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Registration number: 01736663

South West Refrigeration Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

South West Refrigeration Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

South West Refrigeration Limited

Company Information

Directors

Mr T G Turner

Mr P M Turner

Mrs A L Turner

Mrs M E Turner

Registered office

C/o Wortham Jaques Ltd
130A High Street
Crediton
Devon
EX17 3LQ

Accountants

Wortham Jaques Limited
Chartered Accountants & Business Advisers
130a High Street,
Crediton,
Devon
EX17 3LQ

 

South West Refrigeration Limited

(Registration number: 01736663)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

110,362

89,267

Current assets

 

Stocks

5

558,757

627,370

Debtors

6

323,655

502,836

Cash at bank and in hand

 

1,178,865

1,301,779

 

2,061,277

2,431,985

Creditors: Amounts falling due within one year

7

(684,705)

(881,193)

Net current assets

 

1,376,572

1,550,792

Total assets less current liabilities

 

1,486,934

1,640,059

Creditors: Amounts falling due after more than one year

7

(396,403)

(437,140)

Provisions for liabilities

(24,049)

(13,527)

Net assets

 

1,066,482

1,189,392

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

1,065,482

1,188,392

Shareholders' funds

 

1,066,482

1,189,392

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

South West Refrigeration Limited

(Registration number: 01736663)
Balance Sheet as at 30 April 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 November 2024 and signed on its behalf by:
 

.........................................
Mr P M Turner
Director

 

South West Refrigeration Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
C/o Wortham Jaques Ltd
130A High Street
Crediton
Devon
EX17 3LQ
United Kingdom

These financial statements were authorised for issue by the Board on 6 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

South West Refrigeration Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

10% on straight line basis

Plant and machinery

25% on straight line basis

Motor vehicles

25% on straight line basis

Office equipment

25% on straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

South West Refrigeration Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2023 - 17).

 

South West Refrigeration Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

51,387

66,196

232,409

349,992

Additions

-

1,628

80,359

81,987

Disposals

-

-

(17,046)

(17,046)

At 30 April 2024

51,387

67,824

295,722

414,933

Depreciation

At 1 May 2023

34,404

61,492

164,829

260,725

Charge for the year

2,815

1,772

55,929

60,516

Eliminated on disposal

-

-

(16,670)

(16,670)

At 30 April 2024

37,219

63,264

204,088

304,571

Carrying amount

At 30 April 2024

14,168

4,560

91,634

110,362

At 30 April 2023

16,983

4,704

67,580

89,267

Included within the net book value of land and buildings above is £14,168 (2023 - £16,984) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

558,757

627,370

6

Debtors

Current

2024
£

2023
£

Trade debtors

302,117

483,449

Prepayments

21,538

19,387

 

323,655

502,836

 

South West Refrigeration Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

88,771

126,809

Taxation and social security

136,747

188,659

Accruals and deferred income

144,948

154,518

Other creditors

314,239

411,207

684,705

881,193

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other non-current financial liabilities

396,403

437,140

 

South West Refrigeration Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £121,800 (2023 - £19,250). The company has a seven year lease term, reviewed after 4 years, with annual rent of £30,450.

9

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

17,596

17,264

 

South West Refrigeration Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Parent and ultimate parent undertaking

The ultimate controlling party is the company's directors.