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Registered number: 04808079
Vistech Cooling Systems Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Composure Accounting & Taxation Limited
Chartered Accountants & Chartered Tax Advisers
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 04808079
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 89,234 116,461
Investments 5 50,000 46,691
139,234 163,152
CURRENT ASSETS
Stocks 6 94,912 231,115
Debtors 7 1,685,146 631,644
Cash at bank and in hand 954,209 1,126,889
2,734,267 1,989,648
Creditors: Amounts Falling Due Within One Year 8 (1,953,539 ) (1,344,835 )
NET CURRENT ASSETS (LIABILITIES) 780,728 644,813
TOTAL ASSETS LESS CURRENT LIABILITIES 919,962 807,965
Creditors: Amounts Falling Due After More Than One Year 9 (70,144 ) (135,531 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (15,078 ) (13,397 )
NET ASSETS 834,740 659,037
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 834,640 658,937
SHAREHOLDERS' FUNDS 834,740 659,037
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
R Crunden
Director
24 September 2024
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Vistech Cooling Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04808079 . The registered office is 7 Bell Yard, London, WC2A 2JR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 33% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
In 2023 the company did not receive any government grants. In the 18 months to 31 December 2022 the company received £154 in Covid SSP rebates. No other grants were received in the period.
2.10. Valuation of Investments
Investment assets are held in equities via distribution funds and have been valued at the available market valuation of those funds. Any impairment loss has been taken to the profit and loss account and is included within adminiistrative expenses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2022: 9)
10 9
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 42,777 151,213 4,330 40,355 238,675
Additions - - 331 3,330 3,661
Disposals (971 ) - (965 ) (9,990 ) (11,926 )
As at 31 December 2023 41,806 151,213 3,696 33,695 230,410
...CONTINUED
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Depreciation
As at 1 January 2023 23,796 68,089 2,591 27,738 122,214
Provided during the period 4,728 20,409 402 4,366 29,905
Disposals (949 ) - (757 ) (9,237 ) (10,943 )
As at 31 December 2023 27,575 88,498 2,236 22,867 141,176
Net Book Value
As at 31 December 2023 14,231 62,715 1,460 10,828 89,234
As at 1 January 2023 18,981 83,124 1,739 12,617 116,461
5. Investments
Listed
£
Cost
As at 1 January 2023 50,000
As at 31 December 2023 50,000
Provision
As at 1 January 2023 3,309
Reversal of past impairments (3,309 )
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 50,000
As at 1 January 2023 46,691
Impairment losses of £3,309 have been recongised in the profit and loss account for the period. 
6. Stocks
31 December 2023 31 December 2022
£ £
Work in progress 94,912 231,115
7. Debtors
31 December 2023 31 December 2022
£ £
Due within one year
Trade debtors 1,034,903 335,368
Prepayments and accrued income 649,943 295,976
Other debtors 300 300
1,685,146 631,644
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8. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
£ £
Net obligations under finance lease and hire purchase contracts 22,101 28,043
Trade creditors 867,546 867,579
Bank loans and overdrafts 42,894 43,759
Corporation tax 169,851 5,253
Other taxes and social security 23,241 16,254
VAT 202,140 15,752
Other creditors 3,473 3,101
Accruals and deferred income 614,173 362,175
Directors' loan accounts 8,120 2,919
1,953,539 1,344,835
9. Creditors: Amounts Falling Due After More Than One Year
31 December 2023 31 December 2022
£ £
Net obligations under finance lease and hire purchase contracts 17,819 39,920
Bank loans 52,325 95,611
70,144 135,531
10. Obligations Under Finance Leases and Hire Purchase
31 December 2023 31 December 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 22,101 28,043
Later than one year and not later than five years 17,819 39,920
39,920 67,963
39,920 67,963
11. Share Capital
31 December 2023 31 December 2022
Allotted, called up and fully paid £ £
70 Ordinary A shares of £ 1.00 each 70 70
10 Ordinary B shares of £ 1.00 each 10 10
20 Ordinary C shares of £ 1.00 each 20 20
100 100
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12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
31 December 2023 31 December 2022
£ £
Not later than one year 8,546 1,956
Later than one year and not later than five years 17,885 3,533
26,431 5,489
13. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Martin Crunden 4,925 - 4,925 - -
The above loan is unsecured and repayable on demand. The director paid interest at 2.5%.
14. Dividends
31 December 2023 31 December 2022
£ £
On equity shares:
Interim dividend paid 362,499 290,848
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