Company registration number: NI040931

 

 

 

 

 

 

 

 

Portglenone Refrigeration Services Limited

 

Financial statements

 

31st August 2024

Portglenone Refrigeration Services Limited

 

Contents

 

 

Page

 

 

Balance sheet

3

 

 

Notes to the financial statements

4 - 14

Portglenone Refrigeration Services Limited

Balance sheet

31st August 2024

 

 

 

2024

2023

 

Note

£

£

£

£

 

 

 

 

 

 

Fixed assets

 

 

 

 

 

Tangible assets

9

244,201

 

157,134

 

 

 

 

 

 

 

 

 

 

244,201

 

157,134

Current assets

 

 

 

 

 

Stocks

10

1,658,992

 

1,357,502

 

Debtors

11

1,283,499

 

1,581,367

 

Cash at bank and in hand

12

915,698

 

723,168

 

 

 

 

 

 

 

 

 

3,858,189

 

3,662,037

 

 

 

 

 

 

 

Creditors: amounts falling due within one year

13

(1,976,560)

 

(1,966,817)

 

 

 

 

 

 

 

Net current assets

 

 

1,881,629

 

1,695,220

 

 

 

 

 

 

Total assets less current liabilities

 

 

2,125,830

 

1,852,354

 

 

 

 

 

 

Creditors:

 

 

 

 

 

Amounts falling due after more than one year

 

 

(27,259)

 

-

 

 

 

 

 

 

Provisions for liabilities

15

 

(61,050)

 

(24,639)

 

 

 

 

 

 

Net assets

 

 

2,037,521

 

1,827,715

 

 

 

 

 

 

Capital and reserves

 

 

 

 

 

Called up share capital

17

 

100

 

100

Profit and loss account

18

 

2,037,421

 

1,827,615

 

 

 

 

 

 

Shareholders funds

 

 

2,037,521

 

1,827,715

 

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).

 

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

 

These financial statements were approved by the board of directors and authorised for issue on 20th February 2025, and are signed on behalf of the board by:

 

 

 

 

 

 

 

 

________________________

______________________

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 financial statements have been prepared on the going concern basis and in accordance with the historical cost convention to include certain items at fair value. The financial reporting framework that has been applied in their preparation is the Companies Act 2014 (the Act) and FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' issued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland.

 

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.

true

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.

true

 

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

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

-

25%

Reducing Balance

Fittings fixtures and equipment

-

25%

Reducing Balance

Motor vehicles

-

25%

Reducing Balance

 

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.

true

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.

 

Group company exemption claimed

The company has availed of the exemption from disclosing transactions with wholly owned group companies.

 

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

55,170

53,954

Fees payable for the audit of the financial statements

6,000

6,000

 

6.     Staff costs

 

The average number of persons employed by the company during the year amounted to 50 (2023: 52).

 

The aggregate payroll costs incurred during the year were:

 

 

Year

Year

 

ending

ending

 

2024

2023

 

£

£

Gross wages and salaries

2,150,935

1,965,976

National Insurance

21,595

42,164

Employer Pension Contributions

7,841

8,373

 

 

 

 

2,180,371

2,016,513

 

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

25,141

35,615

 

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:

 

 

UK current tax expense

52,274

65,503

(Over)/under provisions in respect of previous periods

(14)

(311)

 

 

 

Total current tax

52,260

65,192

 

 

 

Deferred tax:

 

 

Origination and reversal of timing differences

36,411

(2,608)

 

 

 

Tax on profit

88,671

62,584

 

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

 

£

£

£

£

 

 

 

 

 

Cost

 

 

 

 

At 1 September 2023

25,498

66,410

326,552

418,460

Additions

6,480

576

149,375

156,431

Disposals

-

-

(67,715)

(67,715)

 

 

 

 

 

At 31 August 2024

31,978

66,986

408,212

507,176

 

 

 

 

 

Depreciation

 

 

 

 

At 1 September 2023

8,663

27,283

225,380

261,326

Charge for the year

5,826

9,505

39,839

55,170

Disposals

-

-

(53,521)

(53,521)

 

 

 

 

 

At 31 August 2024

14,489

36,788

211,698

262,975

 

 

 

 

 

Carrying amount

 

 

 

 

At 31 August 2024

17,489

30,198

196,514

244,201

 

 

 

 

 

At 31 August 2023

16,835

39,127

101,172

157,134

 

10.     Stocks

 

 

2024

2023

 

£

£

 

 

 

Work in progress

564,037

185,695

Finished goods

1,094,955

1,171,807

 

 

 

 

1,658,992

1,357,502

 

The replacement cost of stock did not differ significantly from the figures shown.

 

Portglenone Refrigeration Services Limited

 

Notes to the financial statements (continued)

Year ended 31st August 2024

11.     Debtors

 

 

2024

2023

 

£

£

 

 

 

Trade debtors

1,133,427

1,147,121

Amounts owed by group undertakings

-

341,053

Other debtors

65,903

4,290

Prepayments

84,169

88,903

 

 

 

 

1,283,499

1,581,367

 

The fair value of debtors approximate to their carrying amounts. Trade debtors are stated after a reduction in Provisions for bad debts of £500 (2023: £2,068).

 

12.     Cash and cash equivalents

 

 

2024

2023

 

£

£

 

 

 

Cash at bank and in hand

915,698

723,168

 

13.     Creditors: amounts falling due within one year

 

 

2024

2023

 

£

£

 

 

 

Corporate credit cards

-

4,065

Trade creditors

899,365

1,439,087

Amounts owed to group undertakings

435,757

-

Accruals and deferred income

362,562

348,967

Corporation tax

52,274

65,503

VAT/PAYE

197,621

97,998

Obligations under finance leases and hire purchase contracts

17,422

1,937

Pension control account

11,559

9,260

 

 

 

 

1,976,560

1,966,817

 

Amounts owed to group companies are unsecured, interest free and are repayable on demand.

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

 

£

£

 

 

 

Not later than 1 year

17,422

1,937

Later than 1 year and not later than 5 years

27,259

-

 

 

 

 

44,681

1,937

 

15.     Provisions

 

 

Deferred tax

Total

 

(note 16)

 

 

£

£

 

 

 

At 1 September 2023

24,639

24,639

Charged to profit and loss

36,411

36,411

 

 

 

At 31 August 2024

61,050

61,050

 

16.     Deferred tax

 

The deferred tax included in the statement of financial position is as follows:

 

2024

2023

 

£

£

 

 

 

At the start of the year

24,639

27,247

Charged to the profit and loss

36,411

(2,608)

 

 

 

At the end of the year

61,050

24,639

 

17.     Called up share capital

 

Authorised share capital

2024

2023

 

No

£

No

£

 

 

 

 

 

Ordinary shares of £1.00 each.

100

100

100

100

 

Issued, called up and fully paid

 

 

 

 

 

2024

2023

 

No

£

No

£

 

 

 

 

 

Ordinary shares of £1.00 each.

100

100

100

100

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

 

The company had no material commitments at the year-ended 31 August 2024.

 

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 Kileda Limited as its parent company.