Company registration number 14725124 (England and Wales)
CHILL 2023 LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
CHILL 2023 LTD
COMPANY INFORMATION
Directors
Mrs M Ayre
(Appointed 13 March 2023)
Miss B C Slater
(Appointed 13 March 2023)
Miss N S Slater
(Appointed 13 March 2023)
Mr C C Hill
(Appointed 13 March 2023)
Company number
14725124
Registered office
13 Mercantile Road
Rainton Bridge Industrial Estate
Houghton le Spring
Tyne and Wear
DH4 5PH
Auditor
Mitchells Limited
Swallow House
Parsons Road
Washington
Tyne and Wear
NE37 1EZ
CHILL 2023 LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 33
CHILL 2023 LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MAY 2024
- 1 -

The directors present the strategic report for the period ended 31 May 2024.

Principal activities

The principal activity of the company during the year was that of a holding company. The companies subsidiaries principal activities is the manufacture and sale of windows and composite doors. On 31 March 2023 the company acquired 100% of Sekura Commercials Limited.

 

The group has had a reasonable year considering the current economic environment, with turnover increasing by 17.4% compared with 2023. Profits before tax for the year were 19.84% (2023: 13.28%) of turnover.

 

The directors feel that costs need to be continually controlled to provide an adequate return. They are generally pleased with the current order book looking ahead to the financial year ending 31 May 2025, although it is anticipated that the market will continue to be a difficult one.

Review of the business

The group finances its operations through its retained profits. The management's objectives are to:

 

- retain sufficient liquid funds to enable the group to meet its day to day obligations as they fall due whilst maximising returns on surplus funds;

 

- minimise the group's exposure to fluctuating interest rates when seeking new borrowings; and

 

- match the repayment schedule of any external borrowings with the expected future cash flows expected to arise from the group's trading activities.

 

As all of the group's surplus funds are invested in sterling bank accounts, we believe there is no price risk.

 

All normal banking arrangements are with Barclays Bank plc and we believe our choice of bank minimises any credit risk. The group also relies on the support of the directors from time to time through the use of the directors' current accounts. Again we believe this minimises any credit risk.

 

We continue to hold significant cash balances with a view to facilitating a future business acquisition or a possible re-organisation/restructuring of the business.

Principal risks and uncertainties

As for many companies of our size, the business environment in which we operate continues to be challenging. With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen events outside of our control. However, we will continue to show flexibility and respond to market conditions and opportunities as they arise. Management also reviews these risks and appropriate processes are put in place to monitor and mitigate them. The key business risks affecting the group are set out below.

On behalf of the board

Mrs M Ayre
Director
30 May 2025
CHILL 2023 LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MAY 2024
- 2 -

The directors present their annual report and financial statements for the period ended 31 May 2024.

Results and dividends

The results for the period are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mrs M Ayre
(Appointed 13 March 2023)
Miss B C Slater
(Appointed 13 March 2023)
Miss N S Slater
(Appointed 13 March 2023)
Mr C C Hill
(Appointed 13 March 2023)
Energy and carbon report

[Amend this as an introductory paragraph or use as an explanation concerning lower user status] As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mrs M Ayre
Director
30 May 2025
CHILL 2023 LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 MAY 2024
- 3 -

The directors are responsible for preparing the Annual Report 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). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CHILL 2023 LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHILL 2023 LTD
- 4 -
Opinion

We have audited the financial statements of Chill 2023 Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 May 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

CHILL 2023 LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHILL 2023 LTD
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

CHILL 2023 LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHILL 2023 LTD
- 6 -

Identifying and responding to risks of material misstatement due to fraud

 

To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

 

- Enquiring of Directors, the Audit and Risk Committee, internal audit, compliance officers and inspection of policy documentation as to the Company's high-level policies and procedures to prevent and detect fraud, including the internal audit function, and the Company's channel for "whistleblowing", as well as whether they have knowledge of any actual, suspected or alleged fraud.

 

- Reading Board and all relevant Committee minutes.

 

- Considering remuneration incentive schemes (primarily the annual incentive plan) and performance targets for management and Directors, including underlying profit from operations targets for management remuneration.

 

- Using analytical procedures to identify any unusual or unexpected relationships.

