Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity2022-12-01false3840truetruefalse 10719443 2022-12-01 2023-11-30 10719443 2021-12-01 2022-11-30 10719443 2023-11-30 10719443 2022-11-30 10719443 c:Director4 2022-12-01 2023-11-30 10719443 d:Buildings d:LongLeaseholdAssets 2022-12-01 2023-11-30 10719443 d:Buildings d:LongLeaseholdAssets 2023-11-30 10719443 d:Buildings d:LongLeaseholdAssets 2022-11-30 10719443 d:PlantMachinery 2022-12-01 2023-11-30 10719443 d:MotorVehicles 2022-12-01 2023-11-30 10719443 d:ComputerEquipment 2022-12-01 2023-11-30 10719443 d:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 10719443 d:OtherPropertyPlantEquipment 2023-11-30 10719443 d:OtherPropertyPlantEquipment 2022-11-30 10719443 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 10719443 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 10719443 d:CurrentFinancialInstruments 2023-11-30 10719443 d:CurrentFinancialInstruments 2022-11-30 10719443 d:Non-currentFinancialInstruments 2023-11-30 10719443 d:Non-currentFinancialInstruments 2022-11-30 10719443 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 10719443 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 10719443 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 10719443 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 10719443 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-11-30 10719443 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 10719443 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-11-30 10719443 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 10719443 d:ShareCapital 2023-11-30 10719443 d:ShareCapital 2022-11-30 10719443 d:RetainedEarningsAccumulatedLosses 2023-11-30 10719443 d:RetainedEarningsAccumulatedLosses 2022-11-30 10719443 c:FRS102 2022-12-01 2023-11-30 10719443 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 10719443 c:FullAccounts 2022-12-01 2023-11-30 10719443 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 10719443 d:WithinOneYear 2023-11-30 10719443 d:WithinOneYear 2022-11-30 10719443 d:BetweenOneFiveYears 2023-11-30 10719443 d:BetweenOneFiveYears 2022-11-30 10719443 d:HirePurchaseContracts d:WithinOneYear 2023-11-30 10719443 d:HirePurchaseContracts d:WithinOneYear 2022-11-30 10719443 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-11-30 10719443 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-11-30 10719443 2 2022-12-01 2023-11-30 10719443 4 2022-12-01 2023-11-30 10719443 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-11-30 10719443 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2022-11-30 10719443 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure
Registered number: 10719443


 
 
 
 
 
 
 
 
 
 
 
ADANDE REFRIGERATION LIMITED
 
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
 
FOR THE YEAR ENDED 30 NOVEMBER 2023

 
ADANDE REFRIGERATION LIMITED
REGISTERED NUMBER:10719443

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2022 as restated
Note
£
£

Fixed assets
  

Tangible assets
 4 
165,889
69,496

  
165,889
69,496

Current assets
  

Stocks
 5 
913,912
1,674,722

Debtors: amounts falling due after more than one year
 6 
1,137,522
690,790

Debtors: amounts falling due within one year
 6 
4,989,815
4,564,492

Cash at bank and in hand
  
118,721
75,321

  
7,159,970
7,005,325

Creditors: amounts falling due within one year
 7 
(2,784,695)
(3,050,680)

Net current assets
  
 
 
4,375,275
 
 
3,954,645

Total assets less current liabilities
  
4,541,164
4,024,141

Creditors: amounts falling due after more than one year
 8 
(63,977)
(37,675)

  

Net assets
  
4,477,187
3,986,466


Capital and reserves
  

Called up share capital 
  
1,200,000
1,200,000

Profit and loss account
  
3,277,187
2,786,466

  
4,477,187
3,986,466


Page 1

 
ADANDE REFRIGERATION LIMITED
REGISTERED NUMBER:10719443
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
I D Wood
Director

Date: 28 August 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
ADANDE REFRIGERATION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Adande Refrigeration Limited is a private company limited by shares and incorporated in England, registration number 10719443. The registered office is 45 Pinbush Road, South Lowestoft Industrial Estate, Lowestoft, Suffolk, NR33 7NL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Going concern

The directors have considered the Company and Group's financial position at the time of signing the financial statements. Following the year end, the Group is refocusing its activities to improve profitability. Projections have been prepared, which take account of the sales pipeline and cost savings made in recent months. 
Furthermore, the Group is in the process of exploring other financing opportunities. The directors have a reasonable expectation that further funds could also be raised from shareholders should they be required. The directors also believe the Group has a significant asset in terms of protected IP as well as a supportive banking relationship.
Based on these factors, the directors have a reasonable expectation that the Company and Group will be able to continue in operational existence for the foreseeable future, and at least twelve months from the date of signing these financial statements. The directors have therefore adopted the going concern basis of accounting in preparing these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
ADANDE REFRIGERATION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.3
Foreign currency translation (continued)

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income Statement except when deferred in other comprehensive income as qualifying cash flow hedges.

