REGISTERED NUMBER: |
Cool Stop Air Conditioning Limited |
Financial Statements |
for the Period 1 April 2023 to 30 September 2023 |
REGISTERED NUMBER: |
Cool Stop Air Conditioning Limited |
Financial Statements |
for the Period 1 April 2023 to 30 September 2023 |
Cool Stop Air Conditioning Limited (Registered number: 02789189) |
Contents of the Financial Statements |
for the Period 1 April 2023 to 30 September 2023 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Cool Stop Air Conditioning Limited |
Company Information |
for the Period 1 April 2023 to 30 September 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditor |
4 King Square |
Bridgwater |
Somerset |
TA6 3YF |
BANKERS: |
25 Cornhill |
Bridgwater |
Somerset |
TA6 3AY |
Cool Stop Air Conditioning Limited (Registered number: 02789189) |
Abridged Statement of Financial Position |
30 September 2023 |
30.9.23 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Cool Stop Air Conditioning Limited (Registered number: 02789189) |
Notes to the Financial Statements |
for the Period 1 April 2023 to 30 September 2023 |
1. | STATUTORY INFORMATION |
Cool Stop Air Conditioning Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable accounting standards and estimation techniques. |
At the time of approving the financial statements the director has a reasonable expectation that the Company has adequate resources to continue in operation existence for the foreseeable future. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Cool Stop Air Conditioning Limited (Registered number: 02789189) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 September 2023 |
3. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
5. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2023 |
and 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 31 March 2023 |
6. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 30 September 2023 |
DEPRECIATION |
At 1 April 2023 |
Charge for period |
Eliminated on disposal | ( |
) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 31 March 2023 |
Cool Stop Air Conditioning Limited (Registered number: 02789189) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 September 2023 |
6. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
At 1 April 2023 | 95,935 |
Transfer to ownership | (81,135 | ) |
At 30 September 2023 | 14,800 |
DEPRECIATION |
At 1 April 2023 | 52,307 |
Charge for period | 7,310 |
Transfer to ownership | (50,367 | ) |
At 30 September 2023 | 9,250 |
NET BOOK VALUE |
At 30 September 2023 | 5,550 |
At 31 March 2023 | 43,628 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
30.9.23 | 31.3.23 |
£ | £ |
Repayable by instalments |
Other loans | 78,240 | 95,092 |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
30.9.23 | 31.3.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
30.9.23 | 31.3.23 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Cool Stop Air Conditioning Limited (Registered number: 02789189) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 September 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.9.23 | 31.3.23 |
£ | £ |
Bank overdrafts |
Other loans |
Hire purchase contracts | - | 54,385 |
Bank overdrafts are secured by a fixed and floating charge over the assets of the company. |
Amounts due under an invoice discounting agreement with Lloyds Commercial Finance Limited, included within bank overdrafts, are secured over specifically secured trade debtors. |
Amounts due on hire purchase contracts are secured over the relevant specific assets held. |
Other loans are secured over the stock held by the company. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
During the year the company had balances with companies in which RAF Lloyd, the director has an interest. |
Company name |
Balance at 30.9.23 |
Balance at 31.3.23 |
£ | £ |
The Enviroshop Limited | 85,304 | (11,144 | ) |
Vidoflex UK Limited | 46,957 | 56,991 |
Transactions were at arms length and at current market value, and consist of recharges, sales of goods and working capital. |
The company also owes £165,740 at the year-end as a loan to the SWM Distribution Limited EPS pension fund in which the directors are beneficiaries. Terms were agreed with the independent pension administrator and are noted as at arms length. |
12. | ULTIMATE CONTROLLING PARTY |
The company was controlled during the current and previous periods by its sole director, Mr R A F Lloyd, by virtue of the fact that he owns the majority of the company's issued share capital. |