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REGISTERED NUMBER: NI047067 (Northern Ireland)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2023

for

Principal Cooling Ltd

Principal Cooling Ltd (Registered number: NI047067)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Principal Cooling Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mrs W E Robinson
D A Robinson





SECRETARY: Mrs W E Robinson





REGISTERED OFFICE: Unit 1
94b Old Eglish Road
Dungannon
Co. Tyrone
BT71 7PG





REGISTERED NUMBER: NI047067 (Northern Ireland)





AUDITORS: WHR Accountants Ltd
Chartered Certified Accountants
Statutory Auditors
56 English Street
Armagh
Co. Armagh
BT61 7LG

Principal Cooling Ltd (Registered number: NI047067)

Strategic Report
for the Year Ended 31 March 2023

The directors present their strategic report for the year ended 31 March 2023.

REVIEW OF BUSINESS
The company's principal activity during the year continued to the Installation of industrial machinery, engineering design activities for industrial process and production. The key financial and other performance indicators during the year were as follows:


2023 2022
Turnover 11,833,182 12,144,895
GP% 21.56% 16.67%
NP% 2.98% 3.12%
Current ratio 1:1.58 1:1.37

Turnover has decreased by 2.56%, however the gross profit margin has increased from the previous year.

The business has continued it's investment in staff and the Directors have taken a number of steps to improve business performance.

Looking forward to the 2023/24 trading year the directors are confident the business is well placed to take advantage of the new business opportunities that the market now offers.

PRINCIPAL RISKS AND UNCERTAINTIES
There are certain risk factors which could affect the company's future results and cause them to be materially different from expected results. The factors considered should not be regarded as a complete and comprehensive statement of all risks and uncertainties.

Business performance risk
The business environment continues to be challenging with key commercial risks being market conditions, competitive pressures and customer credit risk. Adverse macroeconomic uncertainties and the impact of Brexit is continually reviewed by Directors.

The Directors endeavour to mitigate these risks by implementing regular strategic and operational reviews.

Credit risk
The company provides credit to customers and as a result there is an associated risk that the customer may not be able to pay outstanding balances. The company has established procedures and credit control policies around managing its receivables and takes action where necessary. All major outstanding and overdue balances together with significant potential exposures are reviewed regularly and concerns are discussed with the directors.

Liquidity risk
The company manages financial risk by monitoring cashflow to ensure that the company is able to meet its foreseeable debts as they fall due.

Environmental
The Directors recognise the importance of the company's environmental responsibilities. The company monitors its impact on the environment, and designs and implements policies to mitigate any adverse impact that might be caused by its activities.

Employee
Details of the numbers of employees and related costs can be found in the notes within the financial statements.

ON BEHALF OF THE BOARD:





D A Robinson - Director


27 March 2024

Principal Cooling Ltd (Registered number: NI047067)

Report of the Directors
for the Year Ended 31 March 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of Installation of industrial machinery and equipment.

DIVIDENDS
The directors have not paid an interim dividend during the year, however they decided to pay a final dividend amounting to £58,750.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

Mrs W E Robinson
D A Robinson

POLITICAL DONATIONS AND EXPENDITURE
The company did not make any disclosable political donations in the current financial year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, WHR Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D A Robinson - Director


27 March 2024

Report of the Independent Auditors to the Members of
Principal Cooling Ltd

Opinion
We have audited the financial statements of Principal Cooling Ltd (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Principal Cooling Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company's own assessment of the risk that irregularities may occur either as a result of fraud or error;
-the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
-any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
-the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

In addition to the above, our procedures to respond to risks identified included the following:
-reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
-enquiring of management, directors concerning actual and potential litigation and claims;
-performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
-reading minutes of meeting of directors, reviewing internal audit reports and reviewing correspondence with HMRC; and
-in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
-assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
-evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment,forgery,collusion,omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Principal Cooling Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




James Robinson FCCA (Senior Statutory Auditor)
for and on behalf of WHR Accountants Ltd
Chartered Certified Accountants
Statutory Auditors
56 English Street
Armagh
Co. Armagh
BT61 7LG

27 March 2024

Principal Cooling Ltd (Registered number: NI047067)

