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Registration number: 04069159

Precision Refrigeration Limited

Unaudited Abridged Financial Statements

for the Year Ended 31 January 2024

 

Precision Refrigeration Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Precision Refrigeration Limited

Company Information

Directors

Mr Nicholas Williams

Mr Andrew Fysh

Mrs Cecile Williams

Company secretary

Mr Michael Williams

Registered office

Stephenson Way
Thetford
Norfolk
IP24 3RU

Accountants

Carbon Accountancy Limited
Chartered Accountants
80-83 Long Lane
London
EC1A 9ET

 

Precision Refrigeration Limited

(Registration number: 04069159)
Abridged Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

3,472

-

Tangible assets

5

1,157,804

1,347,247

Investments

6

76,000

76,000

 

1,237,276

1,423,247

Current assets

 

Stocks

7

2,861,251

1,964,387

Debtors

1,241,897

1,353,686

Cash at bank and in hand

 

3,223,262

2,295,843

 

7,326,410

5,613,916

Prepayments and accrued income

 

68,797

72,331

Creditors: Amounts falling due within one year

(2,170,008)

(2,095,090)

Net current assets

 

5,225,199

3,591,157

Total assets less current liabilities

 

6,462,475

5,014,404

Provisions for liabilities

(59,752)

(98,884)

Accruals and deferred income

 

(136,221)

(86,970)

Net assets

 

6,266,502

4,828,550

Capital and reserves

 

Called up share capital

8

1,200,000

1,200,000

Retained earnings

5,066,502

3,628,550

Shareholders' funds

 

6,266,502

4,828,550

For the financial year ending 31 January 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Precision Refrigeration Limited

(Registration number: 04069159)
Abridged Balance Sheet as at 31 January 2024 (continued)

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 5 September 2024 and signed on its behalf by:
 

.........................................
Mr Nicholas Williams
Director

 

Precision Refrigeration Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
Stephenson Way
Thetford
Norfolk
IP24 3RU

These financial statements were authorised for issue by the Board on 5 September 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 abridged 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 abridged 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.

Going concern

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

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Precision Refrigeration Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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 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 taxable income.

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.

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

Land and buildings

15-20% straight line

Plant and machinery

20% straight line

Motor vehicles

33% straight line

Fixtures and fittings

33% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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

Computer software

33% straight line

 

Precision Refrigeration Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Dividends on equity securities are recognised in income when receivable.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the moving average cost method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Precision Refrigeration Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 59 (2023 - 49).

4

Intangible assets

Total
£

Cost or valuation

Additions acquired separately

5,000

At 31 January 2024

5,000

Amortisation

Amortisation charge

1,528

At 31 January 2024

1,528

Carrying amount

At 31 January 2024

3,472

 

Precision Refrigeration Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024 (continued)

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

1,146,593

349,511

220,829

2,510,258

4,227,191

Additions

10,430

4,101

75,594

1,969

92,094

Disposals

(273,327)

(275,069)

(60,085)

(1,065,186)

(1,673,667)

At 31 January 2024

883,696

78,543

236,338

1,447,041

2,645,618

Depreciation

At 1 February 2023

491,011

328,548

150,243

1,910,142

2,879,944

Charge for the year

63,379

14,843

39,068

164,247

281,537

Eliminated on disposal

(273,327)

(275,069)

(60,085)

(1,065,186)

(1,673,667)

At 31 January 2024

281,063

68,322

129,226

1,009,203

1,487,814

Carrying amount

At 31 January 2024

602,633

10,221

107,112

437,838

1,157,804

At 31 January 2023

655,582

20,963

70,586

600,116

1,347,247

Included within the net book value of land and buildings above is £602,633 (2023 - £655,582) in respect of freehold land and buildings.
 

 

Precision Refrigeration Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024 (continued)

6

Investments

Total
£

Cost or valuation

At 1 February 2023

76,000

Provision

Carrying amount

At 31 January 2024

76,000

At 31 January 2023

76,000

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Associates

Precision Refrigeration Equipment (Shenzhen) Company Limited

Ordinary

50%

50%

China

Precision Refrigeration (Hong Kong) Limited

Ordinary

50%

50%

Hong Kong

Associates

Precision Refrigeration Equipment (Shenzhen) Company Limited

The principal activity of Precision Refrigeration Equipment (Shenzhen) Company Limited is the manufacture and sale of commercial refrigeration products.

Precision Refrigeration (Hong Kong) Limited

The principal activity of Precision Refrigeration (Hong Kong) Limited is the sale of commercial refrigeration products.

 

Precision Refrigeration Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024 (continued)

7

Stocks

2024
£

2023
£

Raw materials and consumables

1,003,466

969,040

Finished goods and goods for resale

1,857,785

995,347

2,861,251

1,964,387

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary shares of £1 each

1,080,000

1,080,000

1,080,000

1,080,000

B Ordinary shares of £1 each

120,000

120,000

120,000

120,000

1,200,000

1,200,000

1,200,000

1,200,000

9

Related party transactions

Under FRS 102, Section 1A, the company has opted not to disclose material transactions that have been conducted with related parties on the grounds that these are concluded under normal market conditions.