20 16 May 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 00594762 2024-01-01 2024-12-31 00594762 2024-12-31 00594762 2023-12-31 00594762 2023-01-01 2023-12-31 00594762 2023-12-31 00594762 2022-12-31 00594762 core:LandBuildings 2024-01-01 2024-12-31 00594762 core:PlantMachinery 2024-01-01 2024-12-31 00594762 core:FurnitureFittings 2024-01-01 2024-12-31 00594762 core:MotorVehicles 2024-01-01 2024-12-31 00594762 bus:Director4 2024-01-01 2024-12-31 00594762 core:LandBuildings 2023-12-31 00594762 core:PlantMachinery 2023-12-31 00594762 core:FurnitureFittings 2023-12-31 00594762 core:MotorVehicles 2023-12-31 00594762 core:LandBuildings 2024-12-31 00594762 core:PlantMachinery 2024-12-31 00594762 core:FurnitureFittings 2024-12-31 00594762 core:MotorVehicles 2024-12-31 00594762 core:WithinOneYear 2024-12-31 00594762 core:WithinOneYear 2023-12-31 00594762 core:AfterOneYear 2024-12-31 00594762 core:AfterOneYear 2023-12-31 00594762 core:ShareCapital 2024-12-31 00594762 core:ShareCapital 2023-12-31 00594762 core:RevaluationReserve 2024-12-31 00594762 core:RevaluationReserve 2023-12-31 00594762 core:RetainedEarningsAccumulatedLosses 2024-12-31 00594762 core:RetainedEarningsAccumulatedLosses 2023-12-31 00594762 core:BetweenOneFiveYears 2024-12-31 00594762 core:BetweenOneFiveYears 2023-12-31 00594762 core:LandBuildings 2023-12-31 00594762 core:PlantMachinery 2023-12-31 00594762 core:FurnitureFittings 2023-12-31 00594762 core:MotorVehicles 2023-12-31 00594762 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2024-12-31 00594762 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-12-31 00594762 bus:Director1 2024-01-01 2024-12-31 00594762 bus:SmallEntities 2024-01-01 2024-12-31 00594762 bus:Audited 2024-01-01 2024-12-31 00594762 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 00594762 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 00594762 bus:FullAccounts 2024-01-01 2024-12-31 00594762 core:ComputerEquipment 2024-01-01 2024-12-31 00594762 core:ComputerEquipment 2023-12-31 00594762 core:ComputerEquipment 2024-12-31
COMPANY REGISTRATION NUMBER: 00594762
Bradley Refrigeration Limited
Filleted Financial Statements
31 December 2024
Bradley Refrigeration Limited
Financial Statements
Year ended 31st December 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 8
Bradley Refrigeration Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
574,534
531,291
Current assets
Stocks
53,855
66,322
Debtors
6
1,031,237
776,645
Cash at bank and in hand
199,715
137,866
------------
---------
1,284,807
980,833
Creditors: amounts falling due within one year
7
600,015
332,234
------------
---------
Net current assets
684,792
648,599
------------
------------
Total assets less current liabilities
1,259,326
1,179,890
Creditors: amounts falling due after more than one year
8
60,016
39,417
Provisions
Taxation including deferred tax
73,935
61,437
Other provisions
25,156
18,990
--------
--------
99,091
80,427
------------
------------
Net assets
1,100,219
1,060,046
------------
------------
Capital and reserves
Called up share capital
2,000
2,000
Revaluation reserve
99,597
101,823
Profit and loss account
998,622
956,223
------------
------------
Shareholders funds
1,100,219
1,060,046
------------
------------
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.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Bradley Refrigeration Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 15 May 2025 , and are signed on behalf of the board by:
Mr D W Marshall
Director
Company registration number: 00594762
Bradley Refrigeration Limited
Notes to the Financial Statements
Year ended 31st 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 2QD.
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.
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.
