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Registered number: 08923652
ChillTechnologies Limited
Unaudited Financial Statements
For The Year Ended 30 June 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08923652
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 956,100 928,756
Tangible Assets 5 15,423 15,862
971,523 944,618
CURRENT ASSETS
Debtors 8 176,508 189,587
Cash at bank and in hand 25,423 5,763
201,931 195,350
Creditors: Amounts Falling Due Within One Year 9 (36,227 ) (104,017 )
NET CURRENT ASSETS (LIABILITIES) 165,704 91,333
TOTAL ASSETS LESS CURRENT LIABILITIES 1,137,227 1,035,951
Creditors: Amounts Falling Due After More Than One Year 10 (269,978 ) (316,409 )
NET ASSETS 867,249 719,542
CAPITAL AND RESERVES
Called up share capital 11 24 21
Share premium account 1,595,816 899,656
Profit and Loss Account (728,591 ) (180,135 )
SHAREHOLDERS' FUNDS 867,249 719,542
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
M Keane
Director
07/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
ChillTechnologies Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08923652 . The registered office is Unit 5 Lansdowne Workshops, Lansdowne Mews, London, SE7 8AZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are amortised to the profit and loss account over its estimated economic life of 10 years.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 3 year straight line
2.4. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
Page 3
Page 4
4. Intangible Assets
Intellectual Property
£
Cost
As at 1 July 2022 1,043,609
Additions 163,929
As at 30 June 2023 1,207,538
Amortisation
As at 1 July 2022 114,853
Provided during the period 136,585
As at 30 June 2023 251,438
Net Book Value
As at 30 June 2023 956,100
As at 1 July 2022 928,756
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2022 16,955 1,461 6,666 25,082
Additions - 814 3,186 4,000
As at 30 June 2023 16,955 2,275 9,852 29,082
Depreciation
As at 1 July 2022 4,239 219 4,762 9,220
Provided during the period 3,179 308 952 4,439
As at 30 June 2023 7,418 527 5,714 13,659
Net Book Value
As at 30 June 2023 9,537 1,748 4,138 15,423
As at 1 July 2022 12,716 1,242 1,904 15,862
7. Stocks
2023 2022
£ £
Page 4
Page 5
8. Debtors
2023 2022
£ £
Due within one year
Trade debtors 20,888 41,908
Prepayments and accrued income 7,172 3,486
Other debtors 142,635 142,635
VAT 2,031 1,558
Directors' loan accounts 3,782 -
176,508 189,587
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 23,518 24,817
Bank loans and overdrafts 5,000 -
Other creditors 5,265 6,377
Accruals and deferred income 2,284 4,426
Directors' loan accounts 160 68,397
36,227 104,017
10. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 12,315 22,322
Other loans 76,352 -
Other creditors 181,311 294,087
269,978 316,409
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 24 21
Page 5