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COMPANY REGISTRATION NUMBER: 05714159
Cool Solutions Refrigeration And Air Conditioning Limited
Unaudited Financial Statements
31 March 2024
Cool Solutions Refrigeration And Air Conditioning Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
Cool Solutions Refrigeration And Air Conditioning Limited
Director's Report
Year ended 31 March 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2024 .
Director
The director who served the company during the year was as follows:
Mr A Caddick
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 31 October 2024 and signed on behalf of the board by:
Mr A Caddick
Director
Registered office:
Suite 13 (Storage Giant)
821 Bath Road
Brislington
Bristol
BS4 5NL
Cool Solutions Refrigeration And Air Conditioning Limited
Statement of Income and Retained Earnings
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
887,970
866,871
Cost of sales
565,117
549,904
---------
---------
Gross profit
322,853
316,967
Administrative expenses
284,463
265,390
Other operating income
1,121
1,156
---------
---------
Operating profit
39,511
52,733
Interest payable and similar expenses
5,950
4,140
---------
---------
Profit before taxation
5
33,561
48,593
Tax on profit
--------
--------
Profit for the financial year and total comprehensive income
33,561
48,593
--------
--------
Retained losses at the start of the year
( 53,052)
( 101,645)
--------
---------
Retained losses at the end of the year
( 19,491)
( 53,052)
--------
---------
All the activities of the company are from continuing operations.
Cool Solutions Refrigeration And Air Conditioning Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
6
9,000
13,500
Tangible assets
7
51,317
4,573
--------
--------
60,317
18,073
Current assets
Stocks
5,000
11,000
Debtors
8
291,848
225,394
Cash at bank and in hand
7,966
14,556
---------
---------
304,814
250,950
Creditors: amounts falling due within one year
9
281,020
246,823
---------
---------
Net current assets
23,794
4,127
--------
--------
Total assets less current liabilities
84,111
22,200
Creditors: amounts falling due after more than one year
10
102,602
74,252
---------
--------
Net liabilities
( 18,491)
( 52,052)
---------
--------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
( 19,491)
( 53,052)
--------
--------
Shareholders deficit
( 18,491)
( 52,052)
--------
--------
These financial statements have been prepared 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'.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Cool Solutions Refrigeration And Air Conditioning Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mr A Caddick
Director
Company registration number: 05714159
Cool Solutions Refrigeration And Air Conditioning Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 13 (Storage Giant), 821 Bath Road, Brislington, Bristol, BS4 5NL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 liabilities 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.
Disclosure exemptions
Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent 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:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Amortisation of intangible assets
4,500
4,500
Depreciation of tangible assets
16,795
1,085
--------
-------
6. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
90,000
--------
Amortisation
At 1 April 2023
76,500
Charge for the year
4,500
--------
At 31 March 2024
81,000
--------
Carrying amount
At 31 March 2024
9,000
--------
At 31 March 2023
13,500
--------
7. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
2,162
3,880
22,390
7,944
36,376
Additions
63,539
63,539
-------
-------
--------
-------
--------
At 31 March 2024
2,162
3,880
85,929
7,944
99,915
-------
-------
--------
-------
--------
Depreciation
At 1 April 2023
1,996
3,451
20,149
6,207
31,803
Charge for the year
25
65
16,445
260
16,795
-------
-------
--------
-------
--------
At 31 March 2024
2,021
3,516
36,594
6,467
48,598
-------
-------
--------
-------
--------
Carrying amount
At 31 March 2024
141
364
49,335
1,477
51,317
-------
-------
--------
-------
--------
At 31 March 2023
166
429
2,241
1,737
4,573
-------
-------
--------
-------
--------
8. Debtors
2024
2023
£
£
Trade debtors
205,025
128,219
Other debtors
86,823
97,175
---------
---------
291,848
225,394
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,953
17,923
Trade creditors
167,364
134,474
Social security and other taxes
8,042
10,090
Other loans
5,091
8,421
Other creditors
93,570
75,915
---------
---------
281,020
246,823
---------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
56,818
74,252
Other creditors
45,784
---------
--------
102,602
74,252
---------
--------
11. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr A Caddick
54,899
( 1,540)
53,359
--------
-------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr A Caddick
59,626
( 4,727)
54,899
--------
-------
--------