Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01falseProperty investment for letting11falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05701434 2023-01-01 2023-12-31 05701434 2021-09-01 2022-12-31 05701434 2023-12-31 05701434 2022-12-31 05701434 c:Director1 2023-01-01 2023-12-31 05701434 d:FurnitureFittings 2023-01-01 2023-12-31 05701434 d:FurnitureFittings 2023-12-31 05701434 d:FurnitureFittings 2022-12-31 05701434 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05701434 d:FreeholdInvestmentProperty 2023-12-31 05701434 d:FreeholdInvestmentProperty 2022-12-31 05701434 d:CurrentFinancialInstruments 2023-12-31 05701434 d:CurrentFinancialInstruments 2022-12-31 05701434 d:Non-currentFinancialInstruments 2023-12-31 05701434 d:Non-currentFinancialInstruments 2022-12-31 05701434 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05701434 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05701434 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 05701434 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 05701434 d:ShareCapital 2023-12-31 05701434 d:ShareCapital 2022-12-31 05701434 d:RetainedEarningsAccumulatedLosses 2023-12-31 05701434 d:RetainedEarningsAccumulatedLosses 2022-12-31 05701434 c:FRS102 2023-01-01 2023-12-31 05701434 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05701434 c:FullAccounts 2023-01-01 2023-12-31 05701434 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05701434 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 05701434










COOLSPIRIT COMMERCIAL LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
COOLSPIRIT COMMERCIAL LIMITED
REGISTERED NUMBER: 05701434

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
34,289
55,075

Investment property
 5 
2,444,684
2,444,684

  
2,478,973
2,499,759

Current assets
  

Debtors: amounts falling due within one year
 6 
25,702
9,966

Cash at bank and in hand
  
35,168
14,082

  
60,870
24,048

Creditors: amounts falling due within one year
 7 
(133,560)
(129,643)

Net current liabilities
  
 
 
(72,690)
 
 
(105,595)

Total assets less current liabilities
  
2,406,283
2,394,164

Creditors: amounts falling due after more than one year
 8 
(1,944,204)
(2,019,211)

Provisions for liabilities
  

Deferred tax
  
(6,085)
(11,145)

Net assets
  
455,994
363,808


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
455,894
363,708

  
455,994
363,808


Page 1

 
COOLSPIRIT COMMERCIAL LIMITED
REGISTERED NUMBER: 05701434
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 April 2024.




P D Robertson
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
COOLSPIRIT COMMERCIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Coolspirit Commercial Limited is a private company limited by shares, incorporated in England and Wales (registered number: 05701434). Its registered office is Unit 24 The Bridge Business Centre, Beresford Way, Chesterfield, Derbyshire, S41 9FG. The principal activity of the Company throughout the year continued to be that of property investment for letting. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

Page 3

 
COOLSPIRIT COMMERCIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Fixtures fittings and equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
COOLSPIRIT COMMERCIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction,  the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 5

 
COOLSPIRIT COMMERCIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Fixtures fittings and equipment

£



Cost or valuation


At 1 January 2023
147,823


Additions
4,099



At 31 December 2023

151,922



Depreciation


At 1 January 2023
92,748


Charge for the year on owned assets
24,885



At 31 December 2023

117,633



Net book value



At 31 December 2023
34,289



At 31 December 2022
55,075


5.


Investment property


Investment property

£



Valuation


At 1 January 2023
2,444,684



At 31 December 2023
2,444,684

The 2023 valuations were made by the director, on an open market value for existing use basis.




Page 6

 
COOLSPIRIT COMMERCIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
13,035
8,078

Other debtors
12,667
1,888

25,702
9,966



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
81,464
78,803

Trade creditors
178
2,485

Corporation tax
32,926
31,726

Other taxation and social security
17,032
14,131

Other creditors
1,960
2,498

133,560
129,643



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
780,673
862,860

Other creditors
1,163,531
1,156,351

1,944,204
2,019,211


The bank loans are secured against the investment properties.
Within the total of bank loans due after more than one year is an amount of £463,245 which is due for repayment after more than five years (2022: £502,827)

 
Page 7