 

- Using our own forensic specialists to assist us in identifying fraud risks based on discussions of the circumstances of the Company.

 

We communicated identified fraud risk factors throughout the audit team and remained alert to any indications of fraud throughout the audit. This included communication from the Company component audit teams of relevant fraud risks identified at the Company level and request to component audit teams to report to the Company audit team any instances of fraud that could give rise to a material misstatement at the Company.

 

As required by auditing standards, and taking into account possible pressures to meet profit targets and our overall knowledge of the control environment, we performed procedures to address the risk of management override of controls and the risk of fraudulent revenue recognition, in particular the risk that revenue earned from construction and support services is recorded in the wrong period and the risk that Company and component management may be in a position to make inappropriate accounting entries, and the risk of bias in accounting estimates and judgements such as the estimation of forecast costs and the recognition of variable consideration.

 

On this audit we do not believe there is a fraud risk related to revenue recognition in the Infrastructure Investments segment based on the contractual nature of the segment's revenue with no significant judgement or estimation required in recognising revenue.

 

We also performed procedures including:

 

- Identifying journal entries and other adjustments to test for all full scope components based on specific risk-based criteria and comparing the identified entries to supporting documentation. These included those posted to unusual accounts, those posted by users who post journals infrequently and those with missing user identification; and

 

- Assessing significant accounting estimates for bias.

 

We discussed with the Audit and Risk Committee matters related to actual or suspected fraud, for which disclosure is not necessary, and considered any implications for our audit.

 

CHILL 2023 LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHILL 2023 LTD
- 7 -

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

 

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors and other management (as required by auditing standards), and from inspection of the Company's regulatory and legal correspondence and discussed with the Directors and other management the policies and procedures regarding compliance with laws and regulations.

 

As the Company is regulated, our assessment of risks involved gaining an understanding of the control environment including the entity's procedures for complying with regulatory requirements.

 

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. This included communication to audit teams of relevant laws and regulations identified at the Company level, and a request to report any instances of non-compliance with laws and regulations that could give rise to a material misstatement at the Company.

 

The potential effect of these laws and regulations on the financial statements varies considerably.

 

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related company legislation), distributable profits legislation, and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the Company's license to operate. We identified the following areas as those most likely to have such an effect: health and safety, antibribery, employment law and environmental law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

 

We discussed with the Audit and Risk Committee matters related to actual or suspected breaches of laws or regulations, for which disclosure is not necessary, and considered any implications for our audit.

 

CHILL 2023 LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHILL 2023 LTD
- 8 -

Context of the ability of the audit to detect fraud or breaches of law or regulation

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

 

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as this may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

 

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

 

 

 

 

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

CHILL 2023 LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHILL 2023 LTD
- 9 -
Mr Jason Cheesman FCA (Senior Statutory Auditor)
For and on behalf of Mitchells Limited, Statutory Auditor
Chartered Accountants
Swallow House
Parsons Road
Washington
Tyne and Wear
NE37 1EZ
30 May 2025
CHILL 2023 LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MAY 2024
- 10 -
Period
ended
31 May
2024
Notes
£
Turnover
3
17,864,135
Cost of sales
(12,422,085)
Gross profit
5,442,050
Administrative expenses
(1,807,860)
Operating profit
4
3,634,190
Interest receivable and similar income
7
51,567
Interest payable and similar expenses
8
(2,288)
Profit before taxation
3,683,469
Tax on profit
9
(743,127)
Profit for the financial period
2,940,342
Profit for the financial period is all attributable to the owners of the parent company.
CHILL 2023 LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MAY 2024
- 11 -
Period
ended
31 May
2024
£
Profit for the period
2,940,342
Other comprehensive income
-
Cash flow hedges gain arising in the period
-
0
Total comprehensive income for the period
2,940,342
Total comprehensive income for the period is all attributable to the owners of the parent company.
CHILL 2023 LTD
GROUP BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 12 -
2024
Notes
£
£
Fixed assets
Intangible assets
-
0
Tangible assets
11
566,221
566,221
Current assets
Stocks
14
639,209
Debtors
15
3,123,990
Cash at bank and in hand
3,389,725
7,152,924
Creditors: amounts falling due within one year
16
(2,426,826)
Net current assets
4,726,098
Total assets less current liabilities
5,292,319
Creditors: amounts falling due after more than one year
17
(2,192,125)
Provisions for liabilities
Deferred tax liability
19
142,812
(142,812)
Net assets
2,957,382
Capital and reserves
Called up share capital
21
17,040
Profit and loss reserves
2,940,342
Total equity
2,957,382
The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
30 May 2025
Mrs M Ayre
Director
Company registration number 14725124 (England and Wales)
CHILL 2023 LTD
COMPANY BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 13 -
2024
Notes
£
£
Fixed assets
Tangible assets
11
566,221
Investments
12
1,200,000
1,766,221
Current assets
Debtors
15
245,439
Creditors: amounts falling due within one year
16
(788,548)
Net current liabilities
(543,109)
Total assets less current liabilities
1,223,112
Creditors: amounts falling due after more than one year
17
(1,075,560)
Provisions for liabilities
Deferred tax liability
19
142,812
(142,812)
Net assets
4,740
Capital and reserves
Called up share capital
21
17,040
Profit and loss reserves
(12,300)
Total equity
4,740

