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REGISTRAR OF COMPANIES

Registration number: 04284466

David G Collins Refrigeration Limited

Unaudited Financial Statements

30 September 2024

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David G Collins Refrigeration Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
David G Collins Refrigeration Limited
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of David G Collins Refrigeration Limited for the year ended 30 September 2024 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of David G Collins Refrigeration Limited, as a body, in accordance with the terms of our engagement letter dated 5 September 2024. Our work has been undertaken solely to prepare for your approval the accounts of David G Collins Refrigeration Limited and state those matters that we have agreed to state to the Board of Directors of David G Collins Refrigeration Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than David G Collins Refrigeration Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that David G Collins Refrigeration Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of David G Collins Refrigeration Limited. You consider that David G Collins Refrigeration Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of David G Collins Refrigeration Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

14 January 2025

 

David G Collins Refrigeration Limited

(Registration number: 04284466)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

213,739

177,229

Current assets

 

Stocks

16,623

15,832

Debtors

5

190,002

275,102

Cash at bank and in hand

 

223,753

172,318

 

430,378

463,252

Creditors: Amounts falling due within one year

6

(229,778)

(313,816)

Net current assets

 

200,600

149,436

Total assets less current liabilities

 

414,339

326,665

Creditors: Amounts falling due after more than one year

6

(35,954)

(13,931)

Provisions for liabilities

(49,670)

(38,458)

Net assets

 

328,715

274,276

Capital and reserves

 

Allotted, called up and fully paid share capital

1,000

1,000

Profit and loss account

327,715

273,276

Total equity

 

328,715

274,276

 

David G Collins Refrigeration Limited

(Registration number: 04284466)
Balance Sheet as at 30 September 2024 (continued)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 January 2025 and signed on its behalf by:
 

.........................................

D G Collins

Director

.........................................

S Collins

Company secretary and director

.........................................

S D Collins

Director

 

David G Collins Refrigeration Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hillcrest
Oughterby
Kirkbampton
CARLISLE
CA5 6JH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

David G Collins Refrigeration Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

10 years straight line basis and 20 years straight line basis

Plant and equipment

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Furniture, fittings and office equipment

15% reducing balance basis and 3 years straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

David G Collins Refrigeration Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

David G Collins Refrigeration Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 8).

 

David G Collins Refrigeration Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 October 2023

24,863

128,436

178,613

11,727

343,639

Additions

12,738

20,063

55,750

1,373

89,924

Disposals

-

(1,606)

(18,735)

-

(20,341)

At 30 September 2024

37,601

146,893

215,628

13,100

413,222

Depreciation

At 1 October 2023

24,863

66,727

65,697

9,125

166,412

Charge for the year

24

9,322

32,783

1,024

43,153

Eliminated on disposal

-

(1,007)

(9,075)

-

(10,082)

At 30 September 2024

24,887

75,042

89,405

10,149

199,483

Carrying amount

At 30 September 2024

12,714

71,851

126,223

2,951

213,739

At 30 September 2023

-

61,712

112,916

2,601

177,229

5

Debtors

2024
£

2023
£

Trade debtors

182,933

268,811

Other debtors

7,069

6,291

190,002

275,102

 

David G Collins Refrigeration Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

84,447

66,644

Trade creditors

 

38,808

150,381

Taxation and social security

 

6,901

27,528

Corporation tax liability

 

32,021

8,154

Other creditors

 

67,601

61,109

 

229,778

313,816

Due after one year

 

Loans and borrowings

7

35,954

13,931

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Finance lease liabilities

27,361

7,269

Other borrowings

57,086

59,375

84,447

66,644

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Finance lease liabilities

27,361

7,269

Finance lease liabilities are secured on the assets to which they relate.

 

David G Collins Refrigeration Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

2024
£

2023
£

Non-current loans and borrowings

Finance lease liabilities

35,954

13,931

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Finance lease liabilities

35,954

13,931

Finance lease liabilities are secured on the assets to which they relate.

8

Related party transactions

Transactions with directors

2024

At 1 October 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 September 2024
£

D G Collins

Director's loan account

-

6,323

(1,968)

-

(4,355)

-

-

               
         

S Collins

Directors loan account

-

6,324

(1,968)

-

(4,356)

-

-

               
         

 

Directors' advances are repayable on demand.

No interest has been charged on advances to directors.