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Registered number: 04145089
WM Refrigeration Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Modus Accountants Ltd
Unit 1c Church Green
Witney
OX28 4YR
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04145089
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 122,470 114,585
122,470 114,585
CURRENT ASSETS
Stocks 5 10,000 28,288
Debtors 6 385,912 400,549
Cash at bank and in hand 543,948 476,464
939,860 905,301
Creditors: Amounts Falling Due Within One Year 7 (697,720 ) (557,222 )
NET CURRENT ASSETS (LIABILITIES) 242,140 348,079
TOTAL ASSETS LESS CURRENT LIABILITIES 364,610 462,664
PROVISIONS FOR LIABILITIES
Deferred Taxation (23,333 ) (21,771 )
NET ASSETS 341,277 440,893
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Profit and Loss Account 340,277 439,893
SHAREHOLDERS' FUNDS 341,277 440,893
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Page 2
For the year ending 29 February 2024 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 Mead
Director
12 November 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
WM Refrigeration Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04145089 . The registered office is Unit 26 Stanton Harcourt Ind Est, Stanton Harcourt, Witney, Oxfordshire, OX29 5UX.
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:
Leasehold Over the unexpired lease term
Plant & Machinery 20% Straight Line
Motor Vehicles 25% Straight Line
Fixtures & Fittings 20% Straight Line
2.4. 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.
2.5. 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 years 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 assets reflect 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 26 (2023: 24)
26 24
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 March 2023 20,047 28,845 221,341 73,255 343,488
Additions 1,434 29,153 25,000 8,096 63,683
Disposals - - (23,468 ) - (23,468 )
As at 29 February 2024 21,481 57,998 222,873 81,351 383,703
Depreciation
As at 1 March 2023 7,499 21,892 140,559 58,953 228,903
Provided during the period 2,095 3,852 40,406 5,216 51,569
Disposals - - (19,239 ) - (19,239 )
As at 29 February 2024 9,594 25,744 161,726 64,169 261,233
Net Book Value
As at 29 February 2024 11,887 32,254 61,147 17,182 122,470
As at 1 March 2023 12,548 6,953 80,782 14,302 114,585
5. Stocks
2024 2023
£ £
Finished goods 10,000 28,288
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 201,276 216,551
Other debtors 184,636 183,998
385,912 400,549
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 296,603 298,759
Other creditors 314,522 170,418
Taxation and social security 86,595 88,045
697,720 557,222
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
9. Directors Advances, Credits and Guarantees
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 February 2024
£ £ £ £ £
Mr Robert Paul Mead 10,585 1,635 (13,562 ) - 1,342
Mr Jason William Mead 11,543 73 (13,562 ) - 1,946
At the start of the year, the Directors owed the company £22,128.31, interest accrued on the overdrawn balance at HMRCs advisory rate. The overdrawn balance was repaid during the year.
As at the yearend, the company owed the directors £3,287. Loans from directors are unsecured, interest free and repayable on demand. 
10. Ultimate Controlling Party
The company's ultimate controlling party is the directors by virtue of their ownership of 100% of the issued share capital in the company.
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