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COMPANY REGISTRATION NUMBER: 12117811
Sub Zero Holdings Limited
Filleted Unaudited Financial Statements
31 December 2024
Sub Zero Holdings Limited
Financial Statements
Year ended 31 December 2024
Contents
Pages
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 6
Sub Zero Holdings Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Sub Zero Holdings Limited
Year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sub Zero Holdings Limited for the year ended 31 December 2024, which comprise the statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Sub Zero Holdings Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Sub Zero Holdings Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sub Zero Holdings Limited and its director for our work or for this report.
It is your duty to ensure that Sub Zero Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sub Zero Holdings Limited. You consider that Sub Zero Holdings 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 financial statements of Sub Zero Holdings 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 financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
16 May 2025
Sub Zero Holdings Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Investments
4
1,393,220
1,393,120
Current assets
Debtors
5
44,407
Cash at bank and in hand
3,195
6,234
--------
-------
47,602
6,234
Creditors: amounts falling due within one year
6
496,199
569,956
---------
---------
Net current liabilities
448,597
563,722
------------
------------
Total assets less current liabilities
944,623
829,398
Creditors: amounts falling due after more than one year
7
81,722
---------
---------
Net assets
944,623
747,676
---------
---------
Capital and reserves
Called up share capital
200
100
Profit and loss account
944,423
747,576
---------
---------
Shareholders funds
944,623
747,676
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sub Zero Holdings Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 16 May 2025 , and are signed on behalf of the board by:
Mr D W Marshall
Director
Company registration number: 12117811
Sub Zero Holdings Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 929 Abbeydale Road, Sheffield, S7 2DQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the period end date, the statement of financial position reflects a position of net current liabilities. However, the financial statements have been prepared on a going concern basis, this supported by the funding provided to the company in the form of bank finance and unsupported subsidiary company loan funding.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Investments
Shares in group undertakings
£
Cost
At 1 January 2024
1,393,120
Additions
100
------------
At 31 December 2024
1,393,220
------------
Impairment
At 1 January 2024 and 31 December 2024
------------
Carrying amount
At 31 December 2024
1,393,220
------------
At 31 December 2023
1,393,120
------------
5. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
44,407
--------
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
82,723
Amounts owed to group undertakings and undertakings in which the company has a participating interest
487,462
469,037
Corporation tax
2,712
2,091
Other creditors
6,025
16,105
---------
---------
496,199
569,956
---------
---------
The bank loan, repaid during the year, was secured upon all assets of the company and its subsidiary, Bradley Refrigeration Ltd. The interest rate payable on the loan at 31 December 2023 was 5%.
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
81,722
----
--------
The bank loan, repaid during the year, was secured upon all assets of the company and its subsidiary, Bradley Refrigeration Ltd.
The interest rate payable on the loan at 31 December 2023 was 5%.
8. Director's advances, credits and guarantees
The company was under the control of Mr D Marshall, by virtue of his directorship and ownership of the majority of the share capital. Included in other creditors at the period end date was a loan from the director, amounting to £6,025 (2023 £16,105). During the year, loans were repaid to the director in the total sum of £10,080, leaving a balance owing to the director at the year end of £6,025. No interest is being charged on the loan, which carries no formal repayment terms.
9. Related party transactions
The company owns 100% of the share capital of Bradley Refrigeration Ltd, a company related by common control and directorship. Included in creditors at the balance sheet date is an amount of £487,462 (2023 £403,754) owing to Bradley Refrigeration Ltd from the company. No interest is being charged on this loan, which is repayable on demand. During the period, the company received management fee income from Bradley Refrigeration Ltd, amounting to £20,000 (2023 £20,000). The company owns 100% of the share capital of Crawford Controls Ltd, a company related by common control and directorship. Included in debtors at the balance sheet date is an amount of £44,407 owing from Crawford Controls Ltd - in 2023 an amount of £65,284 was owing to Crawford Controls Ltd from the company and included in creditors. No interest is being charged on this loan, which is repayable on demand.