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REGISTERED NUMBER: 00979895 (England and Wales)




STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

REFRIGERATION NORWEST (CHESTER) LIMITED

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 9

Balance Sheet 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


REFRIGERATION NORWEST (CHESTER) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2024







DIRECTORS: J D L Hughes
S M Hughes
K S Hughes
P J Hughes



SECRETARY: J D L Hughes



REGISTERED OFFICE: Hawarden Industrial Estate
Manor Lane
Hawarden
Deeside
CH5 3PZ



REGISTERED NUMBER: 00979895 (England and Wales)



AUDITORS: M. D. Coxey and Co. Limited
Chartered Accountants
and Statutory Auditors
25 Grosvenor Road
Wrexham
LL11 1BT



BANKERS: Barclays Bank plc
51-52 Hope Street
Wrexham
LL11 1BB

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2024

The directors present their strategic report for the year ended 31st December 2024.

REVIEW OF BUSINESS
The directors have continued to take advantage of deals when others were unwilling or unable to do so which has lead to them being able to report on another profitable year.

The fiscal year ending 31st December 2024 has continued to present challenges arising from the ongoing global supply chain turbulence, a reduction in demand across the sector in general and a continuation of shortages in the labour market. The directors believe that they have managed to perform well, despite these challenges, across the market due to a significant reduction in demand across the sector.

The company has ended the fiscal year in a strong position.

KEY PERFORMANCE INDICATORS
The directors believe that the key performance indicators are those that measure the financial performance of the company. These are turnover, gross profit, overhead levels and cash flow.

Turnover has increased on the previous year by 3%.

The gross profit margin has been maintained at 20%.

Non-financial performance indicators are also key to management's holistic approach to all stakeholders. These include customer satisfaction, staff turnover, manufacturing efficiency, hygiene, health and safety and environmental impact.

The average number of employees has increased from 25 to 26.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors will continue to identify, monitor and manage potential risks and uncertainties to the company; at present the principal risks are considered to be the following:
- Drop in demand for products as Government spending cuts continue.
- Financial failure of trade customers due to inability to borrow to finance business activities.
- Increased regulation of the industry leading to higher costs.
- Exchange rate exposure due to a fall in value of Sterling.

THE ENVIRONMENT
The directors acknowledge the importance of environmental matters, and have committed to use the information and procedures which become available under legislation to minimise the environmental effects caused by the products traded.

ON BEHALF OF THE BOARD:





P J Hughes - Director


3rd March 2025

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31st December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of sale of refrigeration products and other white goods.

DIVIDENDS
No dividends will be distributed for the year ended 31st December 2024.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1st January 2024 to the date of this report.

The beneficial interests of the directors holding office at 31st December 2024 in the shares of the company, according to the register of directors' interests, were as follows:

31.12.24 1.1.24
Ordinary shares of £1 each
J D L Hughes 1,500 5,300
S M Hughes 1,500 1,500
K S Hughes 1,000 1,000
P J Hughes 6,000 2,200

Preference shares of £1 each
J D L Hughes 1,350,000 1,350,000
S M Hughes 250,000 250,000
K S Hughes - -
P J Hughes - -

These directors did not hold any non-beneficial interests in any of the shares of the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2024


AUDITORS
The auditors, M. D. Coxey and Co. Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P J Hughes - Director


3rd March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
REFRIGERATION NORWEST (CHESTER) LIMITED

Opinion
We have audited the financial statements of Refrigeration Norwest (Chester) Limited (the 'company') for the year ended 31st December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
REFRIGERATION NORWEST (CHESTER) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
REFRIGERATION NORWEST (CHESTER) LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
REFRIGERATION NORWEST (CHESTER) LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Anthony Lewis (Senior Statutory Auditor)
for and on behalf of M. D. Coxey and Co. Limited
Chartered Accountants
and Statutory Auditors
25 Grosvenor Road
Wrexham
LL11 1BT

3rd March 2025

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 31ST DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £    £   

TURNOVER 3 12,867,090 12,495,763

Cost of sales 10,250,178 9,946,511
GROSS PROFIT 2,616,912 2,549,252

Distribution costs 628,343 599,873
Administrative expenses 1,384,107 1,203,632
2,012,450 1,803,505
604,462 745,747

Other operating income 4 20,274 18,967
OPERATING PROFIT 6 624,736 764,714

Interest receivable and similar income 7 13,755 11,234
638,491 775,948
Fair value gains on investments 8 (3,929 ) (12,919 )
PROFIT BEFORE TAXATION 642,420 788,867

