| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| FOR |
| COLD MOVE LIMITED |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| FOR |
| COLD MOVE LIMITED |
| COLD MOVE LIMITED (REGISTERED NUMBER: 03247148) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 5 |
| Income Statement | 9 |
| Other Comprehensive Income | 10 |
| Balance Sheet | 11 |
| Statement of Changes in Equity | 12 |
| Cash Flow Statement | 13 |
| Notes to the Cash Flow Statement | 14 |
| Notes to the Financial Statements | 15 |
| COLD MOVE LIMITED |
| COMPANY INFORMATION |
| FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Kingsland House |
| 39 Abbey Foregate |
| Shrewsbury |
| Shropshire |
| SY2 6BL |
| COLD MOVE LIMITED (REGISTERED NUMBER: 03247148) |
| STRATEGIC REPORT |
| FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| The directors present their strategic report for the period 29 October 2023 to 26 October 2024. |
| REVIEW OF BUSINESS |
| The company has maintained its sales performance from the previous period and been able to pass on the majority of energy price increases to their customers. The directors expect this general level of sales to continue for the foreseeable future. |
| Key performance indicators |
| The company monitors its performance using key performance indicators. The company considers its main key performance indicators to be turnover, operating profit, cash at bank and shareholder funds. Performance on these measures is shown below and is in line with expectations of the board. |
| 2024 | 2023 | % change |
| Turnover | £4,877,382 | £4,883,197 | (0.12% | ) |
| Operating profit/(loss) | £672,584 | £594,602 | 13.11% |
| Cash at bank | £677,102 | £623,879 | 8.53% |
| Shareholder funds | £9,184,066 | £8,834,283 | 3.96% |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Financial risk management objectives and policies |
| The company uses various financial instruments including loans, cash, preference shares and various items, such as debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. |
| The existence of these financial instruments exposes the company to a number of financial risks including cash flow and liquidity. The board approves treasury policies, which are controlled on a day-to-day basis by senior management. |
| ON BEHALF OF THE BOARD: |
| COLD MOVE LIMITED (REGISTERED NUMBER: 03247148) |
| REPORT OF THE DIRECTORS |
| FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| The directors present their report with the financial statements of the company for the period 29 October 2023 to 26 October 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the period under review was that of the provision of temperature controlled storage and distribution for the frozen food industry. The customer base is made up of primarily manufacturers supplying the retail, wholesale and catering markets in the UK. |
| DIVIDENDS |
| An interim dividend of £2.50 per share on the Ordinary £1 shares was paid on 27 March 2024. The directors recommend that no final dividend be paid on these shares. |
| No interim dividend was paid on the Preference £1 shares. The directors recommend that no final dividend be paid on these shares. |
| The total distribution of dividends for the period ended 26 October 2024 will be £4,000. |
| A dividend of £70,000 was paid on the Redeemable preference £1 shares on 20 February 2024. The dividend is treated as a finance cost in the financial statements. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 29 October 2023 to the date of this report. |
| 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. |
| COLD MOVE LIMITED (REGISTERED NUMBER: 03247148) |
| REPORT OF THE DIRECTORS |
| FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| AUDITORS |
| The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| COLD MOVE LIMITED |
| Opinion |
| We have audited the financial statements of Cold Move Limited (the 'company') for the period ended 26 October 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 26 October 2024 and of its profit for the period 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 |
| COLD MOVE 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 |
| COLD MOVE 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, and from our commercial knowledge and experience of the industry sector; |
| - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, BRC food safety legislation, employment law and health and safety law. |
| - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; 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 their knowledge of actual, suspected and alleged fraud; and |
