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REGISTERED NUMBER: 03679781 (England and Wales)











Intercool Systems Limited

Unaudited Financial Statements

for the Year Ended 30 September 2023






Intercool Systems Limited (Registered number: 03679781)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Intercool Systems Limited

Company Information
for the Year Ended 30 September 2023







DIRECTOR: J Walsh





SECRETARY: Mrs C J Walsh





REGISTERED OFFICE: Unit 1 Verulam Court
St Albans Road
Stafford
Staffordshire
ST16 3DR





REGISTERED NUMBER: 03679781 (England and Wales)





ACCOUNTANTS: Haines Watts Tamworth Limited
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

Intercool Systems Limited (Registered number: 03679781)

Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 53,251 57,532

CURRENT ASSETS
Stocks 5,764 5,893
Debtors 5 60,066 46,754
Cash at bank and in hand 2,947 28,254
68,777 80,901
CREDITORS
Amounts falling due within one year 6 38,898 46,385
NET CURRENT ASSETS 29,879 34,516
TOTAL ASSETS LESS CURRENT
LIABILITIES

83,130

92,048

CREDITORS
Amounts falling due after more than one year 7 (21,494 ) (34,424 )

PROVISIONS FOR LIABILITIES (13,116 ) (10,931 )
NET ASSETS 48,520 46,693

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings 48,519 46,692
SHAREHOLDERS' FUNDS 48,520 46,693

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

Intercool Systems Limited (Registered number: 03679781)

Balance Sheet - continued
30 September 2023


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 28 June 2024 and were signed by:





J Walsh - Director


Intercool Systems Limited (Registered number: 03679781)

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


1. STATUTORY INFORMATION

Intercool Systems 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.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In preparing these financial statements, the directors have made the following judgements:

- A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can reliably be estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

- Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and managements judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

- Sales ledger debt provisions. Management review debt on a case by case basis to highlight deviation from terms and therefore possible provision requirement.

- Depreciation and residual vales. The directors have reviewed the asset lives and associated residual values of all fixed assets classes, and in particular, the useful economic life and residual values of fixtures and fittings, and have concluded that asset lives are appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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

Intercool Systems Limited (Registered number: 03679781)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Intercool Systems Limited (Registered number: 03679781)

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


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2022 125,242
Additions 7,706
At 30 September 2023 132,948
DEPRECIATION
At 1 October 2022 67,710
Charge for year 11,987
At 30 September 2023 79,697
NET BOOK VALUE
At 30 September 2023 53,251
At 30 September 2022 57,532

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 October 2022
and 30 September 2023 43,315
DEPRECIATION
At 1 October 2022 17,519
Charge for year 4,522
At 30 September 2023 22,041
NET BOOK VALUE
At 30 September 2023 21,274
At 30 September 2022 25,796

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 21,171 5,208
Other debtors 38,895 41,546
60,066 46,754

Intercool Systems Limited (Registered number: 03679781)

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


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 8,732 8,732
Hire purchase contracts 5,086 4,741
Trade creditors 13,416 12,846
Amounts owed to associates 339 17,765
Taxation and social security 5,904 -
Other creditors 5,421 2,301
38,898 46,385

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 14,651 22,495
Hire purchase contracts 6,843 11,929
21,494 34,424

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 11,929 16,670

Hire purchase liabilities are secured by way of a charge over the assets to which they relate.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

10. RELATED PARTY DISCLOSURES

At the year end the amount owed from companies under common control was £23,692 (2022: £24,692) and the amount owed to companies under common control was £339 (2022: £17,765).