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REGISTERED NUMBER: 01935971 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

Sovereign Refrigeration Limited

Sovereign Refrigeration Limited (Registered number: 01935971)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sovereign Refrigeration Limited

Company Information
for the Year Ended 30 November 2023







DIRECTOR: R F Evans





SECRETARY: C Evans





REGISTERED OFFICE: Unit 5/12 Birchbrook Industrial Park
Lynn Lane
Shenstone
Lichfield
Staffordshire
WS14 0DJ





REGISTERED NUMBER: 01935971 (England and Wales)





ACCOUNTANTS: N R Penn & Co Limited
The Association Of Accounting Technicians
5 Load Street
Bewdley
Worcestershire
DY12 2AF

Sovereign Refrigeration Limited (Registered number: 01935971)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 32,151 40,578
Tangible assets 5 551,400 460,604
Investments 6 - 400
Investment property 7 - 2,832,943
583,551 3,334,525

CURRENT ASSETS
Stocks 50,000 50,000
Debtors 8 2,426,774 1,713,466
Investments 9 250,000 250,000
Cash at bank and in hand 1,202,045 1,090,002
3,928,819 3,103,468
CREDITORS
Amounts falling due within one year 10 1,179,695 882,666
NET CURRENT ASSETS 2,749,124 2,220,802
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,332,675

5,555,327

CREDITORS
Amounts falling due after more than
one year

11

(637,399

)

(704,547

)

PROVISIONS FOR LIABILITIES (67,360 ) (67,360 )
NET ASSETS 2,627,916 4,783,420

Sovereign Refrigeration Limited (Registered number: 01935971)

Balance Sheet - continued
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 8 8
Retained earnings 2,627,908 4,783,412
2,627,916 4,783,420

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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

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 29 July 2024 and were signed by:





R F Evans - Director


Sovereign Refrigeration Limited (Registered number: 01935971)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Sovereign Refrigeration Limited is a private company, limited by shares , registered in England and Wales. 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" including the provisions of Section 1A "Small Entities" 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on cost
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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


Sovereign Refrigeration Limited (Registered number: 01935971)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2022 - 33 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 84,275
AMORTISATION
At 1 December 2022 43,697
Charge for year 8,427
At 30 November 2023 52,124
NET BOOK VALUE
At 30 November 2023 32,151
At 30 November 2022 40,578

Sovereign Refrigeration Limited (Registered number: 01935971)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 December 2022 176,795 783,742 960,537
Additions - 276,570 276,570
Disposals - (86,230 ) (86,230 )
At 30 November 2023 176,795 974,082 1,150,877
DEPRECIATION
At 1 December 2022 70,719 429,214 499,933
Charge for year 17,680 140,889 158,569
Eliminated on disposal - (59,025 ) (59,025 )
At 30 November 2023 88,399 511,078 599,477
NET BOOK VALUE
At 30 November 2023 88,396 463,004 551,400
At 30 November 2022 106,076 354,528 460,604

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 December 2022 400
Disposals (400 )
At 30 November 2023 -
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 400

Sovereign Refrigeration Limited (Registered number: 01935971)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022 2,832,943
Additions 57,310
Disposals (2,890,253 )
At 30 November 2023 -
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 2,832,943

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 764,824 548,945
Other debtors 1,661,950 1,164,521
2,426,774 1,713,466

9. CURRENT ASSET INVESTMENTS
30.11.23 30.11.22
£    £   
Investment bonds 250,000 250,000

At 30th November 2023 the investment had a market value of £257075

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 130,000 130,000
Hire purchase contracts 90,000 35,000
Trade creditors 421,683 253,224
Taxation and social security 464,600 369,903
Other creditors 73,412 94,539
1,179,695 882,666

Sovereign Refrigeration Limited (Registered number: 01935971)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans 431,487 551,903
Hire purchase contracts 205,912 152,644
637,399 704,547

12. RELATED PARTY DISCLOSURES

At 30th November 2023 the company was owed £1240748 from Sovereign Group Holdings Limited, the company's parent company.
During the year the company transferred investment properties with a value of £2890252 to Sovereign Group Holdings Limited by way of dividend in specie.

13. PARENT COMPANY

The company is a wholly owned subsidiary of Sovereign Group Holdings Limited (13096752) a company incorporated in England and Wales.