REGISTERED NUMBER: |
THERMOFROST CRYO LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: |
THERMOFROST CRYO LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
THERMOFROST CRYO LIMITED (REGISTERED NUMBER: 01036288) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 11 |
THERMOFROST CRYO LIMITED |
COMPANY INFORMATION |
for the year ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Ashbourne House |
The Guildway |
Old Portsmouth Road |
Guildford |
Surrey |
GU3 1LR |
THERMOFROST CRYO LIMITED (REGISTERED NUMBER: 01036288) |
BALANCE SHEET |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
THERMOFROST CRYO LIMITED (REGISTERED NUMBER: 01036288) |
BALANCE SHEET - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
THERMOFROST CRYO LIMITED (REGISTERED NUMBER: 01036288) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Thermofrost Cryo Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the amounts receivable, excluding value added tax, in respect of the sale of goods, namely refrigeration and air conditioning units, to customers. |
Turnover from the sale of goods is recognised when all of the following conditions are satisfied: |
- | the company has transferred to the buyer the significant risks and rewards of ownership of the goods, which is upon dispatch; |
- | the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
- | the amount of revenue can be measured reliably; |
- | it is probable that the economic benefits associated with the transaction will flow to the company; and |
- | the costs incurred or to be incurred in respect of the transaction will flow to the company. |
Tangible fixed assets |
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated provisions for impairment. Depreciation is calculated to write off the cost of fixed assets over their estimated useful lives as follows: |
Fixtures, fittings and equipment - 20% or 25% reducing balance basis |
Motor vehicles - 25% or 33% reducing balance basis |
Computer equipment - 25% straight line basis |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to sell. Provision is made for obsolete and slow moving items, where appropriate. Cost is determined on an average cost basis. |
Current tax |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
THERMOFROST CRYO LIMITED (REGISTERED NUMBER: 01036288) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
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. Forward currency forward contracts are referred to under Financial Instruments below. |
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. |
Fixed asset investments |
Investments in subsidiaries are measured at cost less impairment. Investments are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, a provision for impairment is recognised in the income statement. The provision for impairment is recognised as the difference between the assets carrying amount and the best estimate of the amount that would be if it were sold at the reporting date. |
Warranty provision |
An accrual is made for the estimated liability on all products which are the subject of warranty and service agreements. The amount recognised is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, based on the estimated risks and uncertainties surrounding the obligation. |
Profit related bonus scheme |
The company operate a profit related pay bonus scheme for employees. An expense is recognised in the profit and loss account when the Company has a legal or constructive obligation to make payments under the plans as a result of past events and a reliable estimate of the obligation can be made. |
Holiday pay |
The company recognises an accrual for holiday entitlement earned by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the subsequent financial year. The provision is measured at the salary cost payable for the period of absence including employers national insurance costs. |
Financial instruments |
Financial instruments are classified as basic or non-basic following the conditions in Section 11 and Section 12 of FRS 102. |
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price. Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. |
THERMOFROST CRYO LIMITED (REGISTERED NUMBER: 01036288) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Basic financial liabilities, including trade and other creditors and other loans that are classified as debt, are initially recognised at transaction price. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. |
Derivatives are not complex financial instruments and include forward foreign exchange contracts. These are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value at each reporting date. The resulting fair value exchange gains or losses are taken into account in arriving at the operating result in cost of sales. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
THERMOFROST CRYO LIMITED (REGISTERED NUMBER: 01036288) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
5. | FIXED ASSET INVESTMENTS |
Share in |
subsidiary |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Subsidiary Undertakings |
At 31 March 2024, the company held investments in the following dormant subsidiary companies registered in England and Wales: |
Shares Held |
