Silverfin false false 30/06/2024 01/07/2023 30/06/2024 R J Dickinson 10/05/1995 C K Sharpe 22/05/2015 19 March 2025 The principal activity of the company is that of leasing equipment for the manufacturing and sale of dairy products and the operation of storage facilities. 03018858 2024-06-30 03018858 bus:Director1 2024-06-30 03018858 bus:Director2 2024-06-30 03018858 2023-06-30 03018858 core:CurrentFinancialInstruments 2024-06-30 03018858 core:CurrentFinancialInstruments 2023-06-30 03018858 core:Non-currentFinancialInstruments 2024-06-30 03018858 core:Non-currentFinancialInstruments 2023-06-30 03018858 core:ShareCapital 2024-06-30 03018858 core:ShareCapital 2023-06-30 03018858 core:RetainedEarningsAccumulatedLosses 2024-06-30 03018858 core:RetainedEarningsAccumulatedLosses 2023-06-30 03018858 core:LandBuildings 2023-06-30 03018858 core:PlantMachinery 2023-06-30 03018858 core:Vehicles 2023-06-30 03018858 core:FurnitureFittings 2023-06-30 03018858 core:LandBuildings 2024-06-30 03018858 core:PlantMachinery 2024-06-30 03018858 core:Vehicles 2024-06-30 03018858 core:FurnitureFittings 2024-06-30 03018858 core:CostValuation 2023-06-30 03018858 core:CostValuation 2024-06-30 03018858 2023-07-01 2024-06-30 03018858 bus:FilletedAccounts 2023-07-01 2024-06-30 03018858 bus:SmallEntities 2023-07-01 2024-06-30 03018858 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 03018858 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03018858 bus:Director1 2023-07-01 2024-06-30 03018858 bus:Director2 2023-07-01 2024-06-30 03018858 core:LandBuildings core:TopRangeValue 2023-07-01 2024-06-30 03018858 core:PlantMachinery 2023-07-01 2024-06-30 03018858 core:Vehicles 2023-07-01 2024-06-30 03018858 core:FurnitureFittings 2023-07-01 2024-06-30 03018858 2022-07-01 2023-06-30 03018858 core:LandBuildings 2023-07-01 2024-06-30 03018858 core:LandBuildings 1 2023-07-01 2024-06-30 03018858 core:PlantMachinery 1 2023-07-01 2024-06-30 03018858 core:Vehicles 1 2023-07-01 2024-06-30 03018858 core:FurnitureFittings 1 2023-07-01 2024-06-30 03018858 1 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Company No: 03018858 (England and Wales)

FAST FREEZE INTERNATIONAL LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

FAST FREEZE INTERNATIONAL LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

FAST FREEZE INTERNATIONAL LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
FAST FREEZE INTERNATIONAL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 7,581,158 8,011,540
Investments 4 22,730 57,425
7,603,888 8,068,965
Current assets
Stocks 5 376,761 13,303
Debtors
- due within one year 6 3,546,860 3,664,618
- due after more than one year 6 364,597 259,500
Cash at bank and in hand 144,570 247,248
4,432,788 4,184,669
Creditors: amounts falling due within one year 7 ( 2,034,239) ( 2,048,607)
Net current assets 2,398,549 2,136,062
Total assets less current liabilities 10,002,437 10,205,027
Net assets 10,002,437 10,205,027
Capital and reserves
Called-up share capital 10 10
Profit and loss account 10,002,427 10,205,017
Total shareholder's funds 10,002,437 10,205,027

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Fast Freeze International Limited (registered number: 03018858) were approved and authorised for issue by the Board of Directors on 19 March 2025. They were signed on its behalf by:

R J Dickinson
Director
FAST FREEZE INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
FAST FREEZE INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Fast Freeze International (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 22 Longley, Holmfirth,, West Yorkshire, HD9 2JD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Fast Freeze International is considered to be Australian dollar because that is the currency of the primary economic environment in which the Company operates. The presentational currency of Fast Freeze International is pound sterling.

Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise on monetary items.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue arising from the provision of services is recognised by reference to the stage of completion as follows:

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.

When the stage of completion cannot be measured reliably revenue is recognised up to the extent of recoverable expenses and accordingly no profit is recognised.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 1.5 - 50 % reducing balance
Vehicles 22 % reducing balance
Fixtures and fittings 11 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

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

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost/Valuation
At 01 July 2023 6,071,044 15,225,229 22,328 158,436 21,477,037
Disposals ( 42,760) 0 0 0 ( 42,760)
Foreign exchange movements 54,691 137,811 202 1,434 194,138
At 30 June 2024 6,082,975 15,363,040 22,530 159,870 21,628,415
Accumulated depreciation
At 01 July 2023 1,598,519 11,731,879 20,126 114,973 13,465,497
Charge for the financial year 123,192 332,335 492 5,064 461,083
Disposals ( 8,469) 0 0 0 ( 8,469)
Foreign exchange movements 16,310 111,523 191 1,122 129,146
At 30 June 2024 1,729,552 12,175,737 20,809 121,159 14,047,257
Net book value
At 30 June 2024 4,353,423 3,187,303 1,721 38,711 7,581,158
At 30 June 2023 4,472,525 3,493,350 2,202 43,463 8,011,540

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 July 2023 57,425
Fair value adjustments (40,940)
Foreign exchange movements 6,245
At 30 June 2024 22,730
Carrying value at 30 June 2024 22,730
Carrying value at 30 June 2023 57,425

5. Stocks

2024 2023
£ £
Stocks 376,761 13,303

6. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 11,941 176,145
Amounts owed by Group undertakings 220,437 220,437
Prepayments 22,009 18,872
Other debtors 3,292,473 3,249,164
3,546,860 3,664,618
Debtors: amounts falling due after more than one year
Deferred tax asset 364,597 259,500

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 9,004 2,814
Amounts owed to Group undertakings 1,960,886 1,960,886
Accruals 60,363 80,711
Other creditors 3,986 4,196
2,034,239 2,048,607

8. Related party transactions

Included within other debtors is £1,375,000 (2023: £1,375,000) in respect of a loan to a company under common control.

During the year, advances of £nil (2023: £nil) were made to the the director. Repayments by the director of £nil (2023: £166,923) were made in the year. At the year-end, an amount of £nil (2023: £nil) was outstanding.

During the year, repayments of a loan owed by a related party were £nil (2023: £nil). At the year-end, an amount of £220,437 (£220,437) was outstanding.

9. Ultimate controlling party

Parent Company:

Holme Styes Holdings Limited
22 Longley, Holmfirth, West Yorkshire, HD9 2JD