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Company registration number: SC204027
Coolforce Limited
Unaudited filleted financial statements
31 January 2024
Coolforce Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Coolforce Limited
Directors and other information
Directors Graeme Mitchell
William Eaves
Secretary Graeme Mitchell
Company number SC204027
Registered office 127 Commercial Street
Kirkcaldy
Fife
KY1 2NY
Accountants Paterson Boyd & Co
Chartered Certified Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
Bankers The Royal Bank of Scotland
3 Falkland Gate
Glenrothes
Fife
KY7 5NS
Coolforce Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Coolforce Limited
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Coolforce Limited for the year ended 31 January 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Coolforce Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Coolforce Limited and state those matters that we have agreed to state to the board of directors of Coolforce Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Coolforce Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Coolforce Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Coolforce Limited. You consider that Coolforce Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Coolforce Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Paterson Boyd & Co
Chartered Certified Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
23 October 2024
Coolforce Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 498,583 534,971
Investments 5 710,770 725,346
_______ _______
1,209,353 1,260,317
Current assets
Stocks 1,394 1,490
Debtors 6 31,421 5,421
Cash at bank and in hand 92,643 51,299
_______ _______
125,458 58,210
Creditors: amounts falling due
within one year 7 ( 45,528) ( 21,150)
_______ _______
Net current assets 79,930 37,060
_______ _______
Total assets less current liabilities 1,289,283 1,297,377
Provisions for liabilities 13,879 ( 8,423)
_______ _______
Net assets 1,303,162 1,288,954
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 12,981 12,981
Profit and loss account 1,290,081 1,275,873
_______ _______
Shareholders funds 1,303,162 1,288,954
_______ _______
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 23 October 2024 , and are signed on behalf of the board by:
Graeme Mitchell
Director
Company registration number: SC204027
Coolforce Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 127 Commercial Street, Kirkcaldy, Fife, KY1 2NY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, 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.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss
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:
Land and buildings - Freehold properties are depreciated straight line over 50 years
Plant and equipment for rental - straight line over the length of the lease
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Investment property
Investment property, being property held to earn rentals or for capital appreciation or both, is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their 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 in finance costs in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
4. Tangible assets
Freehold property Plant and machinery Total
£ £ £
Cost
At 1 February 2023 562,423 5,245 567,668
Disposals ( 35,564) - ( 35,564)
_______ _______ _______
At 31 January 2024 526,859 5,245 532,104
_______ _______ _______
Depreciation
At 1 February 2023 27,452 5,245 32,697
Charge for the year 824 - 824
_______ _______ _______
At 31 January 2024 28,276 5,245 33,521
_______ _______ _______
Carrying amount
At 31 January 2024 498,583 - 498,583
_______ _______ _______
At 31 January 2023 534,971 - 534,971
_______ _______ _______
Assets used in operating leases are included at a gross cost of £5,245. Depreciation provided on the assets to date is £5,245.
Investment property
Freehold land and buildings include investment properties valued at £458,226 (2023: £493,790). The fair value of investment property has been assessed by the directors, who considered the movement in the local property market over the last 12 months when arriving at the fair value.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 31 January 2024
Aggregate cost 445,245 445,245
Aggregate depreciation - -
_______ _______
Carrying amount 445,245 445,245
_______ _______
At 31 January 2023
Aggregate cost 480,809 480,809
Aggregate depreciation - -
_______ _______
Carrying amount 480,809 480,809
_______ _______
5. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 1 February 2023 725,346 725,346
Additions 117,465 117,465
Disposals ( 46,014) ( 46,014)
Revaluations ( 86,027) ( 86,027)
_______ _______
At 31 January 2024 710,770 710,770
_______ _______
Impairment
At 1 February 2023 and 31 January 2024 - -
_______ _______
Carrying amount
At 31 January 2024 710,770 710,770
_______ _______
At 31 January 2023 725,346 725,346
_______ _______
6. Debtors
2024 2023
£ £
Trade debtors 29,786 3,786
Other debtors 1,635 1,635
_______ _______
31,421 5,421
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 30,966 4,235
Corporation tax 12,714 14,139
Social security and other taxes 74 211
Other creditors 1,774 2,565
_______ _______
45,528 21,150
_______ _______
8. Related party transactions
Graeme Mitchell is also a director and shareholder of Coolforce Refrigeration & Air Conditioning Ltd.During the year administrative costs of £- (31 January 2023: £5,000) were incurred by Coolforce Refrigeration & Air Conditioning Ltd and recharged to Coolforce Limited .Included in "Other creditors" is an amount of £94 (31 January 2023: £6,094) due to the director from the company. This loan is interest free and has no fixed terms of repayment.