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Registration number: 03289419

Cool Projects Limited

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 30 September 2024

 

Cool Projects Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Financial Statements

3 to 9

 

Cool Projects Limited

(Registration number: 03289419)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

59,279

90,014

Current assets

 

Stocks

5

3,440

3,276

Debtors

6

692,429

932,552

Cash at bank and in hand

 

41,275

71,987

 

737,144

1,007,815

Creditors: Amounts falling due within one year

7

(678,637)

(579,082)

Net current assets

 

58,507

428,733

Total assets less current liabilities

 

117,786

518,747

Creditors: Amounts falling due after more than one year

7

(51,581)

(84,892)

Provisions for liabilities

(14,820)

(22,503)

Net assets

 

51,385

411,352

Capital and reserves

 

Called up share capital

10,000

10,000

Profit and loss account

41,385

401,352

Shareholders' funds

 

51,385

411,352

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 17 April 2025
 

 

Cool Projects Limited

(Registration number: 03289419)
Statement of Financial Position as at 30 September 2024

.........................................
P J Ford
Director

 

Cool Projects Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: The Hay Barn Suite 4 The Deer Park Business Centre, Woollas Hill, Eckington, Worcestershire, WR10 3DN. England.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Contract revenue recognition

In respect of long-term contracts and contracts for on-going services, revenue represents the value of work done in the year, including estimates of amounts not invoiced. Revenue in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Cool Projects Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Fixtures and fittings

20% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

 

Cool Projects Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

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

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2023 - 11).

 

Cool Projects Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

9,853

8,575

14,115

142,903

175,446

Additions

-

-

1,080

32,500

33,580

Disposals

(4,222)

(2,460)

(733)

(86,908)

(94,323)

At 30 September 2024

5,631

6,115

14,462

88,495

114,703

Depreciation

At 1 October 2023

9,518

7,544

8,973

59,397

85,432

Charge for the year

102

206

1,555

16,980

18,843

Eliminated on disposal

(4,219)

(2,389)

(712)

(41,531)

(48,851)

At 30 September 2024

5,401

5,361

9,816

34,846

55,424

Carrying amount

At 30 September 2024

230

754

4,646

53,649

59,279

At 30 September 2023

335

1,031

5,142

83,506

90,014

5

Stocks

2024
£

2023
£

Raw materials and consumables

3,440

3,276

 

Cool Projects Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

595,491

422,765

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

42,624

393,027

Prepayments

 

3,600

10,738

Other debtors

 

50,714

106,022

 

692,429

932,552

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

8

24,458

29,483

Trade creditors

 

485,798

362,501

Taxation and social security

 

98,773

70,885

Accruals and deferred income

 

61,503

103,432

Other creditors

 

8,105

12,781

 

678,637

579,082

Amounts payable under finance lease agreements are secured against the assets to which they relate to.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

51,581

84,892

 

Cool Projects Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,866

25,005

Finance lease liabilities

36,715

59,887

51,581

84,892

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,139

9,889

Finance lease liabilities

14,319

19,594

24,458

29,483

9

Related party transactions

The company has granted a debenture in favour of the bank as security for loan facilities given by the bank to its parent undertaking 60 Months Limited.

Transactions with the director

2024

At 1 October 2023
£

At 30 September 2024
£

P J Ford

Loans to director

6,250

6,250

E G Dyne

Loans to director

6,250

6,250

2023

At 1 October 2022
£

At 30 September 2023
£

P J Ford

Loans to director

6,250

6,250

E G Dyne

Loans to director

6,250

6,250

 

Cool Projects Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

10

Parent and ultimate parent undertaking

The company's parent undertaking is 60 Months Limited, incorporated in England and Wales. The registered office of this company is Knoll House, Knoll Road, Camberley, Surrey GU15 3SY.