Tax on profit 9 167,376 191,609
PROFIT FOR THE FINANCIAL YEAR 475,044 597,258

Retained earnings at beginning of year 6,294,382 6,637,124

Dividends 10 - (940,000 )

RETAINED EARNINGS AT END OF
YEAR

6,769,426

6,294,382

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

BALANCE SHEET
31ST DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 1,179,165 1,153,433
Investments 13 162,952 159,023
1,342,117 1,312,456

CURRENT ASSETS
Stocks 14 4,561,042 4,888,377
Debtors 15 2,386,098 2,838,689
Cash at bank and in hand 1,374,409 331,361
8,321,549 8,058,427
CREDITORS
Amounts falling due within one year 16 1,207,215 1,393,502
NET CURRENT ASSETS 7,114,334 6,664,925
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,456,451

7,977,381

CREDITORS
Amounts falling due after more than one
year

17

(1,600,000

)

(1,600,000

)

PROVISIONS FOR LIABILITIES 20 (77,025 ) (72,999 )
NET ASSETS 6,779,426 6,304,382

CAPITAL AND RESERVES
Called up share capital 21 10,000 10,000
Retained earnings 22 6,769,426 6,294,382
SHAREHOLDERS' FUNDS 6,779,426 6,304,382

The financial statements were approved by the Board of Directors and authorised for issue on 3rd March 2025 and were signed on its behalf by:





P J Hughes - Director


REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2024

31.12.24 31.12.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,601,063 (542,096 )
Tax paid (194,369 ) (189,519 )
Net cash from operating activities 1,406,694 (731,615 )

Cash flows from investing activities
Purchase of tangible fixed assets (82,879 ) (50,230 )
Sale of tangible fixed assets 9,348 -
Interest received 13,755 11,234
Net cash from investing activities (59,776 ) (38,996 )

Cash flows from financing activities
Amount introduced by directors - 942,790
Amount withdrawn by directors (303,870 ) (158,097 )
Equity dividends paid - (940,000 )
Net cash from financing activities (303,870 ) (155,307 )

Increase/(decrease) in cash and cash equivalents 1,043,048 (925,918 )
Cash and cash equivalents at beginning of
year

2

331,361

1,257,279

Cash and cash equivalents at end of year 2 1,374,409 331,361

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.12.24 31.12.23
£    £   
Profit before taxation 642,420 788,867
Depreciation charges 57,147 64,115
Profit on disposal of fixed assets (9,348 ) -
Fair value gain on investments (3,929 ) (12,919 )
Finance income (13,755 ) (11,234 )
672,535 828,829
Decrease/(increase) in stocks 327,335 (145,016 )
Decrease/(increase) in trade and other debtors 452,592 (1,153,374 )
Increase/(decrease) in trade and other creditors 148,601 (72,535 )
Cash generated from operations 1,601,063 (542,096 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 1,374,409 331,361
Year ended 31st December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 331,361 1,257,279


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 331,361 1,043,048 1,374,409
331,361 1,043,048 1,374,409
Debt
Debts falling due after 1 year (1,600,000 ) - (1,600,000 )
(1,600,000 ) - (1,600,000 )
Total (1,268,639 ) 1,043,048 (225,591 )

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024

1. STATUTORY INFORMATION

Refrigeration Norwest (Chester) 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company’s accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Estimated useful lives and residual values of fixed assets
Depreciation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during current and prior accounting periods.

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

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.

Intangible assets are being amortised evenly over their estimated useful life of five years.

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
Fixtures and fittings - 25% computers, 20% other - on cost
Motor vehicles - 25% on cost

Land is not depreciated.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. 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 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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs
The company operates three defined contribution pension schemes. The assets of these schemes are held separately from those of the company in independently administered funds. Contributions payable for the year are charged in the profit and loss account.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account as incurred.

Investments
Other fixed asset investments are stated at fair value through profit an loss. Fair value is the quoted market price.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

The whole of the company's turnover arose within the United Kingdom.