Class | % |
The Specialists Limited | Ordinary | 100.00 |
Refrigerator Components Limited | Ordinary | 100.00 |
The above companies were dormant in the current and prior period. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Trade creditors |
Taxation and social security |
Other creditors |
At 31 March 2024, the company had committed to purchasing foreign currency under forward contract arrangements at a cost of £400,000 (2023: £650,000). Further details are provided in note 12. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
THERMOFROST CRYO LIMITED (REGISTERED NUMBER: 01036288) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
Bank loans relate to a Coronavirus Business Interruption Loan, which attracts interest at a fixed rate of 2.96% p.a. over Base Rate. Repayments are made monthly and the loan is repayable in April 2026. Note 11 provides further information on this loan. |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
The above operating leases relate to commitments on commercial property. |
10. | SECURED DEBTS |
The company has banking and overdraft facilities with National Westminster Bank Plc and The Royal Bank of Scotland Commercial Services Limited, which are secured by way of fixed and floating charges over all assets of the company. |
National Westminster Bank Plc holds a debenture over the company in respect of the Coronavirus Business Interruption Loan. |
THERMOFROST CRYO LIMITED (REGISTERED NUMBER: 01036288) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
11. | FINANCIAL INSTRUMENTS |
2024 | 2023 |
£ | £ |
Carrying value of financial assets that are debt instruments measured at amortised cost |
1,542,863 |
1,927,051 |
Carrying value of financial assets that are equity instruments measured at cost less impairment |
3 |
3 |
(Gain)/loss on financial liabilities measured at fair value through profit or loss | (975 | ) | 1,763 |
Carrying value of financial liabilities measured at amortised cost | 2,296,028 | 2,909,716 |
The company has entered into foreign currency forward contracts to purchase currency at a future date to hedge against exchange risk arising from anticipated future purchases. The following foreign currency forward contracts were outstanding at the year end: |
Average |
contractual rate | Commitment value | Fair value |
2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Rate | Rate | £ | £ | £ | £ |
Purchase Euros |
Less than 3 months | 1.1676 | 1.1341 | 400,000 | 620,000 | 399,025 | 618,835 |
Purchase Dollars |
Less than 3 months | - | 1.2344 | - | 30,000 | - | 29,454 |
399,025 | 648,289 |
The contracts above have been valued using observable forward exchange rates corresponding to the maturity of the contract. At the year end, trade creditors includes the fair value of the contracts which amounts to a gain of £975 (2023: loss of £1,763) which is recognised in the profit or loss. |
12. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 9,027 | 6,210 |
THERMOFROST CRYO LIMITED (REGISTERED NUMBER: 01036288) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
12. | PROVISIONS FOR LIABILITIES - continued |
Deferred tax |
£ |
Balance at 1 April 2023 |
Accelerated capital allowances | 26,090 |
Movement in short term timing |
differences | 3,760 |
Tax losses carried forwards | (27,033 | ) |
Balance at 31 March 2024 |
13. | CONTINGENT LIABILITIES |
The company has provided cross guarantees with Rareform Limited and Greendown Limited in respect of a joint and several liability relating to the bank loan drawn by the ultimate parent company. At the year end the carrying amount of the bank loan is £529,526 (2023: £401,402). |
14. | PARENT COMPANY |
The immediate parent company is Rareform Limited whose registered office address is Ashbourne House, The Guildway, Old Portsmouth Road, Guildford, Surrey, GU3 1LR. The ultimate parent company is Greendown Limited whose registered office address is Ashbourne House, The Guildway, Old Portsmouth Road, Guildford, Surrey, GU3 1LR. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
THERMOFROST CRYO LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Thermofrost Cryo Limited for the year ended 31 March 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Thermofrost Cryo Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Thermofrost Cryo Limited and state those matters that we have agreed to state to the Board of Directors of Thermofrost Cryo Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thermofrost Cryo Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Thermofrost Cryo Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Thermofrost Cryo Limited. You consider that Thermofrost Cryo Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Thermofrost Cryo Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
This report should not be regarded as suitable to be used or relied on by any other party wishing to acquire any rights against Bessler Hendrie LLP for any purpose or in any context. Any party, other than the Directors, who obtain access to this report or a copy and chooses to rely on this report (or any part of it) will do so at its own risk. |
Chartered Accountants |
Ashbourne House |
The Guildway |
Old Portsmouth Road |
Guildford |
Surrey |
GU3 1LR |