All foreign exchange gains and losses are presented in the Income Statement within 'administrative expenses'.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover represents refrigeration equipment sales, service and part sales and royalty income. Turnover from the sale of good is recognised on despatch of items to customers. Royalty income is recognised on an accruals basis.

 
2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in the Income Statement using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in the Income Statement in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
ADANDE REFRIGERATION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Income Statement except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.12

Development costs

Costs relating to research and development are recognised through the Income Statement as they are incurred.

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 5

 
ADANDE REFRIGERATION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Straight line over original lease period
Plant and machinery
-
25% reducing balance
Motor vehicles
-
33.33% reducing balance
Computer equipment
-
33.33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

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

 
2.15

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.

 
2.16

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.17

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.

Page 6

 
ADANDE REFRIGERATION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

The Company only enters into basic financial instrument 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 and loans to related parties.


3.


Employees

The average monthly number of employees, including directors, during the year was 40 (2022 - 38).

Page 7

 
ADANDE REFRIGERATION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Tangible fixed assets





Long-term leasehold property
Other fixed assets
Total

£
£
£



Cost


At 1 December 2022
11,158
238,749
249,907


Additions
24,605
112,202
136,807



At 30 November 2023

35,763
350,951
386,714



Depreciation


At 1 December 2022
10,522
169,889
180,411


Charge for the year on owned assets
2,903
37,511
40,414



At 30 November 2023

13,425
207,400
220,825



Net book value



At 30 November 2023
22,338
143,551
165,889



At 30 November 2022
636
68,860
69,496

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Other fixed assets
64,146
15,847



Page 8

 
ADANDE REFRIGERATION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Stocks

2023
2022 as restated
£
£

Raw materials and work in progress
913,912
1,674,722



6.


Debtors

2023
2022
£
£

Due after more than one year

Deferred tax asset
1,137,522
690,790


2023
2022
£
£

Due within one year

Trade debtors
1,114,497
1,266,633

Amounts owed by group undertakings
3,465,789
3,045,955

Other debtors
5,377
5,627

Prepayments and accrued income
149,777
127,379

Deferred taxation
254,375
118,898

4,989,815
4,564,492






Amounts owed by group undertakings of £3,465,789 (2022: £3,045,955) are disclosed as debtors due within one year on the basis that no formal loan agreements are in place. However, these loans are not expected to be recalled within the next 12 months.

Page 9

 
ADANDE REFRIGERATION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022 as restated
£
£

Bank overdrafts
785,676
1,094,207

Bank loans
10,115
9,870

Other loans
85,000
70,000

Trade creditors
1,086,481
726,354

Other taxation and social security
71,754
175,881

Obligations under finance lease and hire purchase contracts
28,585
6,925

Accruals and deferred income
717,084
967,443

2,784,695
3,050,680


Bank overdrafts includes proceeds of factored debts of £785,676 (2022: £1,005,286), which are secured on the debts of the Company.
Bank loans disclosed as due within one year of £10,115 (2022: £9,870) relate to amounts borrowed through the government's Bounce Back Loan Scheme. The loan is guaranteed by the UK government.
No interest or fees were payable in the first 12 months of the loan agreement. After 12 months, interest is charged at the rate of 2.5%.


8.


Creditors: Amounts falling due after more than one year

2023
2022 as restated
£
£

Bank loans
16,505
26,620

Net obligations under finance leases and hire purchase contracts
47,472
11,055


Bank loans disclosed as due more than one year of £16,505 (2022: £26,620) relate to amounts borrowed through the government's Bounce Back Loan Scheme. The loan is guaranteed by the UK government. No interest or fees are payable in the first 12 months of the loan agreement. After 12 months interest will be charged at a rate of 2.5%.

Page 10

 
ADANDE REFRIGERATION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,115
9,870

Other loans
85,000
70,000

95,115
79,870

Amounts falling due 1-2 years

Bank loans
10,369
10,115

Amounts falling due 2-5 years

Bank loans
6,136
16,505


111,620
106,490



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022 as restated
£
£


Within one year
28,585
6,925

Between 1-5 years
47,472
11,055

76,057
17,980


11.


Contingent liabilities

The Company, together with Applied Design & Engineering Limited and Adande Aircell Limited, has given guarantees to its bankers in respect of monies due to the bank by the parties to the guarantees. At 30 November 2023 the contingent liability in respect of the agreement amounted to £Nil (2022: £Nil).

Page 11

 
ADANDE REFRIGERATION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

12.


Commitments under operating leases

At 30 November 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
118,223
52,014

Later than 1 year and not later than 5 years
129,570
51,923

247,793
103,937

 
Page 12