Registered number
02669946
ASSOCIATED COOLING SERVICES LIMITED
Unaudited Filleted Accounts
31 March 2024
ASSOCIATED COOLING SERVICES LIMITED
Registered number: 02669946
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 253,040 219,141
Current assets
Debtors 4 1,097,940 1,134,804
Cash at bank and in hand 1,140,752 576,356
2,238,692 1,711,160
Creditors: amounts falling due within one year 5 (1,282,195) (1,039,874)
Net current assets 956,497 671,286
Total assets less current liabilities 1,209,537 890,427
Creditors: amounts falling due after more than one year 6 (224,048) (288,926)
Provisions for liabilities (60,338) (39,274)
Net assets 925,151 562,227
Capital and reserves
Called up share capital 20,000 20,000
Profit and loss account 905,151 542,227
Shareholders' funds 925,151 562,227
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the board on 20 August 2024
J J Collins M C Powell
Director Director
ASSOCIATED COOLING SERVICES LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 52 49
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 121,611 796,863 918,474
Additions 18,432 149,158 167,590
Disposals (42,845) (84,467) (127,312)
At 31 March 2024 97,198 861,554 958,752
Depreciation
At 1 April 2023 88,151 611,182 699,333
Charge for the year 16,277 112,761 129,038
On disposals (42,845) (79,814) (122,659)
At 31 March 2024 61,583 644,129 705,712
Net book value
At 31 March 2024 35,615 217,425 253,040
At 31 March 2023 33,460 185,681 219,141
4 Debtors 2024 2023
£ £
Trade debtors 1,054,369 1,116,491
Other debtors 43,571 18,313
1,097,940 1,134,804
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 90,000 90,000
Obligations under finance lease and hire purchase contracts 80,720 58,972
Trade creditors 339,927 416,237
Corporation tax 470,358 245,954
Taxation and social security costs 281,097 214,747
Other creditors 20,093 13,964
1,282,195 1,039,874
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 105,000 195,000
Obligations under finance lease and hire purchase contracts 119,048 93,926
224,048 288,926
The bank loan which was provided under the Coronavirus Business Interruption Loan Scheme is repayable over 72 months from 5th June 2021. Interest is chargeable only after the first year at 4.42% above base rate. The loan is secured on the assets and undertakings of the company.
7 Events after the reporting date
There were no significant events since the balance sheet date that in the opinion of the director would effect these accounts.
8 Capital commitments 2024 2023
£ £
Amounts contracted for but not provided in the accounts 52,594 55,587
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
J J Collins
current account 1,149 3,549 (5,000) (302)
M C Powell
current account (2,865) 1,495 (5,000) (6,370)
(1,716) 5,044 (10,000) (6,672)
10 Controlling party
Throughout the year the company was under the control of Associated Cooling Services EOT Limited.
11 Charges
In addition to the charge referred to at note 6 to the accounts in favour of Natwest Bank plc the directors of the company also retain a floating charge over the company's assets and undertakings in respect of monies owed to them by the Employee Ownership Trust.
12 Other information
ASSOCIATED COOLING SERVICES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
20 Metro Centre
Kangley Bridge Road
London
SE26 5BW
ASSOCIATED COOLING SERVICES LIMITED 02669946 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 J J Collins No description of principal activity 02669946 2022-04-01 2023-03-31 02669946 core:WithinOneYear 2023-03-31 02669946 core:AfterOneYear 2023-03-31 02669946 core:ShareCapital 2023-03-31 02669946 core:RetainedEarningsAccumulatedLosses 2023-03-31 02669946 2023-04-01 2024-03-31 02669946 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02669946 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02669946 bus:Director40 2023-04-01 2024-03-31 02669946 core:PlantMachinery 2023-04-01 2024-03-31 02669946 core:Vehicles 2023-04-01 2024-03-31 02669946 1 2023-04-01 2024-03-31 02669946 bus:Director1 2023-04-01 2024-03-31 02669946 bus:Director1 1 2023-04-01 2024-03-31 02669946 bus:Director2 2023-04-01 2024-03-31 02669946 bus:Director2 1 2023-04-01 2024-03-31 02669946 countries:England 2023-04-01 2024-03-31 02669946 bus:FRS102 2023-04-01 2024-03-31 02669946 bus:FilletedAccounts 2023-04-01 2024-03-31 02669946 2024-03-31 02669946 core:WithinOneYear 2024-03-31 02669946 core:AfterOneYear 2024-03-31 02669946 core:ShareCapital 2024-03-31 02669946 core:RetainedEarningsAccumulatedLosses 2024-03-31 02669946 core:PlantMachinery 2024-03-31 02669946 core:Vehicles 2024-03-31 02669946 bus:Director1 1 2024-03-31 02669946 bus:Director2 1 2024-03-31 02669946 2023-03-31 02669946 core:PlantMachinery 2023-03-31 02669946 core:Vehicles 2023-03-31 02669946 bus:Director1 1 2023-03-31 02669946 bus:Director2 1 2023-03-31 iso4217:GBP xbrli:pure