IRIS Accounts Production v24.2.0.383 00979895 Board of Directors 1.1.23 31.12.23 31.12.23 true false true true false false false true false Ordinary 1.00000 38797 20261 4835 18536 43632 38797 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh009798952022-12-31009798952023-12-31009798952023-01-012023-12-31009798952021-12-31009798952022-01-012022-12-31009798952022-12-3100979895ns15:EnglandWales2023-01-012023-12-3100979895ns14:PoundSterling2023-01-012023-12-3100979895ns10:Director12023-01-012023-12-3100979895ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3100979895ns10:FRS1022023-01-012023-12-3100979895ns10:Audited2023-01-012023-12-3100979895ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3100979895ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3100979895ns10:FullAccounts2023-01-012023-12-310097989512023-01-012023-12-3100979895ns10:OrdinaryShareClass12023-01-012023-12-3100979895ns10:Director3432022-12-3100979895ns10:Director3432021-12-3100979895ns10:Director3432023-01-012023-12-3100979895ns10:Director3432022-01-012022-12-3100979895ns10:Director3432022-12-3100979895ns10:Director22023-01-012023-12-3100979895ns10:Director32023-01-012023-12-3100979895ns10:Director42023-01-012023-12-3100979895ns10:CompanySecretary12023-01-012023-12-3100979895ns10:RegisteredOffice2023-01-012023-12-3100979895ns5:RetainedEarningsAccumulatedLosses2022-12-3100979895ns5:RetainedEarningsAccumulatedLosses2021-12-3100979895ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3100979895ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3100979895ns5:RetainedEarningsAccumulatedLosses2023-12-3100979895ns5:RetainedEarningsAccumulatedLosses2022-12-3100979895ns5:CurrentFinancialInstruments2023-12-3100979895ns5:CurrentFinancialInstruments2022-12-3100979895ns5:Non-currentFinancialInstruments2023-12-3100979895ns5:Non-currentFinancialInstruments2022-12-3100979895ns5:ShareCapital2023-12-3100979895ns5:ShareCapital2022-12-310097989512023-01-012023-12-3100979895ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3100979895ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3100979895ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-01-012023-12-3100979895ns5:FurnitureFittings2023-01-012023-12-3100979895ns5:MotorVehicles2023-01-012023-12-310097989542023-01-012023-12-310097989542022-01-012022-12-3100979895ns5:OwnedAssets2023-01-012023-12-3100979895ns5:OwnedAssets2022-01-012022-12-3100979895122023-01-012023-12-3100979895122022-01-012022-12-310097989512023-01-012023-12-310097989512022-01-012022-12-310097989532023-01-012023-12-310097989532022-01-012022-12-3100979895ns10:OrdinaryShareClass12022-01-012022-12-3100979895ns5:PatentsTrademarksLicencesConcessionsSimilar2022-12-3100979895ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-3100979895ns5:PatentsTrademarksLicencesConcessionsSimilar2022-12-3100979895ns5:LandBuildings2022-12-3100979895ns5:FurnitureFittings2022-12-3100979895ns5:MotorVehicles2022-12-3100979895ns5:LandBuildings2023-01-012023-12-3100979895ns5:LandBuildings2023-12-3100979895ns5:FurnitureFittings2023-12-3100979895ns5:MotorVehicles2023-12-3100979895ns5:LandBuildings2022-12-3100979895ns5:FurnitureFittings2022-12-3100979895ns5:MotorVehicles2022-12-3100979895ns5:UnlistedNon-exchangeTradedns5:CostValuation2022-12-3100979895ns5:ForeignExchangeDifferencesIncreaseDecreaseInInvestmentsns5:UnlistedNon-exchangeTraded2023-12-3100979895ns5:UnlistedNon-exchangeTradedns5:CostValuation2023-12-3100979895ns5:UnlistedNon-exchangeTraded2023-12-3100979895ns5:UnlistedNon-exchangeTraded2022-12-3100979895ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3100979895ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3100979895ns5:WithinOneYear2023-12-3100979895ns5:WithinOneYear2022-12-3100979895ns5:BetweenOneFiveYears2023-12-3100979895ns5:BetweenOneFiveYears2022-12-3100979895ns5:AllPeriods2023-12-3100979895ns5:AllPeriods2022-12-3100979895ns5:AcceleratedTaxDepreciationDeferredTax2023-12-3100979895ns5:AcceleratedTaxDepreciationDeferredTax2022-12-3100979895ns5:DeferredTaxation2022-12-3100979895ns5:DeferredTaxation2023-12-3100979895ns10:OrdinaryShareClass12023-12-31009798951ns10:Director12022-12-31009798951ns10:Director12021-12-31009798951ns10:Director12023-01-012023-12-31009798951ns10:Director12022-01-012022-12-31009798951ns10:Director12023-12-31009798951ns10:Director12022-12-3100979895ns10:Director222022-12-3100979895ns10:Director222021-12-3100979895ns10:Director222023-01-012023-12-3100979895ns10:Director222022-01-012022-12-3100979895ns10:Director222023-12-3100979895ns10:Director222022-12-31
REGISTERED NUMBER: 00979895 (England and Wales)




STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

REFRIGERATION NORWEST (CHESTER) LIMITED

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 9

Balance Sheet 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


REFRIGERATION NORWEST (CHESTER) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: J D L Hughes
S M Hughes
K S Hughes
P J Hughes



SECRETARY: J D L Hughes



REGISTERED OFFICE: Hawarden Industrial Estate
Manor Lane
Hawarden
Deeside
CH5 3PZ



REGISTERED NUMBER: 00979895 (England and Wales)



AUDITORS: M. D. Coxey and Co. Limited
Chartered Accountants
and Statutory Auditors
25 Grosvenor Road
Wrexham
LL11 1BT



BANKERS: Barclays Bank plc
51-52 Hope Street
Wrexham
LL11 1BB

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023

The directors present their strategic report for the year ended 31st December 2023.

REVIEW OF BUSINESS
The directors have continued to take advantage of deals when others were unwilling or unable to do so which has lead to them being able to report on another profitable year.

The fiscal year ending 31st December 2023 continued to present challenges arising from the ongoing after effects of the global supply chain turbulence and a continuation of shortages in the UK labour market. The directors believe that they have managed to perform well, despite these challenges, across the market due to a significant reduction in demand across the sector.

The company has ended the fiscal year in a strong position.


KEY PERFORMANCE INDICATORS
The directors believe that the key performance indicators are those that measure the financial performance of the company. These are turnover, gross profit, overhead levels and cash flow.

Turnover has increased on the previous year by 17.7%.

The gross profit margin has decreased from 22.9% in the previous year to 20.4% in the current year.

Profit before tax has decreased by 19% this year.

Non-financial performance indicators are also key to management's holistic approach to all stakeholders. These include customer satisfaction, staff turnover, manufacturing efficiency, hygiene, health and safety and environmental impact.

The average number of employees has decreased from 26 to 25.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors will continue to identify, monitor and manage potential risks and uncertainties to the company; at present the principal risks are considered to be the following:
- Drop in demand for products as Government spending cuts continue.
- Financial failure of trade customers due to inability to borrow to finance business activities.
- Increased regulation of the industry leading to higher costs.
- Exchange rate exposure due to a fall in value of Sterling.

THE ENVIRONMENT
The directors acknowledge the importance of environmental matters, and have committed to use the information and procedures which become available under legislation to minimise the environmental effects caused by the products traded.

ON BEHALF OF THE BOARD:





P J Hughes - Director


8th August 2024

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31st December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of sale of refrigeration products and other white goods.

DIVIDENDS
An interim dividend of £409.0909 per share was paid on the Ordinary £1 shares on 31st March 2023. No dividends were paid on the Preference £1 shares.

The total distribution of dividends for the year ended 31st December 2023 will be £ 940,000 .

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1st January 2023 to the date of this report.

The beneficial interests of the directors holding office at 31st December 2023 in the shares of the company, according to the register of directors' interests, were as follows:

31.12.23 1.1.23
Ordinary shares of £1 each
J D L Hughes 5,300 5,300
S M Hughes 1,500 1,500
K S Hughes 1,000 1,000
P J Hughes 2,200 2,200

Preference shares of £1 each
J D L Hughes 1,350,000 1,350,000
S M Hughes 250,000 250,000
K S Hughes - -
P J Hughes - -

These directors did not hold any non-beneficial interests in any of the shares of the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, M. D. Coxey and Co. Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P J Hughes - Director


8th August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
REFRIGERATION NORWEST (CHESTER) LIMITED

Opinion
We have audited the financial statements of Refrigeration Norwest (Chester) Limited (the 'company') for the year ended 31st December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
REFRIGERATION NORWEST (CHESTER) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
REFRIGERATION NORWEST (CHESTER) LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
REFRIGERATION NORWEST (CHESTER) LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Anthony Lewis (Senior Statutory Auditor)
for and on behalf of M. D. Coxey and Co. Limited
Chartered Accountants
and Statutory Auditors
25 Grosvenor Road
Wrexham
LL11 1BT

8th August 2024

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 31ST DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   

TURNOVER 3 12,495,763 10,619,975

Cost of sales 9,946,511 8,189,970
GROSS PROFIT 2,549,252 2,430,005

Distribution costs 599,873 496,740
Administrative expenses 1,203,632 1,005,890
1,803,505 1,502,630
745,747 927,375