Income Statement
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   

TURNOVER 11,833,182 12,144,895

Cost of sales 9,282,188 10,119,874
GROSS PROFIT 2,550,994 2,025,021

Administrative expenses 2,192,536 1,727,351
358,458 297,670

Other operating income 4,089 90,982
OPERATING PROFIT 4 362,547 388,652


Interest payable and similar expenses 5 9,934 9,858
PROFIT BEFORE TAXATION 352,613 378,794

Tax on profit 6 (63,564 ) 17,199
PROFIT FOR THE FINANCIAL YEAR 416,177 361,595

Principal Cooling Ltd (Registered number: NI047067)

Other Comprehensive Income
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   

PROFIT FOR THE YEAR 416,177 361,595


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 416,177 361,595

Principal Cooling Ltd (Registered number: NI047067)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 339,761 298,815

CURRENT ASSETS
Stocks 9 735,600 505,476
Debtors 10 2,255,033 2,401,894
Cash at bank and in hand 518,878 768,243
3,509,511 3,675,613
CREDITORS
Amounts falling due within one year 11 2,221,859 2,684,294
NET CURRENT ASSETS 1,287,652 991,319
TOTAL ASSETS LESS CURRENT LIABILITIES 1,627,413 1,290,134

CREDITORS
Amounts falling due after more than one year 12 (25,310 ) (41,257 )

PROVISIONS FOR LIABILITIES 15 (44,768 ) (48,969 )
NET ASSETS 1,557,335 1,199,908

CAPITAL AND RESERVES
Called up share capital 16 100 100
Retained earnings 17 1,557,235 1,199,808
SHAREHOLDERS' FUNDS 1,557,335 1,199,908

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2024 and were signed on its behalf by:





D A Robinson - Director


Principal Cooling Ltd (Registered number: NI047067)

Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2021 100 909,963 910,063

Changes in equity
Dividends - (71,750 ) (71,750 )
Total comprehensive income - 361,595 361,595
Balance at 31 March 2022 100 1,199,808 1,199,908

Changes in equity
Dividends - (58,750 ) (58,750 )
Total comprehensive income - 416,177 416,177
Balance at 31 March 2023 100 1,557,235 1,557,335

Principal Cooling Ltd (Registered number: NI047067)

Cash Flow Statement
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (105,471 ) 366,931
Interest paid (8,502 ) (8,195 )
Interest element of hire purchase payments paid (1,432 ) (1,663 )
Tax paid 59,363 -
Net cash from operating activities (56,042 ) 357,073

Cash flows from investing activities
Purchase of tangible fixed assets (110,032 ) (148,195 )
Sale of tangible fixed assets 458 -
Net cash from investing activities (109,574 ) (148,195 )

Cash flows from financing activities
Loan repayments in year (9,646 ) (5,517 )
Capital repayments in year (14,100 ) (3,684 )
Amount introduced by directors 15,920 13,000
Amount withdrawn by directors (21,262 ) (1,818 )
Government Grant Income 4,089 90,982
Equity dividends paid (58,750 ) (71,750 )
Net cash from financing activities (83,749 ) 21,213

(Decrease)/increase in cash and cash equivalents (249,365 ) 230,091
Cash and cash equivalents at beginning of year 2 768,243 538,152

Cash and cash equivalents at end of year 2 518,878 768,243

Principal Cooling Ltd (Registered number: NI047067)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.3.23 31.3.22
£    £   
Profit before taxation 352,613 378,794
Depreciation charges 68,628 58,804
Government grants (4,089 ) (90,982 )
Finance costs 9,934 9,858
427,086 356,474
Increase in stocks (230,124 ) (23,482 )
Decrease/(increase) in trade and other debtors 146,861 (519,529 )
(Decrease)/increase in trade and other creditors (449,294 ) 553,468
Cash generated from operations (105,471 ) 366,931

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 518,878 768,243
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 768,243 538,152


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank and in hand 768,243 (249,365 ) 518,878
768,243 (249,365 ) 518,878
Debt
Finance leases (20,521 ) 14,100 (6,421 )
Debts falling due within 1 year (309,646 ) (244 ) (309,890 )
Debts falling due after 1 year (34,837 ) 9,890 (24,947 )
(365,004 ) 23,746 (341,258 )
Total 403,239 (225,619 ) 177,620

Principal Cooling Ltd (Registered number: NI047067)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Principal Cooling Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2%/3% on cost
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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.

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.