4. OTHER OPERATING INCOME
31.12.24 31.12.23
£    £   
Rents received 18,483 18,200
Scrap receipts 1,791 767
20,274 18,967

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

5. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 726,797 639,636
Social security costs 68,965 57,577
Other pension costs 16,838 16,533
812,600 713,746

The average number of employees during the year was as follows:
31.12.24 31.12.23

Selling and distribution 23 22
Administration 3 3
26 25

31.12.24 31.12.23
£    £   
Directors' remuneration 50,000 50,000
Directors' pension contributions to money purchase schemes 750 750

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.24 31.12.23
£    £   
Depreciation - owned assets 57,147 64,115
Profit on disposal of fixed assets (9,348 ) -
Auditors' remuneration 19,350 8,075
Auditors' remuneration for non audit work 2,374 2,995
Operating lease rentals: other assets 12,468 11,660

7. INTEREST RECEIVABLE AND SIMILAR INCOME
31.12.24 31.12.23
£    £   
Deposit account interest 13,345 10,185
Other interest - 372
Corporation tax interest 410 677
13,755 11,234

8. FAIR VALUE GAINS ON INVESTMENTS
31.12.24 31.12.23
£    £   
Fair value movement on
investments (3,929 ) (12,919 )

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 163,350 194,368

Deferred tax 4,026 (2,759 )
Tax on profit 167,376 191,609

UK corporation tax has been charged at 25% (2023 - 23.52%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24 31.12.23
£    £   
Profit before tax 642,420 788,867
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.520%)

160,605

185,542

Effects of:
Permanent timing differences 6,771 6,230
Changes in tax rates - (163 )
Total tax charge 167,376 191,609

Tax rate changes

10. DIVIDENDS
31.12.24 31.12.23
£    £   
Ordinary shares of £1 each
Interim paid - 940,000

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

11. INTANGIBLE FIXED ASSETS
Intangible
assets
£   
COST
At 1st January 2024
and 31st December 2024 17,500
AMORTISATION
At 1st January 2024
and 31st December 2024 17,500
NET BOOK VALUE
At 31st December 2024 -
At 31st December 2023 -

12. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1st January 2024 1,730,093 239,818 82,507 2,052,418
Additions - 23,232 59,647 82,879
Disposals - - (25,197 ) (25,197 )
At 31st December 2024 1,730,093 263,050 116,957 2,110,100
DEPRECIATION
At 1st January 2024 619,672 196,806 82,507 898,985
Charge for year 27,353 20,331 9,463 57,147
Eliminated on disposal - - (25,197 ) (25,197 )
At 31st December 2024 647,025 217,137 66,773 930,935
NET BOOK VALUE
At 31st December 2024 1,083,068 45,913 50,184 1,179,165
At 31st December 2023 1,110,421 43,012 - 1,153,433

13. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1st January 2024 159,023
Fair value adjustment 3,929
At 31st December 2024 162,952
NET BOOK VALUE
At 31st December 2024 162,952
At 31st December 2023 159,023

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

14. STOCKS
31.12.24 31.12.23
£    £   
Goods for resale 4,561,042 4,888,377

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 1,509,406 1,587,468
Other debtors 400 950
Tax 1,416 1,415
Prepayments 874,876 1,248,856
2,386,098 2,838,689

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 368,467 299,064
Tax 163,350 194,368
VAT 99,180 49,015
Directors' current accounts 438,368 742,238
Accrued expenses 137,850 108,817
1,207,215 1,393,502

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Preference shares (see note 18) 1,600,000 1,600,000

18. LOANS

An analysis of the maturity of loans is given below:

31.12.24 31.12.23
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Preference shares 1,600,000 1,600,000

The 5.5% cumulative redeemable preference shares are redeemable by joint consent between the Company and the shareholders. The amount payable on redemption is £1 per share.

The 5.5% cumulative redeemable preference shares have no voting rights attached.

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

19. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.24 31.12.23
£    £   
Within one year 16,224 1,510
Between one and five years 54,080 -
70,304 1,510

20. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax
Accelerated capital allowances 31,943 28,899
Other timing differences 45,082 44,100
77,025 72,999

Deferred
tax
£   
Balance at 1st January 2024 72,999
Movement in year due to:
changes in tax allowances 3,044
changes in tax rates
change in fair value movement 982
Balance at 31st December 2024 77,025

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
10,000 Ordinary £1 10,000 10,000

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

22. RESERVES
Retained
earnings
£   

At 1st January 2024 6,294,382
Profit for the year 475,044
At 31st December 2024 6,769,426

23. PENSION COMMITMENTS

At the year end, the company had a balance due to the defined contribution pension scheme in the sum of £7,498 (2023: £3,697).

REFRIGERATION NORWEST (CHESTER) LIMITED (REGISTERED NUMBER: 00979895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

24. CAPITAL COMMITMENTS
31.12.24 31.12.23
£    £   
Contracted but not provided for in the
financial statements - -

25. ULTIMATE CONTROLLING PARTY

The controlling party is J D L Hughes.