Company registration number 10833366 (England and Wales)
CRYOBLAST DEFLASHING UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CRYOBLAST DEFLASHING UK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CRYOBLAST DEFLASHING UK LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
237
Current assets
Stocks
65,967
79,665
Debtors
5
34,068
98,601
Cash at bank and in hand
18,396
1,003
118,431
179,269
Creditors: amounts falling due within one year
6
(145,155)
(164,287)
Net current (liabilities)/assets
(26,724)
14,982
Total assets less current liabilities
(26,724)
15,219
Creditors: amounts falling due after more than one year
7
(36,274)
(42,157)
Net liabilities
(62,998)
(26,938)
Capital and reserves
Called up share capital
8
145
145
Share premium account
321,997
321,997
Profit and loss reserves
(385,140)
(349,080)
Total equity
(62,998)
(26,938)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CRYOBLAST DEFLASHING UK LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 January 2025 and are signed on its behalf by:
Ms A Donaldson
Director
Company registration number 10833366 (England and Wales)
CRYOBLAST DEFLASHING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Cryoblast Deflashing UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, BC Estate, Miners Road, Llay Industrial Estate, Llay, Wrexham, LL12 0PJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The accounts are prepared on a going concern basis as the directors will make funds available to the company as required.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% Straight Line
Fixtures and fittings
25% Straight Line
Computers
33% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
CRYOBLAST DEFLASHING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash at bank and in hand
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
3
CRYOBLAST DEFLASHING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
134,438
2,649
3,058
140,145
Depreciation and impairment
At 1 April 2023
134,201
2,649
3,058
139,908
Depreciation charged in the year
237
237
At 31 March 2024
134,438
2,649
3,058
140,145
Carrying amount
At 31 March 2024
At 31 March 2023
237
237
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
33,689
54,624
Other debtors
379
43,977
34,068
98,601
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,882
5,882
Trade creditors
3,220
10,093
Taxation and social security
3,444
Other creditors
132,609
148,312
145,155
164,287
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
36,274
42,157
CRYOBLAST DEFLASHING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
145 Ordinary shares of £1 each
145
145
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
24,375
43,875
10
Directors' transactions
Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.
At 31 March 2024 loans remained due for repayment from the company to the directors as follows:
2024 2023
A Donaldson £80,512 £80,512
M Williams £2,598 £2,598
11
Related party transactions
Transactions with related parties
During the year there were the following transactions with related parties:
£18,360 is due for repayment to Mr R A Donaldson at the year end (2023: £18,360). Mr R A Donaldson is a shareholder and director of the parent company, Cryoblast International LLC
12
Parent company
Cryoblast International LLC is the parent and 77% shareholder of Cryoblast Deflashing UK Limited. The registered office address of Cryoblast International LLC is 11000, Gandy Blvd., N. Saint Petersburg, Florida 33702, United States.
£27,000 is owed to Cryoblast International LLC at the year end (2023: £34,500).
The Ultimate Controlling Parties of Cryoblast International LLC are Mr R A Donaldson and Ms A Donaldson.