| - reviewing the client's system notes and internal controls. |
| 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; |
| - review of the cashbook to identify any large or unusual transactions that appear to have no commercial basis; and |
| - investigated the rationale behind significant or unusual transactions. |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
| - agreeing financial statement disclosures to underlying supporting documentation; |
| - enquiring of management as to actual and potential litigation and claims; and |
| - reviewing correspondence with HMRC. |
| 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| COLD MOVE LIMITED |
| 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. |
| 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. |
| for and on behalf of |
| Kingsland House |
| 39 Abbey Foregate |
| Shrewsbury |
| Shropshire |
| SY2 6BL |
| COLD MOVE LIMITED (REGISTERED NUMBER: 03247148) |
| INCOME STATEMENT |
| FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| Period | Period |
| 29.10.23 | 30.10.22 |
| to | to |
| 26.10.24 | 28.10.23 |
| as restated |
| Notes | £ | £ |
| TURNOVER | 4 |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| 477,263 | 391,921 |
| Other operating income |
| OPERATING PROFIT | 6 |
| Interest payable and similar expenses | 7 | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 8 | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL PERIOD |
| COLD MOVE LIMITED (REGISTERED NUMBER: 03247148) |
| OTHER COMPREHENSIVE INCOME |
| FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| Period | Period |
| 29.10.23 | 30.10.22 |
| to | to |
| 26.10.24 | 28.10.23 |
| as restated |
| Notes | £ | £ |
| PROFIT FOR THE PERIOD |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
| COLD MOVE LIMITED (REGISTERED NUMBER: 03247148) |
| BALANCE SHEET |
| 26 OCTOBER 2024 |
| 26.10.24 | 28.10.23 |
| as restated |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 11 |
| Investment property | 12 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Revaluation reserve | 21 |
| Retained earnings | 21 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| COLD MOVE LIMITED (REGISTERED NUMBER: 03247148) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 30 October 2022 |
| Changes in equity |
| Issue of share capital | ( |
) | - | - | ( |
) |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 28 October 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 26 October 2024 |
| COLD MOVE LIMITED (REGISTERED NUMBER: 03247148) |
| CASH FLOW STATEMENT |
| FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| Period | Period |
| 29.10.23 | 30.10.22 |
| to | to |
| 26.10.24 | 28.10.23 |
| as restated |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| New loans in year |
| Loan repayments in year | ( |
) | ( |
) |
| Amount introduced by directors | - | 42,000 |
| Amount withdrawn by directors | (100,000 | ) | - |
| Share redemption | ( |
) |
| Share issue |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of period |
2 |
1,080,621 |
| Cash and cash equivalents at end of period |
2 |
677,102 |
623,879 |
| COLD MOVE LIMITED (REGISTERED NUMBER: 03247148) |
| NOTES TO THE CASH FLOW STATEMENT |
| FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| Period | Period |
| 29.10.23 | 30.10.22 |
| to | to |
| 26.10.24 | 28.10.23 |
| as restated |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Loss on disposal of fixed assets |
| Finance costs | 177,976 | 33,328 |
| 1,029,831 | 899,342 |
| (Increase)/decrease in trade and other debtors | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations |
| 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: |
| Period ended 26 October 2024 |
| 26.10.24 | 29.10.23 |
| £ | £ |
| Cash and cash equivalents | 677,102 | 623,879 |
| Period ended 28 October 2023 |
| 28.10.23 | 30.10.22 |
| as restated |
| £ | £ |
| Cash and cash equivalents | 623,879 | 1,080,621 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 29.10.23 | Cash flow | At 26.10.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 623,879 | 53,223 | 677,102 |
| 623,879 | 677,102 |
| Debt |
| Debts falling due within 1 year | (143,628 | ) | 66,830 | (76,798 | ) |
| Debts falling due after 1 year | (1,113,375 | ) | (448,807 | ) | (1,562,182 | ) |
| (1,257,003 | ) | (381,977 | ) | (1,638,980 | ) |
| Total | (633,124 | ) | (328,754 | ) | (961,878 | ) |
| COLD MOVE LIMITED (REGISTERED NUMBER: 03247148) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| 1. | STATUTORY INFORMATION |