Other operating income 4 18,967 23,705
OPERATING PROFIT 6 764,714 951,080

Interest receivable and similar income 7 11,234 6,600
775,948 957,680
Fair value gains on investments 8 (12,919 ) (16,531 )
PROFIT BEFORE TAXATION 788,867 974,211

Tax on profit 9 191,609 207,875
PROFIT FOR THE FINANCIAL YEAR 597,258 766,336

Retained earnings at beginning of year 6,637,124 6,920,788

Dividends 10 (940,000 ) (1,050,000 )

RETAINED EARNINGS AT END OF
YEAR

6,294,382

6,637,124

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

BALANCE SHEET
31ST DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 1,153,433 1,167,318
Investments 13 159,023 146,104
1,312,456 1,313,422

CURRENT ASSETS
Stocks 14 4,888,377 4,743,361
Debtors 15 2,838,689 1,726,355
Cash at bank and in hand 331,361 1,257,279
8,058,427 7,726,995
CREDITORS
Amounts falling due within one year 16 1,393,502 717,535
NET CURRENT ASSETS 6,664,925 7,009,460
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,977,381

8,322,882

CREDITORS
Amounts falling due after more than one
year

17

(1,600,000

)

(1,600,000

)

PROVISIONS FOR LIABILITIES 20 (72,999 ) (75,758 )
NET ASSETS 6,304,382 6,647,124

CAPITAL AND RESERVES
Called up share capital 21 10,000 10,000
Retained earnings 22 6,294,382 6,637,124
SHAREHOLDERS' FUNDS 6,304,382 6,647,124

The financial statements were approved by the Board of Directors and authorised for issue on 8th August 2024 and were signed on its behalf by:





P J Hughes - Director


REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (542,096 ) 27,352
Tax paid (189,519 ) (236,619 )
Net cash from operating activities (731,615 ) (209,267 )

Cash flows from investing activities
Purchase of tangible fixed assets (50,230 ) (21,548 )
Interest received 11,234 6,600
Dividends received - 7,530
Net cash from investing activities (38,996 ) (7,418 )

Cash flows from financing activities
Amount introduced by directors 942,790 67,445
Amount withdrawn by directors (158,097 ) (22,194 )
Equity dividends paid (940,000 ) (1,050,000 )
Net cash from financing activities (155,307 ) (1,004,749 )

Decrease in cash and cash equivalents (925,918 ) (1,221,434 )
Cash and cash equivalents at beginning of
year

2

1,257,279

2,478,713

Cash and cash equivalents at end of year 2 331,361 1,257,279

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 788,867 974,211
Depreciation charges 64,115 60,844
Fair value gain on investments (12,919 ) (16,531 )
Finance income (11,234 ) (6,600 )
828,829 1,011,924
Increase in stocks (145,016 ) (483,065 )
Increase in trade and other debtors (1,153,374 ) (477,980 )
Decrease in trade and other creditors (72,535 ) (23,527 )
Cash generated from operations (542,096 ) 27,352

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 331,361 1,257,279
Year ended 31st December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,257,279 2,478,713


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 1,257,279 (925,918 ) 331,361
1,257,279 (925,918 ) 331,361
Debt
Debts falling due after 1 year (1,600,000 ) - (1,600,000 )
(1,600,000 ) - (1,600,000 )
Total (342,721 ) (925,918 ) (1,268,639 )

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Refrigeration Norwest (Chester) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company’s accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Estimated useful lives and residual values of fixed assets
Depreciation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during current and prior accounting periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intangible assets are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 25% computers, 20% other - on cost
Motor vehicles - 25% on cost

Land is not depreciated.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs
The company operates three defined contribution pension schemes. The assets of these schemes are held separately from those of the company in independently administered funds. Contributions payable for the year are charged in the profit and loss account.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account as incurred.

Investments
Other fixed asset investments are stated at fair value through profit an loss. Fair value is the quoted market price.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

The whole of the company's turnover arose within the United Kingdom.

4. OTHER OPERATING INCOME
31.12.23 31.12.22
£    £   
Rents received 18,200 18,960
Scrap receipts 767 745
Government grants - 4,000
18,967 23,705

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

5. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 639,636 599,990
Social security costs 57,577 54,405
Other pension costs 16,533 15,629
713,746 670,024

The average number of employees during the year was as follows:
31.12.23 31.12.22

Selling and distribution 22 23
Administration 3 3
25 26

31.12.23 31.12.22
£    £   
Directors' remuneration 50,000 50,000
Directors' pension contributions to money purchase schemes 750 750

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

6. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
£    £   
Depreciation - owned assets 64,115 60,844
Auditors' remuneration 8,075 -
Auditors' remuneration for non audit work 2,995 9,652
Foreign exchange differences - 80
Operating lease rentals: other assets 11,660 11,660

