureFittings core:TopRangeValue 2022-04-01 2023-03-31 04687634 2021-04-01 2022-03-31 04687634 core:PlantMachinery 2022-04-01 2023-03-31 04687634 core:Vehicles 2022-04-01 2023-03-31 04687634 core:FurnitureFittings 2022-04-01 2023-03-31 04687634 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 04687634 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 04687634 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 04687634 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04687634 (England and Wales)

KOOL PLANET LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

KOOL PLANET LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

KOOL PLANET LIMITED

BALANCE SHEET

As at 31 March 2023
KOOL PLANET LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 58,616 51,214
58,616 51,214
Current assets
Stocks 30,000 34,252
Debtors 4 307,667 222,979
Cash at bank and in hand 255,740 272,127
593,407 529,358
Creditors: amounts falling due within one year 5 ( 375,450) ( 336,413)
Net current assets 217,957 192,945
Total assets less current liabilities 276,573 244,159
Provision for liabilities ( 14,654) ( 9,730)
Net assets 261,919 234,429
Capital and reserves
Called-up share capital 6 6 6
Profit and loss account 261,913 234,423
Total shareholders' funds 261,919 234,429

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 financial statements of Kool Planet Limited (registered number: 04687634) were approved and authorised for issue by the Board of Directors on 06 June 2023. They were signed on its behalf by:

Mr J P Billington
Director
KOOL PLANET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
KOOL PLANET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kool Planet Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Carlyle House, 78 Chorley New Road, Bolton, BL1 4BY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents amounts received or receivable for goods and services provided during the year excluding value added tax.

Revenue from sale of goods and services for the provision of professional services is recognised by reference to the stage of completion. When the stage of completion, costs incurred and costs to complete of the installation or repairs of air-conditioning units can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense,

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The pensions costs charged in the financial statements represent the contribution payable by the company during the year.

Taxation

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 tax liabilities are generally recognised for all timing differences. Such liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery 4 years straight line
Vehicles 4 years straight line
Fixtures and fittings 4 years straight line

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.

Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 12

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2022 13,561 159,265 4,871 177,697
Additions 2,624 24,297 0 26,921
Disposals 0 ( 16,990) 0 ( 16,990)
At 31 March 2023 16,185 166,572 4,871 187,628
Accumulated depreciation
At 01 April 2022 7,733 113,879 4,871 126,483
Charge for the financial year 2,116 17,403 0 19,519
Disposals 0 ( 16,990) 0 ( 16,990)
At 31 March 2023 9,849 114,292 4,871 129,012
Net book value
At 31 March 2023 6,336 52,280 0 58,616
At 31 March 2022 5,828 45,386 0 51,214

4. Debtors

2023 2022
£ £
Trade debtors 281,163 213,181
Other debtors 26,504 9,798
307,667 222,979

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 87,903 88,164
Taxation and social security 107,300 88,285
Other creditors 180,247 159,964
375,450 336,413

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary A Share shares of £ 1.00 each 2 2
4 Ordinary B Share shares of £ 1.00 each 4 4
6 6