| Cold Move Limited is a private company, limited by shares, incorporated and registered in England and Wales. The company's registered number and registered office can be found on the Company Information page. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are for the individual entity only. |
| The financial statements are presented in sterling (£), rounded to the nearest £1. |
| Turnover |
| Turnover is the total amount receivable by the company for goods supplied and services provided and is stated net of value added tax, individual customer discounts and settlement discounts. Turnover is recognised when the goods are physically delivered and services are provided to the customer. |
| Fixed assets |
| Tangible fixed assets are stated at historic cost less accumulated depreciation. Costs include original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. |
| Depreciation is provided on a straight line basis over the following periods in order to write off each asset over its estimated useful life. |
| Freehold land and buildings | - | not provided and 50 years |
| Material handling equipment | - | 5 years |
| Plant and machinery | - | 5 - 10 years |
| Office equipment | - | 5 - 10 years |
| Motor vehicles | - | 3 - 5 years |
| No depreciation has been provided in respect of the majority of the company's freehold land and buildings on the grounds that the charge would be immaterial due to the anticipated residual value. The directors consider that this accounting policy which represents a departure from Companies Act 2006 is necessary for the financial statements to show a true and fair view. |
| Investment property |
| Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss. |
| COLD MOVE LIMITED (REGISTERED NUMBER: 03247148) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
| (i) Financial assets |
| Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, 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. |
| Such assets are subsequently carried at amortised cost using the effective interest method. |
| At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. |
| Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
| (ii) Financial liabilities |
| Basic financial liabilities, including trade and other payables and bank loans, 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 receipts discounted at a market rate of interest. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. |
| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| COLD MOVE LIMITED (REGISTERED NUMBER: 03247148) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| 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 period 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. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme and a final salary SASS for the benefit of the directors. |
| Contributions payable to the company's pension schemes are charged to profit or loss in the period to which they relate. |
| Leasing |
| Where assets are financed by leasing agreements which give risks and rewards approximately to ownership ("finance leases") they are treated as if they had been purchased outright on credit. They are therefore initially recorded as a fixed asset and a liability at a sum equal to the fair value of the asset. |
| Leasing payments on such assets are regarded as consisting of a capital element (which reduces the outstanding liability) and an interest charge. |
| All other leases are regarded as operating leases and the total payments made under them are charged to the profit and loss account on a straight line basis over the lease term. |
| 4. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| 5. | EMPLOYEES AND DIRECTORS |
| Period | Period |
| 29.10.23 | 30.10.22 |
| to | to |
| 26.10.24 | 28.10.23 |
| as restated |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| COLD MOVE LIMITED (REGISTERED NUMBER: 03247148) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| 5. | EMPLOYEES AND DIRECTORS - continued |
| The average number of employees during the period was as follows: |
| Period | Period |
| 29.10.23 | 30.10.22 |
| to | to |
| 26.10.24 | 28.10.23 |
| as restated |
| Warehouse staff | 29 | 28 |
| Distribution staff | 8 | 7 |
| Administrative staff | 11 | 11 |
| Maintenance staff | 5 | 5 |
| Period | Period |
| 29.10.23 | 30.10.22 |
| to | to |
| 26.10.24 | 28.10.23 |
| as restated |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| Information regarding the highest paid director for the period ended 26 October 2024 is as follows: |
| Period |
| 29.10.23 |
| to |
| 26.10.24 |
| £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| COLD MOVE LIMITED (REGISTERED NUMBER: 03247148) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| Period | Period |
| 29.10.23 | 30.10.22 |
| to | to |
