Company Registration No. 10453926 (England and Wales)
Arctic Cooling Services Limited
Unaudited accounts
for the year ended 31 October 2023
Arctic Cooling Services Limited
Unaudited accounts
Contents
Arctic Cooling Services Limited
Company Information
for the year ended 31 October 2023
Company Number
10453926 (England and Wales)
Registered Office
77a Richmond Road
Twickenham
Middlesex
TW1 3AW
England
Accountants
P10 Accountancy Ltd
77A Richmond Road
Twickenham
TW1 3AW
Arctic Cooling Services Limited
Statement of financial position
as at 31 October 2023
Tangible assets
245,426
197,605
Cash at bank and in hand
500,394
266,115
Creditors: amounts falling due within one year
(310,304)
(130,455)
Net current assets
905,633
387,702
Total assets less current liabilities
1,163,809
594,766
Creditors: amounts falling due after more than one year
(207,004)
(206,794)
Provisions for liabilities
Deferred tax
(43,374)
(1,886)
Net assets
913,431
386,086
Called up share capital
300
300
Revaluation reserve
3,291
-
Profit and loss account
909,840
385,786
Shareholders' funds
913,431
386,086
For the year ending 31 October 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 28 October 2024 and were signed on its behalf by
James Gray
Director
Company Registration No. 10453926
Arctic Cooling Services Limited
Notes to the Accounts
for the year ended 31 October 2023
Arctic Cooling Services Limited is a private company, limited by shares, registered in England and Wales, registration number 10453926. The registered office is 77a Richmond Road, Twickenham, Middlesex, TW1 3AW, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Reducing Balance
Motor vehicles
25% Reducing Balance
Fixtures & fittings
15% Reducing Balance
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Arctic Cooling Services Limited
Notes to the Accounts
for the year ended 31 October 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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
reporting end date.
The accounts are presented in £ sterling.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 November 2022
1,528
272,943
17,669
292,140
Additions
-
124,414
12,323
136,737
Disposals
-
(17,300)
-
(17,300)
At 31 October 2023
1,528
380,057
29,992
411,577
At 1 November 2022
335
89,200
5,000
94,535
Charge for the year
179
74,389
3,749
78,317
On disposals
-
(6,701)
-
(6,701)
At 31 October 2023
514
156,888
8,749
166,151
At 31 October 2023
1,014
223,169
21,243
245,426
At 31 October 2022
1,193
183,743
12,669
197,605
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Investments
Other investments
Valuation at 1 November 2022
9,459
Fair value adjustments
3,291
Valuation at 31 October 2023
12,750
Arctic Cooling Services Limited
Notes to the Accounts
for the year ended 31 October 2023
Amounts falling due within one year
Trade debtors
377,421
209,695
Amounts due from group undertakings etc.
10,000
-
Accrued income and prepayments
15,573
2,093
Other debtors
312,549
33,426
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
50,974
33,515
Trade creditors
44,525
38,479
Taxes and social security
188,164
8,113
Other creditors
2,631
36,031
Loans from directors
-
1,817
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
190,337
180,127
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Average number of employees
During the year the average number of employees was 13 (2022: 11).