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £12,300.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
30 May 2025
Mrs M Ayre
Director
Company registration number 14725124 (England and Wales)
CHILL 2023 LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MAY 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 13 March 2023
-
-
-
Period ended 31 May 2024:
Profit and total comprehensive income
-
2,940,342
2,940,342
Issue of share capital
21
17,040
-
17,040
Balance at 31 May 2024
17,040
2,940,342
2,957,382
CHILL 2023 LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MAY 2024
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 13 March 2023
-
-
-
Period ended 31 May 2024:
Profit and total comprehensive income
-
(12,300)
(12,300)
Issue of share capital
21
17,040
-
17,040
Balance at 31 May 2024
17,040
(12,300)
4,740
CHILL 2023 LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MAY 2024
- 16 -
2024
Notes
£
£
Cash flows from operating activities
Cash generated from operations
23
2,082,994
Interest paid
(2,288)
Income taxes refunded
300,729
Net cash inflow from operating activities
2,381,435
Investing activities
Purchase of intangible assets
674,755
Purchase of tangible fixed assets
(672,793)
Repayment of loans
(245,339)
Interest received
51,567
Net cash used in investing activities
(191,810)
Financing activities
Proceeds from issue of shares
17,040
Issue of convertible loans
1,183,060
Net cash generated from financing activities
1,200,100
Net increase in cash and cash equivalents
3,389,725
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
3,389,725
CHILL 2023 LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MAY 2024
- 17 -
2024
Notes
£
£
Cash flows from operating activities
Cash generated from operations
24
672,693
Investing activities
Purchase of tangible fixed assets
(672,793)
Proceeds from disposal of subsidiaries
(1,200,000)
Repayment of loans
(245,339)
Dividends received
245,339
Net cash used in investing activities
(1,872,793)
Financing activities
Proceeds from issue of shares
17,040
Issue of convertible loans
1,183,060
Net cash generated from financing activities
1,200,100
Net increase in cash and cash equivalents
-
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
-
0
CHILL 2023 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
- 18 -
1
Accounting policies
Company information

Chill 2023 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 13 Mercantile Road, Rainton Bridge Industrial Estate, Houghton le Spring, Tyne and Wear, DH4 5PH.

 

The group consists of Chill 2023 Limited and all of its subsidiaries.

1.1
Reporting period

[ FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. ]

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

 

The principal accounting policies adopted are set out below.

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

CHILL 2023 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 19 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Chill 2023 Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 May 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

CHILL 2023 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 20 -
1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is nil.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% reducing balance
Computers
33% straight line
Motor vehicles
20% reducing balance

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 recognised in the profit and loss account.

