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REGISTERED NUMBER: 06941865 (England and Wales)













Unaudited Financial Statements

for the Period 1 August 2023 to 31 March 2024

for

Cool Assets Ltd

Cool Assets Ltd (Registered number: 06941865)






Contents of the Financial Statements
for the Period 1 August 2023 to 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Cool Assets Ltd

Company Information
for the Period 1 August 2023 to 31 March 2024







DIRECTOR: J B Thornes





REGISTERED OFFICE: c/o Tindle's LLP, Medway House
Fudan Way
Teesdale Business Park
Stockton-on-Tees
TS17 6EN





REGISTERED NUMBER: 06941865 (England and Wales)





ACCOUNTANTS: Tindle's LLP
Chartered Accountants and Business Advisers
Medway House
Fudan Way
Teesdale Business Park
Stockton on Tees
TS17 6EN

Cool Assets Ltd (Registered number: 06941865)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 680,881 711,734

CURRENT ASSETS
Debtors 5 238,825 618,381
Cash at bank and in hand 3,118,230 2,279,571
3,357,055 2,897,952
CREDITORS
Amounts falling due within one year 6 846,232 700,725
NET CURRENT ASSETS 2,510,823 2,197,227
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,191,704

2,908,961

PROVISIONS FOR LIABILITIES 59,103 64,793
NET ASSETS 3,132,601 2,844,168

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,132,501 2,844,068
3,132,601 2,844,168

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 March 2025 and were signed by:




J B Thornes - Director


Cool Assets Ltd (Registered number: 06941865)

Notes to the Financial Statements
for the Period 1 August 2023 to 31 March 2024

1. STATUTORY INFORMATION

Cool Assets Ltd 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.

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.

CHANGE IN REPORTING PERIOD
The company has shortened its reporting period to end on 31 March 2024 to align with the financial year end of related companies. Comparative figures for the year ended 31 July 2023 are not entirely comparable with figures for the period ended 31 March 2024.

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

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

TAXATION
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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.

INTEREST INCOME
Interest income is provided for on the capital element of each loan at the rate implied per each respective loan agreement. Interest is not compounded.

SHARE CAPITAL
Called up share capital is allotted, issued and fully paid.

Cool Assets Ltd (Registered number: 06941865)

Notes to the Financial Statements - continued
for the Period 1 August 2023 to 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 August 2023 453,200 847,690 1,300,890
Additions - 91,230 91,230
At 31 March 2024 453,200 938,920 1,392,120
DEPRECIATION
At 1 August 2023 19,643 569,513 589,156
Charge for period 6,042 116,041 122,083
At 31 March 2024 25,685 685,554 711,239
NET BOOK VALUE
At 31 March 2024 427,515 253,366 680,881
At 31 July 2023 433,557 278,177 711,734

5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,000 542,945
Other debtors 237,825 75,436
238,825 618,381

Amounts falling due after more than one year:

Aggregate amounts 238,825 618,381

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,585 1,485
Taxation and social security 352,755 190,310
Other creditors 491,892 508,930
846,232 700,725

7. RELATED PARTY DISCLOSURES

The directors consider that there are no transactions that require disclosure pursuant to paragraph 1AC.35 of FRS 102 for either the period ended 31 March 2024 or the year ended 31 July 2023.

Cool Assets Ltd (Registered number: 06941865)

Notes to the Financial Statements - continued
for the Period 1 August 2023 to 31 March 2024

8. POST BALANCE SHEET EVENTS

Since the balance sheet date, the company has entered into a loan agreement with Fifosys Limited in May 2024. Under the loan agreement, the company agreed to lend £2,000,000 to Fifosys Limited for a term of 5 years at an interest rate of 9% per annum (payable monthly). The loan is secured by way of a debenture which contains a fixed and floating charge over the property and undertakings of Fifosys Limited.

Alongside the aforementioned loan agreement, the company also agreed to purchase 25,000 Ordinary C Shares of £0.001 each nominal value in Fifosys Limited for a sum of £2,000,000.