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REGISTERED NUMBER: 07510147 (England and Wales)















GENFROST UK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






GENFROST UK LIMITED (REGISTERED NUMBER: 07510147)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8


GENFROST UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTOR: L M Bourne





REGISTERED OFFICE: Genfrost UK Ltd
Bittern Way
Boston
Lincolnshire
PE21 7NX





REGISTERED NUMBER: 07510147 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT

GENFROST UK LIMITED (REGISTERED NUMBER: 07510147)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,000 5,000
Tangible assets 5 1,184,941 1,387,659
1,188,941 1,392,659

CURRENT ASSETS
Stocks 967,895 1,042,024
Debtors 6 293,598 324,298
Cash at bank and in hand 47,693 5,607
1,309,186 1,371,929
CREDITORS
Amounts falling due within one year 7 1,254,904 1,186,062
NET CURRENT ASSETS 54,282 185,867
TOTAL ASSETS LESS CURRENT LIABILITIES 1,243,223 1,578,526

CREDITORS
Amounts falling due after more than one year 8 (308,658 ) (587,451 )

PROVISIONS FOR LIABILITIES (189,446 ) (202,208 )
NET ASSETS 745,119 788,867

CAPITAL AND RESERVES
Called up share capital 11 103,413 103,413
Retained earnings 641,706 685,454
SHAREHOLDERS' FUNDS 745,119 788,867

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GENFROST UK LIMITED (REGISTERED NUMBER: 07510147)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 March 2025 and were signed by:





L M Bourne - Director


GENFROST UK LIMITED (REGISTERED NUMBER: 07510147)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Genfrost UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of five years.

No amortisation is included in the year end 30 June 2023 as the goodwill was acquired just prior to the year end date.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Leasehold property improvements-10% on cost
Plant and machinery etc.-25% on reducing balance, 25% on cost and 10% on cost

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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.


GENFROST UK LIMITED (REGISTERED NUMBER: 07510147)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 5,000
AMORTISATION
Charge for year 1,000
At 30 June 2024 1,000
NET BOOK VALUE
At 30 June 2024 4,000
At 30 June 2023 5,000

GENFROST UK LIMITED (REGISTERED NUMBER: 07510147)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 404,554 1,547,526 1,952,080
Disposals - (14,795 ) (14,795 )
At 30 June 2024 404,554 1,532,731 1,937,285
DEPRECIATION
At 1 July 2023 80,910 483,511 564,421
Charge for year 40,455 151,786 192,241
Eliminated on disposal - (4,318 ) (4,318 )
At 30 June 2024 121,365 630,979 752,344
NET BOOK VALUE
At 30 June 2024 283,189 901,752 1,184,941
At 30 June 2023 323,644 1,064,015 1,387,659

The net book value of tangible fixed assets includes £ 433,046 (2023 - £ 493,046 ) in respect of assets held under hire purchase contracts.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 267,278 215,260
Other debtors 26,320 109,038
293,598 324,298

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 116,791 110,764
Hire purchase contracts (see note 9) 94,002 95,189
Trade creditors 439,669 573,960
Taxation and social security 271,432 184,685
Other creditors 333,010 221,464
1,254,904 1,186,062

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 58,453 179,490
Hire purchase contracts (see note 9) 78,749 172,751
Other creditors 171,456 235,210
308,658 587,451

GENFROST UK LIMITED (REGISTERED NUMBER: 07510147)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 94,002 95,189
Between one and five years 78,749 172,751
172,751 267,940

Non-cancellable operating leases
2024 2023
£    £   
Within one year 3,349 -
Between one and five years 16,292 -
19,641 -

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 172,751 267,940

Liabilities under hire purchase contracts are secured on the assets to which they relate.

At the 2024 year end there were no secured bank borrowings (2023 - none).

Certain bank borrowings are secured by fixed and floating charges over all assets of Genfrost UK Limited under a charge created on 18 June 2019. This same charge also includes a cross guarantee which is in place over assets, including the property, held by the company Genprop Limited, a company under common control.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
103,413 Ordinary £1 103,413 103,413

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
L M Bourne
Balance outstanding at start of year (48,628 ) 130,699
Amounts advanced 22,200 31,109
Amounts repaid (172,995 ) (210,436 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (199,423 ) (48,628 )

GENFROST UK LIMITED (REGISTERED NUMBER: 07510147)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES - continued

The loan made to the director is unsecured, interest free and repayable on demand.