1.9
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

CHILL 2023 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 21 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.12
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 current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

CHILL 2023 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 22 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

CHILL 2023 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 23 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Compound instruments

The component parts of compound instruments issued by the group are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

CHILL 2023 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 24 -
1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
£
Turnover analysed by class of business
Sale of goods
18,022,045
Analysis per statutory database
18,022,045
Statutory database analysis does not agree to the trial balance by:
157,910
2024
£
Other revenue
Interest income
51,567
4
Operating profit
2024
£
Operating profit for the period is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
106,572
Release of negative goodwill
(674,755)
5
Auditor's remuneration
2024
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
4,000
Audit of the financial statements of the company's subsidiaries
11,500
15,500
CHILL 2023 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 25 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2024
2024
Number
Number
Production staff
55
-
Administrative staff
26
-
Directors
2
-
Despatch
3
-
Contract and remedial
14
-
Production management
11
-
Total
111
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2024
£
£
Wages and salaries
3,389,973
-
0
Social security costs
298,565
-
Pension costs
138,996
-
0
3,827,534
-
0
7
Interest receivable and similar income
2024
£
Interest income
Interest on bank deposits
51,567
2024
Investment income includes the following:
£
Interest on financial assets not measured at fair value through profit or loss
51,567
8
Interest payable and similar expenses
2024
£
Other finance costs:
Other interest
2,288
CHILL 2023 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 26 -
9
Taxation
2024
£
Current tax
UK corporation tax on profits for the current period
600,308
Adjustments in respect of prior periods
7
Total current tax
600,315
Deferred tax
Origination and reversal of timing differences
142,812
Total tax charge
743,127

The actual charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:

2024
£
Profit before taxation
3,683,469
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00%
920,867
Tax effect of expenses that are not deductible in determining taxable profit
1,910
Tax effect of income not taxable in determining taxable profit
4,574
Change in unrecognised deferred tax assets
19
Effect of change in corporation tax rate
1,447
Amortisation on assets not qualifying for tax allowances
(185,690)
Taxation charge
743,127
10
Intangible fixed assets
Group
Negative goodwill
£
Cost
At 13 March 2023
-
0
Additions
(674,755)
At 31 May 2024
(674,755)
Amortisation and impairment
At 13 March 2023
-
0
Amortisation charged for the period
(674,755)
At 31 May 2024
(674,755)
CHILL 2023 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
10
Intangible fixed assets
(Continued)
- 27 -
Carrying amount
At 31 May 2024
-
0
The company had no intangible fixed assets at 31 May 2024.

More information on impairment movements in the period is given in note .

On 31 March 2023, the company acquired Sekura Commercials Limited for a total consideration of £1.2m. The acquisition was accounted for as a business combination under FRS 102 Section 19.

 

The fair value of the identifiable assets and liabilities acquired was £1,874,755, which exceeded the total consideration paid by £674,755.

 

This excess of £674,755 has been recognised as a Negative Goodwill and written off to the profit and loss account in the period ended 31 May 2024.

 

The gain arose primarily due to the profits exceeding the expected targets.

 

11
Tangible fixed assets
Group
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 13 March 2023
-
0
-
0
-
0
-
0
Additions
561,903
837
110,053
672,793
At 31 May 2024
561,903
837
110,053
672,793
Depreciation and impairment
At 13 March 2023
-
0
-
0
-
0
-
0
Depreciation charged in the period
84,284
276
22,012
106,572
At 31 May 2024
84,284
276
22,012
106,572
Carrying amount
At 31 May 2024
477,619
561
88,041
566,221
CHILL 2023 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
11
Tangible fixed assets
(Continued)
- 28 -
Company
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 13 March 2023
-
0
-
0
-
0
-
0
Additions
561,903
837
110,053
672,793
At 31 May 2024
561,903
837
110,053
672,793
Depreciation and impairment
At 13 March 2023
-
0
-
0
-
0
-
0
Depreciation charged in the period
84,284
276
22,012
106,572
At 31 May 2024
84,284
276
22,012
106,572
Carrying amount
At 31 May 2024
477,619
561
88,041
566,221
12
Fixed asset investments
Group
Company
2024
2024
Notes
£
£
Investments in subsidiaries
13
-
0
1,200,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 13 March 2023
-
Additions
1,200,000
At 31 May 2024
1,200,000
Carrying amount
At 31 May 2024
1,200,000
13
Subsidiaries

Details of the company's subsidiaries at 31 May 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Sekura Commercials Limited
England
Ordinary
100.00
-
Sekura Trade Frames Limited
England
Ordinary
0
100.00
CHILL 2023 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 29 -
14
Stocks
Group
Company
2024
2024
£
£
Raw materials and consumables
321,329
-
Work in progress
158,749
-
Finished goods and goods for resale
159,131
-
0
639,209
-
15
Debtors
Group
Company
2024
2024
Amounts falling due within one year:
£
£
Trade debtors
1,722,826
-
0
Amounts owed by undertakings in which the company has a participating interest
109,738
100
Other debtors
1,001,585
245,339
Prepayments and accrued income
101,089
-
0
2,935,238
245,439
Amounts falling due after more than one year:
Other debtors
188,752
-
0
Total debtors
3,123,990
245,439

Debtors are measured at transaction price, less any impairment.

