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Company No: 05838806 (England and Wales)

COOL-TECH LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

COOL-TECH LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

COOL-TECH LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2023
COOL-TECH LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2023
DIRECTOR Mr Collen Baker
REGISTERED OFFICE Unit 7
Forge Business Centre
Palgrave
Diss
Norfolk
IP22 1AP
United Kingdom
COMPANY NUMBER 05838806 (England and Wales)
CHARTERED ACCOUNTANTS Gascoynes
Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
COOL-TECH LIMITED

BALANCE SHEET

As at 30 June 2023
COOL-TECH LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 83,105 72,948
83,105 72,948
Current assets
Stocks 4 140,790 121,868
Debtors 5 144,155 93,393
Cash at bank and in hand 39,548 28,870
324,493 244,131
Creditors: amounts falling due within one year 6 ( 302,032) ( 168,466)
Net current assets 22,461 75,665
Total assets less current liabilities 105,566 148,613
Creditors: amounts falling due after more than one year 7 ( 86,386) ( 102,940)
Provision for liabilities 8 ( 15,790) ( 13,860)
Net assets 3,390 31,813
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 3,290 31,713
Total shareholder's funds 3,390 31,813

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Cool-Tech Limited (registered number: 05838806) were approved and authorised for issue by the Director on 13 March 2024. They were signed on its behalf by:

Mr Collen Baker
Director
COOL-TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
COOL-TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

Cool-Tech 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 Unit 7, Forge Business Centre, Palgrave, Diss, Norfolk, IP22 1AP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 7 7

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 July 2022 1,029 214,770 215,799
Additions 0 43,966 43,966
Disposals 0 ( 96,076) ( 96,076)
At 30 June 2023 1,029 162,660 163,689
Accumulated depreciation
At 01 July 2022 1,029 141,822 142,851
Charge for the financial year 0 26,316 26,316
Disposals 0 ( 88,583) ( 88,583)
At 30 June 2023 1,029 79,555 80,584
Net book value
At 30 June 2023 0 83,105 83,105
At 30 June 2022 0 72,948 72,948

4. Stocks

2023 2022
£ £
Stocks 140,790 121,868

5. Debtors

2023 2022
£ £
Trade debtors 139,675 86,918
Other debtors 4,480 6,475
144,155 93,393

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 18,600 18,600
Trade creditors 146,161 49,116
Taxation and social security 33,059 14,334
Obligations under finance leases and hire purchase contracts 26,600 15,600
Other creditors 77,612 70,816
302,032 168,466

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 37,200 55,800
Obligations under finance leases and hire purchase contracts 49,186 47,140
86,386 102,940

There are no amounts included above in respect of which any security has been given by the small entity.

8. Provision for liabilities

2023 2022
£ £
Deferred tax 15,790 13,860

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts owed to directors 23,095 30,864