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Registration number: 07447007

Cooler Sense Limited

Annual Report and Unaudited Financial Statements

Pages for filing with the Registrar

for the Year Ended 30 April 2024

 

Cooler Sense Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 15

 

Cooler Sense Limited

Company Information

Directors

Mr A B Scovell

Mr M J Phipps

Registered office

Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

Accountants

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Cooler Sense Limited
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cooler Sense Limited for the year ended 30 April 2024 as set out on pages 3 to 15 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Cooler Sense Limited, as a body, in accordance with the terms of our engagement letter dated 29 January 2018. Our work has been undertaken solely to prepare for your approval the accounts of Cooler Sense Limited and state those matters that we have agreed to state to the Board of Directors of Cooler Sense Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cooler Sense Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cooler Sense Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Cooler Sense Limited. You consider that Cooler Sense 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 accounts of Cooler Sense 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 accounts.

......................................

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

22 August 2024

 

Cooler Sense Limited

(Registration number: 07447007)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

47,504

63,338

Tangible assets

5

261,540

265,090

 

309,044

328,428

Current assets

 

Stocks

6

46,747

31,999

Debtors

7

121,995

132,530

Cash at bank and in hand

 

31,281

47,471

 

200,023

212,000

Creditors: Amounts falling due within one year

8

(98,043)

(88,066)

Net current assets

 

101,980

123,934

Total assets less current liabilities

 

411,024

452,362

Creditors: Amounts falling due after more than one year

8

(1,266,499)

(1,424,499)

Net liabilities

 

(855,475)

(972,137)

Capital and reserves

 

Called up share capital

114

114

Share premium reserve

59,986

59,986

Retained earnings

(915,575)

(1,032,237)

Shareholders' deficit

 

(855,475)

(972,137)

 

Cooler Sense Limited

(Registration number: 07447007)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 August 2024 and signed on its behalf by:
 

.........................................
Mr M J Phipps
Director

 

Cooler Sense Limited

Statement of Changes in Equity for the Year Ended 30 April 2024

Called up share capital
£

Share premium
£

Profit and loss account
£

Total equity
£

At 1 May 2023

114

59,986

(1,032,237)

(972,137)

Profit for the year

-

-

116,662

116,662

Total comprehensive income

-

-

116,662

116,662

At 30 April 2024

114

59,986

(915,575)

(855,475)

Called up share capital
£

Share premium
£

Profit and loss account
£

Total equity
£

At 1 May 2022

114

59,986

(1,108,976)

(1,048,876)

Profit for the year

-

-

76,739

76,739

Total comprehensive income

-

-

76,739

76,739

At 30 April 2023

114

59,986

(1,032,237)

(972,137)

 

Cooler Sense Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT
United Kingdom

The principal place of business is:
Unit 1 Lion Lane
Needham Market
Ipswich
Suffolk
IP6 8NT
England

These financial statements were authorised for issue by the Board on 22 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in £ sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

At the 30th April 2024 the company has net liabilities of £855,475. The company's activities in the early periods of trade have required substantial investment at a time when the trade has not been fully established. Profit and loss and balance sheet projections prepared by the directors suggest future profitability and a positive net asset position. The loan creditors in the form of the other loan creditors and the directors have informed the company that they will not seek repayment of their loans to the detriment of other creditors. The value of these creditors at the 30th April 2024 is £1,244,832. Continuation of the company's activities is dependent upon this support and the directors have prepared these financial statements on the going concern basis on the assumption that this support continues.

 

Cooler Sense Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Turnover represents sales of goods and the provision of services to customers at the invoiced amount, excluding value added tax and trade discounts. It is recognised on the basis of the invoice date which is the date when the company is contractually entitled to the income.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

The company has no current corporation tax charge due to the tax losses arising in the previous periods. The remaining tax losses will carry forward to offset against future years taxable profits.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Cooler Sense Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

15% reducing balance basis

Computer equipment

write off costs over 10 years

Computer equipment (software)

write off costs over 5 years

Plant and equipment

15% reducing balance basis

Water coolers, water heaters & coffee machines

write off costs over 10 years

Cooler accessories (incl in water coolers)

write off costs over 5 years

Motor vehicles

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Goodwill relates to the acquisition of Boiler Sense (North) Limited by Cooler Sense Limited during the 2017 year.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

amortised over a period of 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Cooler Sense Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Stocks relate to the value of parts and consumables held at the year end.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Cooler Sense Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 14).

