Company registration number:
31st August 2024
Portglenone Refrigeration Services Limited
Contents
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Balance sheet | 3 |
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Notes to the financial statements | 4 - 14 |
Portglenone Refrigeration Services Limited
Balance sheet
31st August 2024
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Fixed assets |
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Tangible assets | 9 |
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Current assets |
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Stocks | 10 |
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Debtors | 11 |
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Cash at bank and in hand | 12 |
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Creditors: amounts falling due within one year | 13 | ( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: |
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Amounts falling due after more than one year |
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Provisions for liabilities | 15 |
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Net assets |
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Capital and reserves |
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Called up share capital | 17 |
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Profit and loss account | 18 |
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Shareholders funds |
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These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 Section 1A (Small Entities).
These financial statements were approved by
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________________________ | ______________________ |
Niall Jones | Trevor Wright |
Director | Director |
The notes on pages 4 to 14 form part of these financial statements.
Portglenone Refrigeration Services Limited
Notes to the financial statements
Year ended 31st August 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 53 Main Street, Portglenone, Co. Antrim, BT44 8HP. This is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A (Small Entities), 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
3. Summary of significant accounting policies
Basis of preparation
The company qualifies as a small company for the period, as defined by section 280A of the Act, in respect of the financial year, and has applied the rules of the 'Small Companies Regime' in accordance with section 280C of the Act and Section 1A of FRS 102.
Currency
The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company. In instances where amounts have been rounded to the nearest thousand Pound, this is indicated by the symbol £'000.
Group Accounts
The company has availed of the exemption from preparing consolidated accounts under section 293 of the Companies Act 2014.
Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Cash Flow Statement because it is classified as a small company.
Portglenone Refrigeration Services Limited
Notes to the financial statements (continued)
Year ended 31st August 2024
Turnover
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.
Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transaction, the fair value of the consideration is measured as the present value of al! future receipts using the imputed rate of interest.
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.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Related party transactions
The company discloses transactions with related parties which are not wholly owned with the same group. It does not disclose transactions with members of the same group that are wholly owned.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Dividends
Dividend distribution to the company's shareholders is recognised as a liability in the Company's financial statements in the period in which the dividends are approved by the company's shareholders.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Portglenone Refrigeration Services Limited
Notes to the financial statements (continued)
Year ended 31st August 2024
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Plant and machinery | - | ||
Fittings fixtures and equipment | - | ||
Motor vehicles | - |
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Hire purchases
Tangible fixed assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
Portglenone Refrigeration Services Limited
Notes to the financial statements (continued)
Year ended 31st August 2024
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance Sheet and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Portglenone Refrigeration Services Limited
Notes to the financial statements (continued)
Year ended 31st August 2024
Financial instruments
Share Capital of the Company
Ordinary Share Capital
The ordinary share capital of the company is presented as equity.
Cash and cash equivalents
Cash consists of cash on hand and demand deposits. Cash equivalents consist of short term highly liquid investments that are readily convertible to known amounts of cash that are subject to an insignificant risk of change in value.
Other financial assets
Other financial assets including trade debtors for goods sold to customers on short-term credit, are initially measured at the undiscounted amount of cash receivable from that customer, which is normally the invoice price, and are subsequently measured at amortised cost less impairment, where there is objective evidence of an impairment.
Other financial liabilities
Trade creditors are measured at invoice price, unless payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. In this case the arrangement constitutes a financing transaction, and the financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Impairment of financial assets
At the end of each reporting period, the company assesses whether there is objective evidence of impairment of any financial assets that are measured at cost or amortised cost, including unlisted investments, loans, trade debtors and cash. If there is objective evidence of impairment, impairment losses are recognised in the Profit and Loss account in that financial year.
Going Concern
The company made a profit after tax for the year of €209,806 and had net assets of €2,037,521 at the year end.
The directors have prepared budgets for the upcoming 12 months which show that the compnay will continue as a going concern.
As a result, the directors have a reasonable expectation that the Group will continue in operation over the foreseeable future and accordingly the directors continue to adopt the going concern basis in preparing these financial statements.
Portglenone Refrigeration Services Limited
Notes to the financial statements (continued)
Year ended 31st August 2024
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
Information relating to the auditor's report
The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.