| 26.10.24 | 28.10.23 |
| as restated |
| £ | £ |
| Depreciation - owned assets |
| Loss on disposal of fixed assets |
| Operating lease rentals - Plant and machinery |
| Auditors' remuneration - Audit services |
| Auditor's remuneration - Non-audit services |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| Period | Period |
| 29.10.23 | 30.10.22 |
| to | to |
| 26.10.24 | 28.10.23 |
| as restated |
| £ | £ |
| Interest payable on bank borrowing |
| Corporation tax interest |
| Dividend on shares classed as financial liabilities |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the period was as follows: |
| Period | Period |
| 29.10.23 | 30.10.22 |
| to | to |
| 26.10.24 | 28.10.23 |
| as restated |
| £ | £ |
| Deferred tax |
| Tax on profit |
| COLD MOVE LIMITED (REGISTERED NUMBER: 03247148) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| 8. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| Period | Period |
| 29.10.23 | 30.10.22 |
| to | to |
| 26.10.24 | 28.10.23 |
| as restated |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | - | ( |
) |
| Utilisation of tax losses | ( |
) |
| Losses carried forward | 52,960 | 705,300 |
| Deferred tax | 140,825 | 119,787 |
| Interest payable on preference shares | 17,500 | - |
| Total tax charge | 140,825 | 119,787 |
| The company has unrelieved trading losses of £3,466,078 (2023: £3,230,058) and unrelieved capital losses of £3,826,407 (2023: £3,826,407) available for carry forward to future periods. |
| 9. | DIVIDENDS |
| Period | Period |
| 29.10.23 | 30.10.22 |
| to | to |
| 26.10.24 | 28.10.23 |
| as restated |
| £ | £ |
| Ordinary shares of £1 each |
| Interim |
| 10. | PRIOR YEAR ADJUSTMENT |
| Redeemable preference shares of £1,000,000 have been reclassified from equity to long-term debt, to reflect the substance of the financial instrument. Comparatives have been restated accordingly. |
| Share capital has decreased by £1,000,000 and creditors due after more than one year has increased by £1,000,000. |
| COLD MOVE LIMITED (REGISTERED NUMBER: 03247148) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| 11. | TANGIBLE FIXED ASSETS |
| Freehold | Material |
| land and | handling | Plant and |
| buildings | equipment | machinery |
| £ | £ | £ |
| COST |
| At 29 October 2023 |
| Additions |
| Disposals |
| At 26 October 2024 |
| DEPRECIATION |
| At 29 October 2023 |
| Charge for period |
| At 26 October 2024 |
| NET BOOK VALUE |
| At 26 October 2024 |
| At 28 October 2023 |
| Office | Motor |
| equipment | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 29 October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 26 October 2024 |
| DEPRECIATION |
| At 29 October 2023 |
| Charge for period |
| At 26 October 2024 |
| NET BOOK VALUE |
| At 26 October 2024 |
| At 28 October 2023 |
| 12. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 29 October 2023 |
| and 26 October 2024 |
| NET BOOK VALUE |
| At 26 October 2024 |
| At 28 October 2023 |
| COLD MOVE LIMITED (REGISTERED NUMBER: 03247148) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| 12. | INVESTMENT PROPERTY - continued |
| The fair value of investment property is based on the directors' assessment of the value of the property. |
| The historical cost of investment property as at 26 October 2024 is £368,194 (2023: £368,194). |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 26.10.24 | 28.10.23 |
| as restated |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors' current accounts | 143,379 | 43,379 |
| VAT |
| Prepayments and accrued income |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 26.10.24 | 28.10.23 |
| as restated |
| £ | £ |
| Bank loans and overdrafts (see note 16) |
| Trade creditors |
| Social security and other taxes |
| VAT | 178,593 | - |
| Other creditors |
| Accruals and deferred income |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 26.10.24 | 28.10.23 |
| as restated |
| £ | £ |
| Bank loans (see note 16) |
| Preference shares classed as |
| financial liabilities | 1,000,000 | 1,000,000 |
| The redeemable preference shares are non-voting, but attract a fixed cumulative preferential dividend at a rate of 7%. The shares are redeemable at par at the option of the company at any point after 20 February 2033 and are classified as debt to reflect the substance of the financial instrument. |
| COLD MOVE LIMITED (REGISTERED NUMBER: 03247148) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| 26.10.24 | 28.10.23 |
| as restated |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more than 5 years repayable by instalments |
1,196,216 |
- |