Revenue recognition
The principle activity of the company was that of provision and servicing of refrigeration and air conditioning equipment. Turnover in relation to this is measured at the fair value of the consideration received or receivable and represents amounts receivable for refrigeration goods supplied and services rendered, net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of tax currently payable and any deferred tax provision.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line
Plant and Machinery
-
10% reducing balance
Fixtures and Fittings
-
10% reducing balance
Motor Vehicles
-
25% reducing balance
Computer Equipment
-
25% reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants, being receipts in relation to the Sheffield City Council Clean Air Zone Financial Assistance Scheme, are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2023: 21 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2024
450,000
117,894
79,166
84,979
58,033
790,072
Additions
765
78,081
2,167
81,013
---------
---------
--------
---------
--------
---------
At 31 Dec 2024
450,000
117,894
79,931
163,060
60,200
871,085
---------
---------
--------
---------
--------
---------
Depreciation
At 1 Jan 2024
28,688
98,659
56,280
23,200
51,954
258,781
Charge for the year
6,750
1,923
2,327
25,205
1,565
37,770
---------
---------
--------
---------
--------
---------
At 31 Dec 2024
35,438
100,582
58,607
48,405
53,519
296,551
---------
---------
--------
---------
--------
---------
Carrying amount
At 31 Dec 2024
414,562
17,312
21,324
114,655
6,681
574,534
---------
---------
--------
---------
--------
---------
At 31 Dec 2023
421,312
19,235
22,886
61,779
6,079
531,291
---------
---------
--------
---------
--------
---------
Tangible assets held at valuation
Included in freehold property is a value of £450,000 which is attributable to revalued freehold land and buildings. The valuation was provided by the director on 31 December 2023, on the basis of an earlier report, dated 11 September 2019, by Mark Jenkinson & Son, an appropriately qualified firm of chartered valuation surveyors. This was provided on the basis of open market value with vacant possession and restricted marketing period. The company has adopted the provisions set out in FRS 102 with regard to these freehold land and buildings, with depreciation charged on the revalued amount.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31st December 2024
106,777
---------
At 31st December 2023
51,274
---------
6. Debtors
2024
2023
£
£
Trade debtors
472,705
325,203
Other debtors
558,532
451,442
------------
---------
1,031,237
776,645
------------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,648
10,648
Trade creditors
395,244
179,932
Corporation tax
29,395
Social security and other taxes
76,210
68,222
Other creditors
88,518
73,432
---------
---------
600,015
332,234
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,415
18,450
Other creditors
51,601
20,967
--------
--------
60,016
39,417
--------
--------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
33,136
36,220
Later than 1 year and not later than 5 years
17,200
30,279
--------
--------
50,336
66,499
--------
--------
10. Contingencies
A contingent liability previously existed in relation to a guarantee provided by Bradley Refrigeration Ltd to support bank funding provided to the holding company, Sub Zero Holdings Ltd. At 31 December 2023, the total of such borrowings outstanding and repayable to the bank by Sub Zero Holdings Ltd, was £164,445. However, these borrowings have been fully repaid during the year leaving no resultant contingent liability as at 31 December 2024.
11. Summary audit opinion
The auditor's report dated 16 May 2025 was unqualified .
The senior statutory auditor was Andrew Throssell FCA , for and on behalf of Hebblethwaites .
12. Related party transactions
Sub Zero Holdings Ltd is a company related by common control and directorship. Included in other debtors at the balance sheet date is an amount of £487,462 (2023 £403,754) owing from Sub Zero Holdings Ltd to the company. No interest is being charged on this loan, which is repayable on demand. Sub Zero Holdings Ltd also owns 100% of the share capital of Crawford Controls Ltd, a company also under common control. During the year, Bradley Refrigeration Ltd invoiced Crawford Controls Ltd for goods in the value of £Nil plus VAT (2023 £3,502) and there was an amount owing to Bradley Refrigeration Ltd of £Nil (2023 £115) at the year end, included in trade debtors above. During the year, Crawford Controls Ltd invoiced the company for goods in the value of £171,360 (2023 £83,613) and there was an amount owing to Crawford Controls Ltd at the year end date of £48,846 (2023 £11,927), included in trade creditors above. At the year end, there was an amount owing to Crawford Controls Ltd by virtue of a short term loan advanced of £Nil (2023 £833) to the company. This loan was repaid during the year, with no interest charged.
13. Controlling party
The ultimate controlling party is Sub Zero Holdings Ltd, a company registered in the United Kingdom, by virtue of its ownership of the entire issued share capital of the company. Sub Zero Holdings Ltd is in turn owned by Mr David and Mrs Joanne Marshall by virtue of their ownership of 100% of the share capital. Mr David Marshall is also the sole director of Bradley Refrigeration Ltd. There is no requirement to prepare group accounts.