The financial statements were audited by Paul O’Donovan & Associates. The Auditor’s Report was signed by Paul O'Donovan (Senior Statutory Auditor) for and on behalf of Paul O’Donovan & Associates on 20 February 2025.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit is stated after charging/(crediting):
| 2024 £ | 2023 £ |
Depreciation of tangible assets | ||
Fees payable for the audit of the financial statements |
6. Staff costs
The average number of persons employed by the company during the year amounted to
The aggregate payroll costs incurred during the year were:
| Year | Year |
| ending | ending |
| 2024 | 2023 |
| £ | £ |
Gross wages and salaries | ||
National Insurance | ||
Employer Pension Contributions | ||
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Wage costs have been allocated between cost of sales and administrative expenses in the operating statement.
The defined contribution pension fund is administrated by independent fund trustees.
Portglenone Refrigeration Services Limited
Notes to the financial statements (continued)
Year ended 31st August 2024
7. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
| Year | Year |
| ending | ending |
| 2024 | 2023 |
| £ | £ |
Remuneration |
The key management of the company are deemed to be the directors of the company.
8. Tax on profit
Major components of tax expense
| 2024 | 2023 |
| £ | £ |
Current tax: |
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UK current tax expense | ||
(Over)/under provisions in respect of previous periods | ( | ( |
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Total current tax | ||
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Deferred tax: |
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Origination and reversal of timing differences | ( | |
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Tax on profit |
Portglenone Refrigeration Services Limited
Notes to the financial statements (continued)
Year ended 31st August 2024
9. Tangible assets
| Plant and machinery | Fixtures, fittings and equipment | Motor vehicles | Total |
| £ | £ | £ | £ |
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Cost |
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At 1 September 2023 | ||||
Additions | ||||
Disposals | - | - | ( | ( |
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At 31 August 2024 | ||||
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Depreciation |
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At 1 September 2023 | ||||
Charge for the year | ||||
Disposals | - | - | ( | ( |
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At 31 August 2024 | ||||
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Carrying amount |
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At 31 August 2024 | ||||
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10. Stocks
| 2024 | 2023 |
| £ | £ |
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Work in progress | ||
Finished goods | ||
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Portglenone Refrigeration Services Limited
Notes to the financial statements (continued)
Year ended 31st August 2024
11. Debtors
| 2024 | 2023 |
| £ | £ |
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Trade debtors | ||
Amounts owed by group undertakings | - | |
Other debtors | ||
Prepayments | ||
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12. Cash and cash equivalents
| 2024 | 2023 |
| £ | £ |
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Cash at bank and in hand |
13. Creditors: amounts falling due within one year
| 2024 | 2023 |
| £ | £ |
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Corporate credit cards | - | |
Trade creditors | ||
Amounts owed to group undertakings | - | |
Accruals and deferred income | ||
Corporation tax | ||
VAT/PAYE | ||
Obligations under finance leases and hire purchase contracts | ||
Pension control account | ||
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Portglenone Refrigeration Services Limited
Notes to the financial statements (continued)
Year ended 31st August 2024
14. Obligations under finance leases and hire ourchase contracts
| 2024 | 2023 |
| £ | £ |
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Not later than 1 year | ||
Later than 1 year and not later than 5 years | - | |
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15. Provisions
| Deferred tax | Total |
| (note 16) |
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At 1 September 2023 | ||
Charged to profit and loss | ||
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At 31 August 2024 |
16. Deferred tax
The deferred tax included in the statement of financial position is as follows:
| 2024 | 2023 |
| £ | £ |
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At the start of the year | ||
Charged to the profit and loss | ( | |
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At the end of the year |
17. Called up share capital
Authorised share capital | 2024 | 2023 | ||
| No | £ | No | £ |
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Ordinary shares of £1.00 each. | 100 | 100 | 100 | 100 |
Issued, called up and fully paid |
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| 2024 | 2023 | ||
| No | £ | No | £ |
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Portglenone Refrigeration Services Limited
Notes to the financial statements (continued)
Year ended 31st August 2024
18. Reserves
The profit and loss account represents cumulative gains and losses recognised in the profit and loss account, net of transfers to/from other reserves and dividends paid.
19. Capital commitments
20. Bank borrowings & security
Portglenone Refrigeration Company Services Limited has a charge registered with the Companies House pursuant to Chapter A1 Part 25 of the Companies Act 2006 in favour of Allied Irish Banks p.I.c as security for a loan in Kileda Limited, its parent company.
21. Parent Company
The company regards