REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 July 2023 |
for |
Cool Assets Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 July 2023 |
for |
Cool Assets Ltd |
Cool Assets Ltd (Registered number: 06941865) |
Contents of the Financial Statements |
for the Year Ended 31 July 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Cool Assets Ltd |
Company Information |
for the Year Ended 31 July 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants and Business Advisers |
Medway House |
Fudan Way |
Teesdale Business Park |
Stockton on Tees |
TS17 6EN |
Cool Assets Ltd (Registered number: 06941865) |
Balance Sheet |
31 July 2023 |
31/7/23 | 31/7/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Cool Assets Ltd (Registered number: 06941865) |
Notes to the Financial Statements |
for the Year Ended 31 July 2023 |
1. | STATUTORY INFORMATION |
Cool Assets Ltd is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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 |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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. |
FOREIGN CURRENCIES |
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. |
INTEREST INCOME |
Interest income is provided for on the capital element of each loan at the rate implied per each respective loan agreement. Interest is not compounded. |
SHARE CAPITAL |
Called up share capital is allotted, issued and fully paid. |
Cool Assets Ltd (Registered number: 06941865) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 August 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
5. | DEBTORS |
31/7/23 | 31/7/22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/7/23 | 31/7/22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Cool Assets Ltd (Registered number: 06941865) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
7. | RELATED PARTY DISCLOSURES |
The directors consider that there are no transactions that require disclosure pursuant to paragraph 1AC.35 of FRS 102 for either the year ended 31 July 2023 or the year ended 31 July 2022. |
8. | POST BALANCE SHEET EVENTS |
Since the balance sheet date, the company has entered into a loan agreement with Fifosys Limited in May 2024. Under the loan agreement, the company agreed to lend£2,000,000 to Fifosys Limited for a term of 5 years at an interest rate of 9% per annum (payable monthly). The loan is secured by way of a debenture which contains a fixed and floating charge over the properly and undertakings of Fifosys Limited. |
Alongside the aforementioned loan agreement, the company also agreed to purchase 25,000 Ordinary C Shares of £0.001 each nominal value in Fifosys Limited for a sum of £2,000,000. |