7. INTEREST RECEIVABLE AND SIMILAR INCOME
31.12.23 31.12.22
£    £   
Deposit account interest 10,185 5,603
Other interest 372 744
Corporation tax interest 677 253
11,234 6,600

8. FAIR VALUE GAINS ON INVESTMENTS
31.12.23 31.12.22
£    £   
Fair value movement on
investments (12,919 ) (16,531 )

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 194,368 188,104

Deferred tax (2,759 ) 19,771
Tax on profit 191,609 207,875

UK corporation tax has been charged at 23.52% (2022 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 788,867 974,211
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

185,542

185,100

Effects of:
Permanent timing differences 6,230 4,593
Changes in tax rates (163 ) 18,182
Total tax charge 191,609 207,875

Tax rate changes

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase from 19% to 25%. This new law was substantively enacted on 24 May 2021. For the financial year ended 31 December 2023, the current weighted averaged tax rate was 23.52%.

Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.

10. DIVIDENDS
31.12.23 31.12.22
£    £   
Ordinary shares of £1 each
Interim paid 940,000 1,050,000

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

11. INTANGIBLE FIXED ASSETS
Intangible
assets
£   
COST
At 1st January 2023
and 31st December 2023 17,500
AMORTISATION
At 1st January 2023
and 31st December 2023 17,500
NET BOOK VALUE
At 31st December 2023 -
At 31st December 2022 -

12. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1st January 2023 1,689,699 229,982 82,507 2,002,188
Additions 40,394 9,836 - 50,230
At 31st December 2023 1,730,093 239,818 82,507 2,052,418
DEPRECIATION
At 1st January 2023 592,621 176,788 65,461 834,870
Charge for year 27,051 20,018 17,046 64,115
At 31st December 2023 619,672 196,806 82,507 898,985
NET BOOK VALUE
At 31st December 2023 1,110,421 43,012 - 1,153,433
At 31st December 2022 1,097,078 53,194 17,046 1,167,318

13. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1st January 2023 146,104
Fair value adjustment 12,919
At 31st December 2023 159,023
NET BOOK VALUE
At 31st December 2023 159,023
At 31st December 2022 146,104

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

14. STOCKS
31.12.23 31.12.22
£    £   
Goods for resale 4,888,377 4,743,361

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,587,468 1,343,010
Other debtors 950 1,228
Directors' current accounts - 42,455
Tax 1,415 -
Prepayments 1,248,856 339,662
2,838,689 1,726,355

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 299,064 213,831
Tax 194,368 188,104
VAT 49,015 245,387
Directors' current accounts 742,238 -
Accrued expenses 108,817 70,213
1,393,502 717,535

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Preference shares (see note 18) 1,600,000 1,600,000

18. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Preference shares 1,600,000 1,600,000

The 5.5% cumulative redeemable preference shares are redeemable by joint consent between the Company and the shareholders. The amount payable on redemption is £1 per share.

The 5.5% cumulative redeemable preference shares have no voting rights attached.

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

19. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 1,510 10,256
Between one and five years - 6,041
1,510 16,297

20. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances 28,899 34,888
Other timing differences 44,100 40,870
72,999 75,758

Deferred
tax
£   
Balance at 1st January 2023 75,758
Movement in year due to:
changes in tax allowances (5,989 )
changes in tax rates
change in fair value movement 3,230
Balance at 31st December 2023 72,999

The net deferred tax liability expected to reverse on capital allowances in the year to 31st December 2024 is £4,446.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
10,000 Ordinary £1 10,000 10,000

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

22. RESERVES
Retained
earnings
£   

At 1st January 2023 6,637,124
Profit for the year 597,258
Dividends (940,000 )
At 31st December 2023 6,294,382

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

23. PENSION COMMITMENTS

At the year end, the company had a balance due to the defined contribution pension scheme in the sum of £3,697 (2022: £3,313).

24. CAPITAL COMMITMENTS
31.12.23 31.12.22
£    £   
Contracted but not provided for in the
financial statements - -

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st December 2023 and 31st December 2022:

31.12.23 31.12.22
£    £   
P J Hughes
Balance outstanding at start of year 3,658 67,445
Amounts advanced 154,104 3,658
Amounts repaid (900,000 ) (67,445 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (742,238 ) 3,658

J D L Hughes and S M Hughes
Balance outstanding at start of year 38,797 20,261
Amounts advanced 4,835 18,536
Amounts repaid (43,632 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 38,797

Interest was charged on the above loans at the official rate of interest, amounting to £372 (2022: £744).

26. ULTIMATE CONTROLLING PARTY

The controlling party is J D L Hughes.