Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truefalse2023-01-01sale of computer media and associated products3231falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03600170 2023-01-01 2023-12-31 03600170 2021-09-01 2022-12-31 03600170 2023-12-31 03600170 2022-12-31 03600170 2021-09-01 03600170 c:Director1 2023-01-01 2023-12-31 03600170 d:FurnitureFittings 2023-01-01 2023-12-31 03600170 d:FurnitureFittings 2023-12-31 03600170 d:FurnitureFittings 2022-12-31 03600170 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03600170 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 03600170 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 03600170 d:OtherPropertyPlantEquipment 2023-12-31 03600170 d:OtherPropertyPlantEquipment 2022-12-31 03600170 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03600170 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 03600170 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03600170 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 03600170 d:CurrentFinancialInstruments 2023-12-31 03600170 d:CurrentFinancialInstruments 2022-12-31 03600170 d:Non-currentFinancialInstruments 2023-12-31 03600170 d:Non-currentFinancialInstruments 2022-12-31 03600170 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03600170 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03600170 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 03600170 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 03600170 d:ShareCapital 2023-12-31 03600170 d:ShareCapital 2022-12-31 03600170 d:RetainedEarningsAccumulatedLosses 2023-12-31 03600170 d:RetainedEarningsAccumulatedLosses 2022-12-31 03600170 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03600170 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03600170 d:RetirementBenefitObligationsDeferredTax 2023-12-31 03600170 d:RetirementBenefitObligationsDeferredTax 2022-12-31 03600170 d:OtherDeferredTax 2023-12-31 03600170 d:OtherDeferredTax 2022-12-31 03600170 c:FRS102 2023-01-01 2023-12-31 03600170 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03600170 c:FullAccounts 2023-01-01 2023-12-31 03600170 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03600170 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 03600170 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 03600170 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 03600170 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 03600170 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 03600170










COOLSPIRIT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
COOLSPIRIT LIMITED
REGISTERED NUMBER: 03600170

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
338,033
446,283

Current assets
  

Stocks
  
80,506
81,532

Debtors: amounts falling due after more than one year
 5 
1,163,531
1,156,351

Debtors: amounts falling due within one year
 5 
1,596,520
1,422,142

Cash at bank and in hand
  
150,272
518,060

  
2,990,829
3,178,085

Creditors: amounts falling due within one year
 6 
(3,083,916)
(2,785,292)

Net current (liabilities)/assets
  
 
 
(93,087)
 
 
392,793

Total assets less current liabilities
  
244,946
839,076

Creditors: amounts falling due after more than one year
 7 
(39,701)
(98,482)

Provisions for liabilities
  

Deferred tax
 9 
-
(56,781)

Net assets
  
205,245
683,813


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
205,145
683,713

  
205,245
683,813


Page 1

 
COOLSPIRIT LIMITED
REGISTERED NUMBER: 03600170
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers 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 director acknowledges his 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 statement of income and retained earnings 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 on 17 July 2024.




P D Robertson
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
COOLSPIRIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Coolspirit Limited is a private company limited by shares, incorporated in England and Wales (registered number: 03600170). Its registered office is 24 The Bridge Business Centre, Beresford Way, Chesterfield, Derbyshire, S41 9FG. The principal activity throughout the year continued to be that of the sale of computer media and associated products. 

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 following principal accounting policies have been applied:

 
2.2

Going concern

The company has net current liabilities of £93,087 at 31 December 2023, only as a result of significant deferred income of £395,929 at that date. The deferred income represents services to be delivered in the future rather than a cash liability. Excluding this item, the company's working capital at 31 December 2023 is £302,842 which the director considers to be sufficient to meet future commitments. As such the director is confident that the company remains a going concern and the financial statements have been drawn up on this basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is pounds sterling.

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

 
COOLSPIRIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
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.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Page 4

 
COOLSPIRIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet 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 Balance Sheet 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.

 
2.9

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.

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

The depreciation rates used are:

Fixtures, fittings and equipment
-
25%
Straight line
Leasehold improvements
-
2%
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.
Page 5

 
COOLSPIRIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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 profit or loss.

 
2.11

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction,  the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
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.


Employees

The average monthly number of employees, including directors, during the year was 32 (2022 - 31).

Page 6

 
COOLSPIRIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Fixtures  fittings and equipment
Leasehold improvements
Total

£
£
£



Cost or valuation


At 1 January 2023
775,821
245,758
1,021,579


Additions
12,711
-
12,711



At 31 December 2023

788,532
245,758
1,034,290



Depreciation


At 1 January 2023
527,752
47,544
575,296


Charge for the year on owned assets
66,443
3,217
69,660


Charge for the year on financed assets
34,325
16,976
51,301



At 31 December 2023

628,520
67,737
696,257



Net book value



At 31 December 2023
160,012
178,021
338,033



At 31 December 2022
248,069
198,214
446,283

Page 7

 
COOLSPIRIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
1,163,531
1,156,351


2023
2022
£
£

Due within one year

Trade debtors
1,338,955
1,358,117

Other debtors
28,975
-

Prepayments and accrued income
186,906
64,025

Deferred taxation
41,684
-

1,596,520
1,422,142



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
84
-

Trade creditors
2,351,063
2,016,271

Corporation tax
-
39,313

Other taxation and social security
222,563
302,837

Obligations under finance lease and hire purchase contracts
58,695
61,552

Other creditors
-
21,128

Accruals and deferred income
451,511
344,191

3,083,916
2,785,292



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
39,701
98,482


Page 8

 
COOLSPIRIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
58,695
61,552

Between 1-5 years
39,701
98,482

98,396
160,034


9.


Deferred taxation




2023
2022


£

£






At beginning of year
(56,781)
(28,974)


Charged to profit or loss
98,465
(27,807)



At end of year
41,684
(56,781)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(43,763)
(57,355)

Pension surplus
563
574

Losses and other deductions
84,884
-

41,684
(56,781)

Page 9

 
COOLSPIRIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately form those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £90,842 (2022: £113,923). Contributions totalling £5,490 (2022: £5,590) were payable to the fund at the balance sheet date and included in creditors.

 
Page 10