26 30 September 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 03444091 2023-01-01 2023-12-31 03444091 2023-12-31 03444091 2022-12-31 03444091 2022-01-01 2022-12-31 03444091 2022-12-31 03444091 2021-12-31 03444091 core:PlantMachinery 2023-01-01 2023-12-31 03444091 core:FurnitureFittings 2023-01-01 2023-12-31 03444091 bus:Director4 2023-01-01 2023-12-31 03444091 core:LandBuildings 2022-12-31 03444091 core:PlantMachinery 2022-12-31 03444091 core:FurnitureFittings 2022-12-31 03444091 core:LandBuildings 2023-12-31 03444091 core:PlantMachinery 2023-12-31 03444091 core:FurnitureFittings 2023-12-31 03444091 core:WithinOneYear 2023-12-31 03444091 core:WithinOneYear 2022-12-31 03444091 core:ShareCapital 2023-12-31 03444091 core:ShareCapital 2022-12-31 03444091 core:RetainedEarningsAccumulatedLosses 2023-12-31 03444091 core:RetainedEarningsAccumulatedLosses 2022-12-31 03444091 core:BetweenOneFiveYears 2023-12-31 03444091 core:MoreThanFiveYears 2023-12-31 03444091 core:PlantMachinery 2022-12-31 03444091 core:FurnitureFittings 2022-12-31 03444091 bus:SmallEntities 2023-01-01 2023-12-31 03444091 bus:Audited 2023-01-01 2023-12-31 03444091 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03444091 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03444091 bus:FullAccounts 2023-01-01 2023-12-31 03444091 core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 03444091 core:AllAssociates 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 03444091
Cryoquip Limited
Filleted Financial Statements
31 December 2023
Cryoquip Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Cryoquip Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
61,233
55,687
Current assets
Stocks
1,057,693
1,147,440
Debtors
6
1,052,901
1,100,627
Cash at bank and in hand
298,291
394,185
------------
------------
2,408,885
2,642,252
Creditors: amounts falling due within one year
7
1,047,967
996,601
------------
------------
Net current assets
1,360,918
1,645,651
------------
------------
Total assets less current liabilities
1,422,151
1,701,338
Provisions
Taxation including deferred tax
15,309
------------
------------
Net assets
1,406,842
1,701,338
------------
------------
Capital and reserves
Called up share capital
1,031,678
1,031,678
Profit and loss account
375,164
669,660
------------
------------
Shareholders funds
1,406,842
1,701,338
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 30 September 2024 , and are signed on behalf of the board by:
Mr C Colizzi
Director
Company registration number: 03444091
Cryoquip Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Revenue is comprised of the fair value of the consideration received or receivable net of VAT for the sale of goods and rendering of services in the ordinary course of the company's activities. Revenue is recognised at the point of invoice which is when significantly all of the risks and rewards have been transferred to the customer. Revenue from freight is presented net of expenses where the company acts as agent to the arrangement.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Rentals paid under operating leases are charged to income as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
Over the life of the lease
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 26 (2022: 28 ).
5. Tangible assets
Leasehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023
48,003
169,757
4,875
222,635
Additions
39,659
1,728
41,387
--------
---------
-------
---------
At 31 December 2023
48,003
209,416
6,603
264,022
--------
---------
-------
---------
Depreciation
At 1 January 2023
48,003
115,492
3,453
166,948
Charge for the year
34,586
1,255
35,841
--------
---------
-------
---------
At 31 December 2023
48,003
150,078
4,708
202,789
--------
---------
-------
---------
Carrying amount
At 31 December 2023
59,338
1,895
61,233
--------
---------
-------
---------
At 31 December 2022
54,265
1,422
55,687
--------
---------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
950,143
884,355
Other debtors
102,758
216,272
------------
------------
1,052,901
1,100,627
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
379,496
624,396
Amounts owed to group undertakings and undertakings in which the company has a participating interest
319,081
Social security and other taxes
26,067
22,585
Other creditors
323,323
349,620
------------
---------
1,047,967
996,601
------------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
153,333
129,167
Later than 1 year and not later than 5 years
760,000
Later than 5 years
174,167
------------
---------
1,087,500
129,167
------------
---------
9. Summary audit opinion
The auditor's report dated 30 September 2024 was unqualified .
The senior statutory auditor was Steven Sutton , for and on behalf of Burgess Hodgson LLP .
10. Related party transactions
At the year end the company had trade debtors of £487 (2022: £36,485) and trade creditors of £212,451 (2022: £264,070) with group companies. At the year end the company had a loan of £319,081 (2022: £nil) due to group companies.
11. Controlling party
The company is a wholly owned subsidiary of Cryoquip LLC, a company incorporated in the USA. The company's address is 25720 Jefferson Avenue, Murrieta, CA 92562, USA. The ultimate parent of the group is Nikkiso Co., Ltd , a company incorporated in Japan. The company's address is 4-20-3 Ebisu Shibuya-Ku, 150-6022 Japan .