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Registration number: 06721857

Freezertech Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Freezertech Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 11

 

Freezertech Limited

Company Information

Director

C Frees

Registered office

26 South St. Mary's Gate
Grimsby
North East Lincolnshire
DN31 1LW

Auditors

Forrester Boyd
Chartered Accountants
26 South St. Mary's Gate
Grimsby
North East Lincolnshire
DN31 1LW

 

Freezertech Limited

(Registration number: 06721857)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

13,351

17,015

Tangible assets

6

467,325

492,793

 

480,676

509,808

Current assets

 

Stocks

7

600,049

519,799

Debtors

8

253,912

434,633

Cash at bank and in hand

 

168,058

149,814

 

1,022,019

1,104,246

Creditors: Amounts falling due within one year

9

(745,164)

(755,943)

Net current assets

 

276,855

348,303

Total assets less current liabilities

 

757,531

858,111

Creditors: Amounts falling due after more than one year

9

(42,155)

(79,678)

Provisions for liabilities

(36,275)

(41,135)

Net assets

 

679,101

737,298

Capital and reserves

 

Called up share capital

11

18

18

Retained earnings

679,083

737,280

Shareholders' funds

 

679,101

737,298

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 17 September 2024
 

.........................................
C Frees
Director

 

Freezertech Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The Company is a private company limited by share capital, incorporated in England and the company registration number is 06721857.

The address of its registered office is:
26 South St. Mary's Gate
Grimsby
North East Lincolnshire
DN31 1LW

The principal place of business is:
Unit 2
Humberston Business Centre
Jackson Place
Humberston
DN36 4AS

These financial statements were authorised for issue by the director on 17 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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

These financial statements cover the individual entity, Freezertech Limited.

Basis of preparation

These 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.

The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest pound.


Disclosure of long or short period
The comparative accounting period of the company is the 15 months ended 31 December 2022. This was extended to coincide with that of the parent company and other members of the group. Current year amounts relate to a standard 12 month period.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 17 September 2024 was Kevin Hopper BFP FCA, who signed for and on behalf of Forrester Boyd.

.........................................

Going concern
As noted in the Directors Report, the trade of the company will continue in the parent, DSI Dantech, as of 31 August 2024. The directors are of the opinion that the going concern basis is no longer appropriate in preparing these financial statements. This has had no impact on the carrying value of assets and liabilities in the Company.

 

Freezertech Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, 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 represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Motor vehicles

20% straight line

Office equipment

20% straight line

 

Freezertech Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Plant and machinery

15% straight line

Land and buildings

2% straight line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

20% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 the statement of income and retained earnings

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of income and retained earnings over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of income and retained earnings and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Freezertech Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 22 (2022 - 21).

4

Other operating income

Included within the accounts is £1,063 (2022: £1,484) received from the Government as part of a fixed asset grant.

5

Intangible assets

Computer Software Intangible
 £

Total
£

Cost or valuation

At 1 January 2023

18,320

18,320

At 31 December 2023

18,320

18,320

Amortisation

At 1 January 2023

1,305

1,305

Amortisation charge

3,664

3,664

At 31 December 2023

4,969

4,969

Carrying amount

At 31 December 2023

13,351

13,351

At 31 December 2022

17,015

17,015

 

Freezertech Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

397,808

394,615

42,997

25,375

860,795

Additions

-

18,971

2,400

-

21,371

At 31 December 2023

397,808

413,586

45,397

25,375

882,166

Depreciation

At 1 January 2023

62,133

274,384

14,992

16,494

368,003

Charge for the year

7,956

25,568

8,239

5,075

46,838

At 31 December 2023

70,089

299,952

23,231

21,569

414,841

Carrying amount

At 31 December 2023

327,719

113,634

22,166

3,806

467,325

At 31 December 2022

335,675

120,232

28,005

8,881

492,793

Included within the net book value of land and buildings above is £327,719 (2022 - £335,675) in respect of freehold land and buildings.
 

7

Stocks

2023
£

2022
£

Raw materials and consumables

582,229

512,049

Finished goods and goods for resale

17,820

7,750

600,049

519,799

8

Debtors

Current

2023
£

2022
£

Trade debtors

99,608

394,928

Prepayments

19,329

24,725

Other debtors

134,975

14,980

 

253,912

434,633

 

Freezertech Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

-

19,266

Trade creditors

 

515,635

273,794

Amounts owed to Company undertakings and undertakings in which the Company has a participating interest

13

-

348,883

Taxation and social security

 

22,073

56,575

Accruals and deferred income

 

159,784

14,483

Other creditors

 

47,672

42,942

 

745,164

755,943

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

-

36,880

Deferred income

 

42,155

42,798

 

42,155

79,678

 

Freezertech Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

36,880

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

14,533

HP and finance leases

-

4,733

-

19,266


Secured creditors
Included within bank borrowings are secured liabilities totalling £Nil (2022: £51,411). These are secured by a fixed and floating charge over the properties at Units 2 and 9 Humberston Business Centre, Jackson Place, Humberston, Grimsby.

Included within HP and finance leases are secured liabilities totalling £Nil (2022: £4,733). These are secured against the assets to which they relate.

The aggregate amount of secured liabilities total £Nil (2022: £56,144).

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

16

16

16

16

Ordinary A shares of £1 each

1

1

1

1

Ordinary B shares of £1 each

1

1

1

1

 

18

18

18

18

 

Freezertech Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

12

Financial commitments, guarantees and contingencies

Defined contribution pension scheme
Included within other creditors are amounts relating to unpaid pension contributions which total £3,349 (2022: £3,139).

13

Related party transactions

Directors' and key management compensation

2023
£

2022
£

Salaries and other short term employee benefits

85,150

106,250


Exemption from disclosing related party transactions
The company has taken advantage of the exemption in section 33 of FRS102 "Related Party Disclosures" from disclosing transactions with other members of the group where each member party to the transaction is wholly owned by the group.

 

Freezertech Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Parent and ultimate parent undertaking

The company's immediate parent is Carsoe A/S up until 29 December 2023, incorporated in the European country Denmark.

Consolidated financial statements for the group, which is the largest and smallest group of undertakings for which group accounts have been drawn up, are available from Carsoe A/S, Mineralvej6, 9220 Aalborg, Denmark.

As of 30 December 2023 the company's immediate parent is DSI Dantech A/S, incorporated in the European country Denmark. Consolidated financial statements for the group are available from DSI Dantech A/S, Parkvej 5, DK-9352, Dybvad, Denmark.

DSI Dantech is the company's controlling related party by the virtue of its 100% interest in the company.


 

Related party transactions
BCH Fabrications Limited
 The nature of the transactions within the year relate to rental charges for the building and management charges for assistance with DSI Dantech.
 

Expenditure with and payables to related parties

2023

Other related parties
£

Purchase of goods

63,767

Amounts payable to related party

50,650

2022

Other related parties
£

Purchase of goods

32,250