Company registration number 02224612 (England and Wales)
ASKEW REFRIGERATION SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
ASKEW REFRIGERATION SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ASKEW REFRIGERATION SERVICES LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
193,981
182,260
Current assets
Stocks
78,450
122,844
Debtors
4
951,472
1,430,980
Cash at bank and in hand
330,110
181,637
1,360,032
1,735,461
Creditors: amounts falling due within one year
5
(1,021,376)
(1,426,871)
Net current assets
338,656
308,590
Total assets less current liabilities
532,637
490,850
Creditors: amounts falling due after more than one year
6
(99,992)
(75,711)
Provisions for liabilities
(45,430)
(48,826)
Net assets
387,215
366,313
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
387,115
366,213
Total equity
387,215
366,313
ASKEW REFRIGERATION SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
For the financial year ended 31 August 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 of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 17 January 2025 and are signed on its behalf by:
Mr J Askew
Director
Company registration number 02224612 (England and Wales)
ASKEW REFRIGERATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information
Askew Refrigeration Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Calderbank Mill, Greenfield Road, Colne, Lancashire, BB8 9PD.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
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 or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance
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 net realisable value.
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.
ASKEW REFRIGERATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.8
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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.
1.11
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
38
38
ASKEW REFRIGERATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2023
30,756
105,062
307,837
443,655
Additions
72,990
72,990
Disposals
(58,623)
(58,623)
At 31 August 2024
30,756
105,062
322,204
458,022
Depreciation and impairment
At 1 September 2023
23,454
77,253
160,688
261,395
Depreciation charged in the year
1,095
4,171
44,330
49,596
Eliminated in respect of disposals
(46,950)
(46,950)
At 31 August 2024
24,549
81,424
158,068
264,041
Carrying amount
At 31 August 2024
6,207
23,638
164,136
193,981
At 31 August 2023
7,302
27,809
147,149
182,260
The net book value of assets under hire purchase contracts amounts to £137,568 (2023: £109,208).
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
922,234
1,330,412
Other debtors
640
72,483
Prepayments and accrued income
28,598
28,085
951,472
1,430,980
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
429,118
868,010
Amounts owed to group undertakings
278,874
315,004
Taxation and social security
141,448
127,441
Other creditors
171,936
116,416
1,021,376
1,426,871
ASKEW REFRIGERATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
5
Creditors: amounts falling due within one year
(Continued)
- 6 -
Other creditors includes obligations under finance leases and hire purchase contracts £33,985 (2023: £24,360), directors' loans £1,002 (2023: £2,156) and accrued expenses £129,718 (2023: £61,344).
Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.
The bank loan is secured by a fixed and floating charge over the assets of the company
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
99,992
75,711
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
85
85
85
85
B Ordinary shares of £1 each
15
15
15
15
100
100
100
100