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Company No: 03283954 (England and Wales)

ON-LINE REFRIGERATION & AIR CONDITIONING LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

ON-LINE REFRIGERATION & AIR CONDITIONING LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

ON-LINE REFRIGERATION & AIR CONDITIONING LIMITED

COMPANY INFORMATION

For the financial year ended 30 November 2023
ON-LINE REFRIGERATION & AIR CONDITIONING LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2023
DIRECTORS Mr J L Harding
Mr P F Harding
Mrs C J Harding
SECRETARY Mrs C J Harding
REGISTERED OFFICE Suite 114 Rye House
161 High Street
Ruislip
Middlesex
HA4 8JY
United Kingdom
COMPANY NUMBER 03283954 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
ON-LINE REFRIGERATION & AIR CONDITIONING LIMITED

BALANCE SHEET

As at 30 November 2023
ON-LINE REFRIGERATION & AIR CONDITIONING LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,320 661
1,320 661
Current assets
Stocks 500 500
Debtors 4 39,998 28,561
Cash at bank and in hand 56,688 61,435
97,186 90,496
Creditors: amounts falling due within one year 5 ( 43,023) ( 39,059)
Net current assets 54,163 51,437
Total assets less current liabilities 55,483 52,098
Creditors: amounts falling due after more than one year 6 ( 5,943) ( 9,821)
Provision for liabilities ( 330) ( 165)
Net assets 49,210 42,112
Capital and reserves
Called-up share capital 7 3 3
Profit and loss account 49,207 42,109
Total shareholders' funds 49,210 42,112

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of On-Line Refrigeration & Air Conditioning Limited (registered number: 03283954) were approved and authorised for issue by the Board of Directors on 29 August 2024. They were signed on its behalf by:

Mrs C J Harding
Director
ON-LINE REFRIGERATION & AIR CONDITIONING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
ON-LINE REFRIGERATION & AIR CONDITIONING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

On-Line Refrigeration & Air Conditioning Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Suite 114 Rye House, 161 High Street, Ruislip, Middlesex, , HA4 8JY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Vehicles 4 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Vehicles Computer equipment Total
£ £ £
Cost
At 01 December 2022 38,473 5,189 43,662
Additions 0 1,233 1,233
At 30 November 2023 38,473 6,422 44,895
Accumulated depreciation
At 01 December 2022 38,473 4,528 43,001
Charge for the financial year 0 574 574
At 30 November 2023 38,473 5,102 43,575
Net book value
At 30 November 2023 0 1,320 1,320
At 30 November 2022 0 661 661

4. Debtors

2023 2022
£ £
Trade debtors 32,887 28,461
Prepayments 7,111 100
39,998 28,561

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 4,183 4,183
Trade creditors 10,093 1,068
Amounts owed to directors 3,047 2,111
Accruals 2,450 1,848
Taxation and social security 19,691 25,549
Other creditors 3,559 4,300
43,023 39,059

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 5,943 9,821

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
270 Ordinary shares shares of £ 0.01 each (2022: 3 shares of £ 1.00 each) 2.70 3.00
30 B Ordinary shares of £ 0.01 each (2022: nil shares) 0.30 0
3.00 3.00

During the year, the company diluted its existing shareholding into 300 £0.01 Ordinary shares from 3 £1 Ordinary shares. Furthermore, the company then converted 30 Ordinary shares into 30 B Ordinary shares.