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 May 2023

158,346

158,346

At 30 April 2024

158,346

158,346

Amortisation

At 1 May 2023

95,008

95,008

Amortisation charge

15,834

15,834

At 30 April 2024

110,842

110,842

Carrying amount

At 30 April 2024

47,504

47,504

At 30 April 2023

63,338

63,338

 

Cooler Sense Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Computer equipment & office equipment
£

Motor vehicles
 £

Water coolers, heaters & coffee machines
£

Plant & equipment
£

Total
£

Cost

At 1 May 2023

34,752

-

628,439

2,034

665,225

Additions

977

4,500

50,868

-

56,345

Disposals

(1,785)

-

-

-

(1,785)

At 30 April 2024

33,944

4,500

679,307

2,034

719,785

Depreciation

At 1 May 2023

24,479

-

374,109

1,547

400,135

Charge for the year

1,805

1,030

55,313

73

58,221

Eliminated on disposal

(111)

-

-

-

(111)

At 30 April 2024

26,173

1,030

429,422

1,620

458,245

Carrying amount

At 30 April 2024

7,771

3,470

249,885

414

261,540

At 30 April 2023

10,273

-

254,330

487

265,090

 

Cooler Sense Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Stocks

2024
£

2023
£

Other inventories

46,747

31,999

7

Debtors

2024
£

2023
£

Trade debtors

116,181

126,624

Prepayments

4,814

4,906

Other debtors

1,000

1,000

121,995

132,530

 

Cooler Sense Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

20,000

20,000

Trade creditors

 

27,595

25,453

Taxation and social security

 

41,879

35,899

Accruals and deferred income

 

4,315

3,455

Other creditors

 

4,254

3,259

 

98,043

88,066

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

1,266,499

1,424,499

9

Reserves

The profit and loss reserves of the company contain no non distributable elements

 

Cooler Sense Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

21,667

41,667

Other borrowings

1,244,832

1,382,832

1,266,499

1,424,499

Current loans and borrowings

2024
£

2023
£

Bank borrowings

20,000

20,000

Bank borrowings

The carrying amount at year end is £41,667 (2023 - £61,667).

The bank borrowings relate to a Coronavirus Business Interruption Loan Scheme which has a term of 6 years from May 2020.

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £29,670 (2023 - £45,150). The commitments not included in the balance sheet relate to the operating lease commitments in respect of the total rent payable by the company to the end of the current lease on the premises from which it operates.

 

Cooler Sense Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

12

Related party transactions

Other transactions with directors

At the 30th April 2024 creditors due to be repaid after more than one year includes an amount of £532,416 (2023 £597,416) owed to the director Mr A Scovell. The company repaid Mr A Scovell the sum of £65,000 during the 2024 year.

The loan attracts interest and expenditure includes interest in the sum of £50,234 (2023 £54,358) on the loan. The interest charged on the loan was paid in full during the year.

At the 30th April 2024 creditors due to be repaid after more than one year includes an amount of £90,000 (2023 £94,000) owed to the director Mr M Phipps. The company repaid Mr M Phipps the sum of £4,000 during the 2024 year.

The loan attracts interest and expenditure includes interest in the sum of £9,233 (2023 £9,400) on the loan. The interest charged on the loan was paid in full during the year.

At the 30th April 2024 creditors due to be repaid after more than one year includes an amount of £90,000 (2023 £94,000) owed to Mrs N Phipps who is the wife of the director Mr M Phipps. The company repaid the sum of £4,000 to Mrs N Phipps during the 2024 year.

The loan attracts interest and expenditure includes interest in the sum of £9,233 (2023 £9,400) on the loan. The interest charged on the loan was paid in full during the year.

At the 30th April 2024 creditors due to be repaid after more than one year includes an amount of £532,416 (2023 £597,416) owed to Mrs J Scovell who is the wife of the director Mr A Scovell. The company repaid Mrs J Scovell the sum of £65,000 during the 2024 year

The loan attracts interest and expenditure includes interest in the sum of £50,233 (2023 £54,358) on the loan. The interest charged on the loan was paid in full during the year.