| A loan facility of £3,000,000 was agreed during the year with National Westminster Bank Plc, of which £1,673,775 had been drawn down at the year end. Interest is charged at 2% above the base rate. The loan is repayable via monthly instalments ending May 2038. |
| 17. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 26.10.24 | 28.10.23 |
| as restated |
| £ | £ |
| Within one year |
| Between one and five years |
| 18. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 26.10.24 | 28.10.23 |
| as restated |
| £ | £ |
| Bank loans |
| Bank facilities are secured by the form of a first legal charge over the land and buildings dated 19 November 1997, and a debenture on all assets of the company dated 16 April 1999. |
| COLD MOVE LIMITED (REGISTERED NUMBER: 03247148) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| 19. | PROVISIONS FOR LIABILITIES |
| 26.10.24 | 28.10.23 |
| as restated |
| £ | £ |
| Deferred tax | 392,327 | 251,502 |
| Deferred |
| tax |
| £ |
| Balance at 29 October 2023 |
| Provided during period |
| Balance at 26 October 2024 |
| 20. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 26.10.24 | 28.10.23 |
| value: | as restated |
| £ | £ |
| Ordinary | £1 | 4,000 | 4,000 |
| Preference | £1 | 1,295,000 | 1,295,000 |
| Redeemable preference | £1 | - | - |
| 1,299,000 | 1,299,000 |
| Ordinary shares are entitled to full voting rights and dividends. |
| Holders of preference shares have one vote for every share held but only on a resolution for the winding up of the company or on a resolution affecting the rights attached to the shares. Preference shareholders have the right on a winding up to receive, in priority to any other class of shares, the sum of £1 per share together with any arrears of dividend. During 2010 the rights of the preference shares were amended to remove the fixed rate of return. Preference shares are therefore classified as equity at the balance sheet date. |
| The redeemable preference shares are treated as long-term debt (see note 15). |
| 21. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 29 October 2023 | 7,535,283 |
| Profit for the period | - |
| Dividends | ( |
) | - | ( |
) |
| At 26 October 2024 | 7,885,066 |
| Retained earnings includes all current and prior period retained profits and losses as well as non-distributable reserves totalling £331,806 (2023: £331,806). |
| Revaluation reserve represents the amount by which the net book value of fixed assets exceed carrying value. |
| COLD MOVE LIMITED (REGISTERED NUMBER: 03247148) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 29 OCTOBER 2023 TO 26 OCTOBER 2024 |
| 22. | EMPLOYEE BENEFIT OBLIGATIONS |
| Defined contribution scheme |
| The company operates a defined contribution scheme for the benefit of directors and employees. The assets of the scheme are administered by trustees in a fund independent from those of the company. |
| Contributions of £41,452 (2023: £36,424) were paid by the company to the scheme during the year. At the period end the unpaid pension contributions liability was £4,259 (2023: £7,758). |
| Defined benefit scheme |
| The company operated a defined benefit pension scheme for the benefit of the directors whose assets are held in an independently administered fund separate from those of the company. During 2015, this pension scheme converted into a final salary SASS. There are two members, both of whom are directors or shareholders, and they have confirmed that the company is not obliged to fund the pension scheme deficit, therefore no liability is recognised in the financial statements. |
| 23. | CAPITAL COMMITMENTS |
| 26.10.24 | 28.10.23 |
| as restated |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| 24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following loans with directors are included within the financial statements: |
| Amounts owed by directors to the company - £143,379 (2023 £43,379). |
| There is no interest due on the balances due to or from the directors, and all balances are repayable on demand. |
| During the year a director waived their rights to dividends totalling £6,000 on 2,400 of the £1 Ordinary shares held. A dividend of £1,000 (2023: £1,000) was paid to a director during the year on the £1 Ordinary shares. |
| During the year the annual fixed cumulative preference share dividend of 7%, £70,000 (2023: nil), was paid to a director. |
| 25. | RELATED PARTY DISCLOSURES |
| 26.10.24 | 28.10.23 |
| as restated |
| £ | £ |
| Amount due to related party |
| During the period, a total of key management personnel compensation of £ |
| 26. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is N A Woodward Esq by virtue of his majority shareholding in the company. |