Principal Cooling Ltd (Registered number: NI047067)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. EMPLOYEES AND DIRECTORS
31.3.23 31.3.22
£    £   
Wages and salaries 2,174,333 2,058,023
Social security costs 137,894 102,984
Other pension costs 43,854 39,980
2,356,081 2,200,987

The average number of employees during the year was as follows:
31.3.23 31.3.22

Management and administration 28 32
Production 32 32
60 64

31.3.23 31.3.22
£    £   
Directors' remuneration 20,996 19,930

4. OPERATING PROFIT

The operating profit is stated after charging:

31.3.23 31.3.22
£    £   
Depreciation - owned assets 68,628 58,804

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.23 31.3.22
£    £   
Bank loan interest 1,012 695
Other Interest payable 7,490 7,500
Hire purchase 1,432 1,663
9,934 9,858

6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
31.3.23 31.3.22
£    £   
Current tax:
UK corporation tax (59,363 ) -

Deferred tax (4,201 ) 17,199
Tax on profit (63,564 ) 17,199

Principal Cooling Ltd (Registered number: NI047067)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. DIVIDENDS
31.3.23 31.3.22
£    £   
Ordinary shares of 1 each
Final 58,750 71,750

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2022 47,556 156,597 29,636
Additions 35,393 60,080 5,663
Disposals - - -
At 31 March 2023 82,949 216,677 35,299
DEPRECIATION
At 1 April 2022 7,282 35,413 19,033
Charge for year 1,009 26,818 3,136
Eliminated on disposal - - -
At 31 March 2023 8,291 62,231 22,169
NET BOOK VALUE
At 31 March 2023 74,658 154,446 13,130
At 31 March 2022 40,274 121,184 10,603

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 296,137 143,259 673,185
Additions - 8,896 110,032
Disposals (5,522 ) - (5,522 )
At 31 March 2023 290,615 152,155 777,695
DEPRECIATION
At 1 April 2022 192,126 120,516 374,370
Charge for year 26,040 11,625 68,628
Eliminated on disposal (5,064 ) - (5,064 )
At 31 March 2023 213,102 132,141 437,934
NET BOOK VALUE
At 31 March 2023 77,513 20,014 339,761
At 31 March 2022 104,011 22,743 298,815

Principal Cooling Ltd (Registered number: NI047067)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

9. STOCKS
31.3.23 31.3.22
£    £   
Stocks 136,059 36,353
Work-in-progress 599,541 469,123
735,600 505,476

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 1,975,709 2,121,290
Other debtors 136,702 67,461
VAT 97,647 172,973
Prepayments 44,975 40,170
2,255,033 2,401,894

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts (see note 13) 9,890 9,646
Other loans (see note 13) 300,000 300,000
Hire purchase contracts (see note 14) 6,058 14,101
Trade creditors 1,732,344 2,189,481
Social security and other taxes 80,487 77,044
Directors' current accounts 87,430 92,772
Accrued expenses 5,650 1,250
2,221,859 2,684,294

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans (see note 13) 24,947 34,837
Hire purchase contracts (see note 14) 363 6,420
25,310 41,257

13. LOANS

An analysis of the maturity of loans is given below:

31.3.23 31.3.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 9,890 9,646
Loan A/c 300,000 300,000
309,890 309,646

Amounts falling due between one and two years:
Bank loans - 1-2 years 24,947 34,837

Principal Cooling Ltd (Registered number: NI047067)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.3.23 31.3.22
£    £   
Net obligations repayable:
Within one year 6,058 14,101
Between one and five years 363 6,420
6,421 20,521

15. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 44,768 48,969

Deferred
tax
£   
Balance at 1 April 2022 48,969
Credit to Income Statement during year (4,201 )
Balance at 31 March 2023 44,768

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary 1 100 100

17. RESERVES
Retained
earnings
£   

At 1 April 2022 1,199,808
Profit for the year 416,177
Dividends (58,750 )
At 31 March 2023 1,557,235

18. RELATED PARTY DISCLOSURES

During the year the company entered into the following transactions with related parties:



Transaction value

Balance owed
by/(owed to

)

2023 2022 2023 2022
£    £    £    £   
RF Canners (7,500 ) (7,500 ) 300,000 300,000

The loan from the shareholder is repayable upon demand and the interest rate is 2.5% on the loan.

Principal Cooling Ltd (Registered number: NI047067)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

19. ULTIMATE CONTROLLING PARTY

The company is under the control of Mr David Robinson, a director.