Company registration number 01273618 (England and Wales)
CHILLMECH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
CHILLMECH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
CHILLMECH LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
502,911
409,675
Investment properties
5
381,386
332,866
884,297
742,541
Current assets
Stocks
111,133
99,442
Debtors
6
839,690
791,039
Cash at bank and in hand
100,936
98,816
1,051,759
989,297
Creditors: amounts falling due within one year
7
(772,296)
(718,374)
Net current assets
279,463
270,923
Total assets less current liabilities
1,163,760
1,013,464
Creditors: amounts falling due after more than one year
8
(464,155)
(439,643)
Provisions for liabilities
10
(18,297)
-
0
Net assets
681,308
573,821
Capital and reserves
Called up share capital
11
106
106
Share premium account
1,424
1,424
Profit and loss reserves
679,778
572,291
Total equity
681,308
573,821

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 30 April 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.

CHILLMECH LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 January 2025 and are signed on its behalf by:
M S White
Director
Company Registration No. 01273618
CHILLMECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Chillmech Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chillmech House, 97 Maidstone Road, Paddock Wood, Tonbridge, Kent, TN12 6AE.

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
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.

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).

Revenue from contracts for the provision of maintenance is recognised by reference to work performed.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold property
2% on cost (buildings only as freehold land not depreciated)
Fixtures, fittings & equipment
33 1/3rd% on cost / 15% on written down value
Motor vehicles
25% on written down value

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.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

CHILLMECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over their 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.

1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments, which are classified as basic.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

CHILLMECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

CHILLMECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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 9 (2023 - 9).

CHILLMECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
420,508
176,346
596,854
Additions
-
0
140,857
140,857
Disposals
-
0
(48,239)
(48,239)
At 30 April 2024
420,508
268,964
689,472
Depreciation and impairment
At 1 May 2023
79,165
108,014
187,179
Depreciation charged in the year
6,810
24,361
31,171
Eliminated in respect of disposals
-
0
(31,789)
(31,789)
At 30 April 2024
85,975
100,586
186,561
Carrying amount
At 30 April 2024
334,533
168,378
502,911
At 30 April 2023
341,343
68,332
409,675
5
Investment property
2024
£
Fair value
At 1 May 2023
332,866
Additions
48,520
At 30 April 2024
381,386

The carrying value of the company's investment property comprises the cumulative cost of acquisition and redevelopment to 30 April 2024. The directors have reviewed the position and consider these costs to be a fair reflection of the property's market value as at 30 April 2024.

CHILLMECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
61,501
83,834
Corporation tax recoverable
-
0
2,317
Amounts owed by group undertakings
739,531
659,531
Other debtors
38,658
42,930
839,690
788,612
Deferred tax asset
-
0
2,427
839,690
791,039
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
38,431
36,919
Trade creditors
49,545
71,634
Amounts owed to group undertakings
524,045
444,045
Corporation tax
45,594
51,426
Other taxation and social security
7,986
21,844
Other creditors
106,695
92,506
772,296
718,374
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
375,954
412,670
Other creditors
88,201
26,973
464,155
439,643
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments - bank loans
271,380
292,500
CHILLMECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
9
Loans and overdrafts
2024
2023
£
£
Bank loans
414,385
449,589
Payable within one year
38,431
36,919
Payable after one year
375,954
412,670

Included within bank loans are balances totalling £386,376 (2023: £407,591) which are secured by a first legal charge over the company's freehold property and the investment property.

10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
29,599
-
-
(8,839)
Short term timing differences
(11,302)
-
-
11,266
18,297
-
-
2,427
2024
Movements in the year:
£
Net asset at 1 May 2023
(2,427)
Charge to profit or loss
20,724
Net liability at 30 April 2024
18,297
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
106
106
106
106
12
Financial commitments, guarantees and contingent liabilities

In addition to the disclosed security in the loans and overdrafts note above, the company's directors have provided a personal guarantee in favour of the company's indebtedness due to Natwest Bank Plc, limited to £165,000, in respect of the investment property.

 

CHILLMECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
13
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
£
£
1,871
9,355
2024-04-302023-05-01false21 January 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityM S WhiteH L Whitefalsefalse012736182023-05-012024-04-30012736182024-04-30012736182023-04-3001273618core:LandBuildings2024-04-3001273618core:OtherPropertyPlantEquipment2024-04-3001273618core:LandBuildings2023-04-3001273618core:OtherPropertyPlantEquipment2023-04-3001273618core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3001273618core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3001273618core:CurrentFinancialInstruments2024-04-3001273618core:CurrentFinancialInstruments2023-04-3001273618core:Non-currentFinancialInstruments2024-04-3001273618core:Non-currentFinancialInstruments2023-04-3001273618core:ShareCapital2024-04-3001273618core:ShareCapital2023-04-3001273618core:SharePremium2024-04-3001273618core:SharePremium2023-04-3001273618core:RetainedEarningsAccumulatedLosses2024-04-3001273618core:RetainedEarningsAccumulatedLosses2023-04-3001273618bus:Director12023-05-012024-04-3001273618core:LandBuildingscore:OwnedOrFreeholdAssets2023-05-012024-04-3001273618core:FurnitureFittings2023-05-012024-04-3001273618core:MotorVehicles2023-05-012024-04-30012736182022-05-012023-04-3001273618core:LandBuildings2023-04-3001273618core:OtherPropertyPlantEquipment2023-04-30012736182023-04-3001273618core:LandBuildings2023-05-012024-04-3001273618core:OtherPropertyPlantEquipment2023-05-012024-04-3001273618core:WithinOneYear2024-04-3001273618core:WithinOneYear2023-04-3001273618bus:PrivateLimitedCompanyLtd2023-05-012024-04-3001273618bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-3001273618bus:FRS1022023-05-012024-04-3001273618bus:AuditExemptWithAccountantsReport2023-05-012024-04-3001273618bus:Director22023-05-012024-04-3001273618bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP