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Registration number: 08026895

Coolgarif Technologies Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Coolgarif Technologies Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

 

Coolgarif Technologies Ltd

Company Information

Directors

Mr R T Barter

Mr H Kanji

Mr J T Kelly-Jones

Registered office

86-90 Paul Street
London
England
EC2A 4NE

Accountants

MyAccountant.co.uk Limited
Whitefriars
Lewins Mead
Bristol
BS1 2NT

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Coolgarif Technologies Ltd
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Coolgarif Technologies Ltd for the year ended 31 December 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that Coolgarif Technologies Ltd 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 Coolgarif Technologies Ltd. You consider that Coolgarif Technologies Ltd is exempt from the statutory audit requirement for the year.






MyAccountant.co.uk Limited
Whitefriars
Lewins Mead
Bristol
BS1 2NT

5 March 2024

 

Coolgarif Technologies Ltd

(Registration number: 08026895)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,416

8,830

Investments

5

8

8

 

4,424

8,838

Current assets

 

Debtors

6

226,690

246,816

Cash at bank and in hand

 

346,843

948,086

 

573,533

1,194,902

Creditors: Amounts falling due within one year

7

(181,014)

(126,920)

Net current assets

 

392,519

1,067,982

Total assets less current liabilities

 

396,943

1,076,820

Creditors: Amounts falling due after more than one year

7

(14,807)

(24,947)

Net assets

 

382,136

1,051,873

Capital and reserves

 

Called up share capital

8

212

212

Share premium reserve

5,632,753

5,632,753

Other reserves

870,000

-

Retained earnings

(6,120,829)

(4,581,092)

Shareholders' funds

 

382,136

1,051,873

For the financial year ending 31 December 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.

 

Coolgarif Technologies Ltd

(Registration number: 08026895)
Balance Sheet as at 31 December 2023

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.

Approved and authorised by the Board on 5 March 2024 and signed on its behalf by:
 

.........................................
Mr R T Barter
Director

 

Coolgarif Technologies Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
86-90 Paul Street
London
England
EC2A 4NE
UK

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

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.

Foreign currency transactions and balances

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 rate of exchange ruling at
the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Tax

The tax expense for the period comprises current 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.

 

Coolgarif Technologies Ltd

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

The current income 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Office equipment

Straight line over 3 years

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 publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Coolgarif Technologies Ltd

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

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 12 (2022 - 11).

 

Coolgarif Technologies Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

18,636

18,636

At 31 December 2023

18,636

18,636

Depreciation

At 1 January 2023

9,806

9,806

Charge for the year

4,414

4,414

At 31 December 2023

14,220

14,220

Carrying amount

At 31 December 2023

4,416

4,416

At 31 December 2022

8,830

8,830

5

Investments

2023
£

2022
£

Investments in subsidiaries

8

8

Subsidiaries

£

Cost or valuation

At 1 January 2023

8

Provision

Carrying amount

At 31 December 2023

8

At 31 December 2022

8

6

Debtors

 

Coolgarif Technologies Ltd

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

Current

2023
£

2022
£

Trade debtors

104,400

25,770

Prepayments

7,561

39,787

Other debtors

114,729

181,259

 

226,690

246,816

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,140

9,890

Trade creditors

 

4,122

36,056

Taxation and social security

 

46,314

48,243

Accruals and deferred income

 

95,703

22,153

Other creditors

 

24,735

10,578

 

181,014

126,920

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

14,807

24,947

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

28,711

143.56

28,711

143.56

Series 1 seed shares of £0.01 each

5,249

26.25

5,249

26.25

Series 2 seed shares of £0.01 each

6,357

31.79

6,357

31.79

A Ordinary shares of £0.01 each

1,143

5.72

1,143

5.72

Deferred shares of £0.01 each

857

4.29

857

4.29

 

42,317

211.59

42,317

211.59

 

Coolgarif Technologies Ltd

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

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

14,807

24,947

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,140

9,890

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

31 December
2023
£

31 December
2022
£

Remuneration

122,923

120,270

Contributions paid to money purchase schemes

3,672

3,030

126,595

123,300