Company registration number 06774658 (England and Wales)
COOL-THERM (HOLDINGS) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
COOL-THERM (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
COOL-THERM (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Current assets
Debtors
3
1,801
1,801
Net current assets
1,801
1,801
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
1,791
1,791
Total equity
1,801
1,801
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 24 July 2025 and are signed on its behalf by:
Mr A D Killeen
Director
Company registration number 06774658 (England and Wales)
COOL-THERM (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Cool-Therm (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Northgate, Aldridge, Walsall, West Midlands, WS9 8QD.
1.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £'000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of the ultimate parent company Carver Group Limited. These consolidated financial statements are available from its registered office, 15 Northgate, Aldridge, Walsall, West Midlands WS9 8QD.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group. As above, the financial statements of the company are consolidated in the financial statements of the ultimate parent company Carver Group Limited, of which Cool-Therm (Holdings) Limited is a wholly owned subsidiary.
1.2
Profit and loss account
The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.
COOL-THERM (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.3
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.4
Equity instruments
Equity instruments issued by the company 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 company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Debtors
2024
2023
Amounts falling due within one year:
£'000
£'000
Amounts owed by group undertakings
1,801
1,801
4
Financial commitments, guarantees and contingent liabilities
The company is party to a guarantee and indemnity in respect of the liabilities of Carver Group Limited (the ultimate parent company) and Carver International Limited (a fellow group company) in respect of their future funding obligations to their respective defined benefit schemes in the event of a default on their obligations to fund the schemes. The valuation, calculated by the actuary on a projected unit basis, shows a surplus at 31 December 2024 on the Carver Group Scheme of £235,000 restricted to £nil (2023: £26,000) and a deficit on the Carver International Scheme of £273,000 (2023: £304,000). To date there has been no default event and as such no amounts have been provided under the guarantee and indemnity.
The company is party to a cross guarantee in respect of the group overdraft and loan facility. There is a floating charge over the assets of the company in relation to this guarantee. As at 31 December 2024 there was a total group liability of £27,850,000 (2023: £30,279,000).
COOL-THERM (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
5
Related party transactions
The company is a wholly owned subsidiary of Carver Group Limited and has taken advantage of the exemption conferred by section 33.1A of FRS102 not to disclose transactions with Carver Group Limited or other wholly owned subsidiaries within the group.
6
Parent company
The company is a wholly owned subsidiary of Cool-Therm (Group) Limited, a company incorporate in the United Kingdom, The ultimate parent company is Carver Group Limited, a company incorporated in the United Kingdom.
The largest and smallest group in which the results of the company are consolidated is that headed by Carver Group Limited, incorporated in the United Kingdom. The consolidated accounts of this company are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. No other group accounts include the results of the company.