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REGISTERED NUMBER: 04119799 (England and Wales)






















SAL Commercials Limited

Financial Statements for the Year Ended 31st December 2023






SAL Commercials Limited (Registered number: 04119799)






Contents of the Financial Statements
for the year ended 31st December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SAL Commercials Limited

Company Information
for the year ended 31st December 2023







DIRECTOR: A J Howard



SECRETARY: Ms C A Howard



REGISTERED OFFICE: Birchin Way
Grimsby
NE Lincolnshire
DN31 2SG



REGISTERED NUMBER: 04119799 (England and Wales)



AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA



BANKERS: Natwest Bank
66 Victoria Street
Grimsby
N E Lincs
DN31 1BL

SAL Commercials Limited (Registered number: 04119799)

Balance Sheet
31st December 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 4 11,414,815 11,533,556

CREDITORS
Amounts falling due within one year 5 79,650 199,095
NET CURRENT ASSETS 11,335,165 11,334,461
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,335,165

11,334,461

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 11,334,165 11,333,461
SHAREHOLDERS' FUNDS 11,335,165 11,334,461

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 6th October 2024 and were signed by:





A J Howard - Director


SAL Commercials Limited (Registered number: 04119799)

Notes to the Financial Statements
for the year ended 31st December 2023

1. STATUTORY INFORMATION

SAL Commercials 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The company transferred its trade and assets to its immediate parent company during the prior period. Consequently, the company has ceased trading and has become effectively a dormant company. The company has limited liabilities which will be settled using funds from the parent company which are due to the company. Therefore, the Directors have obtained a letter of parental support ensure this funding will be in place when it is required. The Directors have considered the parent company's ability to provide this support and concluded that it has substantial resources from which to provide this should it be required. On this basis, the Directors continue to adopt the going concern basis of preparation in these financial statements.

Taxation
Taxation for the year comprises current and deferred tax. The current liability is based on taxable profit for the current or past reporting periods. The entity's taxable profit differed from the profit reported in profit or loss for the year because of items of income in expense which are taxable or deductible in different periods together with items which are beyond the scope fo tax and hence are never taxable or deductible. The entity's liability for current tax is calculated using tax rates which have been enacted or substantively enacted, by the balance sheet date.

Amounts of the current and deferred tax are generally recognised in the profit or loss, except when they relate to items which are recognised in other comprehensive income or equity as the case may be.

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.

Pension costs and other post-retirement benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred. The company operates a defined contribution pension scheme and the obligations for contributions are recognised as an expense in the period they are incurred. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.

SAL Commercials Limited (Registered number: 04119799)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

2. ACCOUNTING POLICIES - continued

Trade and other debtors
Trade and other debtors are initially recognised at the transaction price and subsequently measured using the amortised cost method which uses the effective interest method. At each balance sheet date, the directors asses trade and other debtors for evidence of indicators of impairment and where the directors conclude that amounts in respect of trade and other debtors are not recoverable, a specific bad debt provision is recognised. Trade debtors are not interest-bearing. Where the effects of discounting trade and other debtors is judged to be immaterial, such debtors are stated at cost less impairment losses in respect of bad debts.

Trade and other creditors
Trade and other creditors are initially recognised in the financial statements at transaction price. Trade and other creditors are then subsequently measured at amortised cost using the effective interest method, unless the effects of discounting would be considered immaterial. If the effects of discounting are judged to be immaterial, trade and other creditors are stated at cost. Trade creditors are not interest-bearing.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 37 ).

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 11,412,050 11,468,767
Other debtors 2,765 64,789
11,414,815 11,533,556

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 59,669
Amounts owed to group undertakings 79,650 139,426
79,650 199,095

6. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 59,669

The bank loans and overdraft were secured by a fixed and floating charge over all assets of the company. The hire purchase contracts were secured over the asset the contract relates to.

In addition, there is an unlimited intercompany guarantee between SAL Commercials Limited, HSH Cold Stores Limited and Cryotech (Grimsby) Limited dated 9th February 2017.

SAL Commercials Limited (Registered number: 04119799)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matthew Fox FCCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie

8. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

9. POST BALANCE SHEET EVENTS

On 24th June it was announced that the ultimate parent company, Arcus Infrastructure Partners, had agreed to sell the whole of the Constellation Cold Group to EQT, a global investment organisation with assets in Europe, Asia-Pacific and the Americas. The acquisition is expected to complete in the months following.

10. ULTIMATE CONTROLLING PARTY

As at the year end date the controlling party is Constellation Cold Logistics United Kingdom s.a.r.l. a company registered in Luxembourg.