16
Creditors: amounts falling due within one year
Group
Company
2024
2024
Notes
£
£
Convertible loans
18
107,500
107,500
Trade creditors
1,035,403
-
0
Amounts owed to group undertakings
-
0
672,793
Corporation tax payable
901,044
-
0
Other taxation and social security
164,345
-
Other creditors
146,400
-
0
Accruals and deferred income
72,134
8,255
2,426,826
788,548
CHILL 2023 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
16
Creditors: amounts falling due within one year
(Continued)
- 30 -

Short term creditors are measured at the transaction price.

17
Creditors: amounts falling due after more than one year
Group
Company
2024
2024
Notes
£
£
Convertible loans
18
1,075,560
1,075,560
Amounts owed to group undertakings
1,116,565
-
0
2,192,125
1,075,560

Long term creditors are measured at the transaction price.

18
Convertible loan notes
Group
Company
2024
2024
£
£
Liability component of convertible loan notes
1,183,060
1,183,060

The net proceeds received from the issue of the convertible loan notes have been split between the financial liability element and an equity component, representing the fair value of the embedded option to convert the financial liability into equity.

The liability component is measured at amortised cost, and the difference between the carrying amount of the liability at the date of issue and the amount reported in the Balance Sheet represents the effective interest rate less interest paid to that date.

The effective rate of interest is nil.

The equity component of the convertible loan notes has been credited to the equity reserve.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
2024
Group
£
Accelerated capital allowances
142,812
CHILL 2023 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
19
Deferred taxation
(Continued)
- 31 -
Liabilities
2024
Company
£
Accelerated capital allowances
142,812
Group
Company
2024
2024
Movements in the period:
£
£
Asset at 13 March 2023
-
-
Charge to profit or loss
142,812
142,812
Liability at 31 May 2024
142,812
142,812
20
Retirement benefit schemes
2024
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
138,996

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
A Ordinary shares of £1 each
847
847
B Ordinary shares of £1 each
847
847
C Ordinary shares of £1 each
10,890
10,890
D Ordinary shares of £1 each
2,178
2,178
E Ordinary shares of £1 each
2,178
2,178
F Ordinary shares of £1 each
100
100
17,040
17,040
CHILL 2023 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 32 -
22
Directors' transactions

Interest free loans have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Director 1
-
-
(138,386)
(138,386)
Director 2
-
-
(106,953)
(106,953)
-
(245,339)
(245,339)
23
Cash generated from group operations
2024
£
Profit after taxation
2,940,342
Adjustments for:
Taxation charged
743,127
Finance costs
2,288
Investment income
(51,567)
Amortisation and impairment of intangible assets
(674,755)
Depreciation and impairment of tangible fixed assets
106,572
Movements in working capital:
Increase in stocks
(639,209)
Increase in debtors
(2,878,651)
Increase in creditors
2,534,847
Cash generated from operations
2,082,994
24
Cash generated from operations - company
2024
£
Loss after taxation
(12,300)
Adjustments for:
Taxation charged
142,812
Investment income
(245,339)
Depreciation and impairment of tangible fixed assets
106,572
Movements in working capital:
Increase in debtors
(100)
Increase in creditors
681,048
Cash generated from operations
672,693
CHILL 2023 LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 33 -
25
Analysis of changes in net debt - company
13 March 2023
Cash flows
31 May 2024
£
£
£
Convertible loan notes
-
(1,183,060)
(1,183,060)
26
Analysis of changes in net funds - group
13 March 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
-
3,389,725
3,389,725
Convertible loan notes
-
(1,183,060)
(1,183,060)
-
2,206,665
2,206,665
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