Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-312025-03-312024-04-01falsefalseInstallation of industrial machinery and equipment2829trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00457930 2024-04-01 2025-03-31 00457930 2023-04-01 2024-03-31 00457930 2025-03-31 00457930 2024-03-31 00457930 c:Director1 2024-04-01 2025-03-31 00457930 d:Buildings 2024-04-01 2025-03-31 00457930 d:Buildings 2025-03-31 00457930 d:Buildings 2024-03-31 00457930 d:Buildings d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 00457930 d:PlantMachinery 2024-04-01 2025-03-31 00457930 d:PlantMachinery 2025-03-31 00457930 d:PlantMachinery 2024-03-31 00457930 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 00457930 d:MotorVehicles 2024-04-01 2025-03-31 00457930 d:MotorVehicles 2025-03-31 00457930 d:MotorVehicles 2024-03-31 00457930 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 00457930 d:OfficeEquipment 2024-04-01 2025-03-31 00457930 d:OfficeEquipment 2025-03-31 00457930 d:OfficeEquipment 2024-03-31 00457930 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 00457930 d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 00457930 d:CurrentFinancialInstruments 2025-03-31 00457930 d:CurrentFinancialInstruments 2024-03-31 00457930 d:Non-currentFinancialInstruments 2025-03-31 00457930 d:Non-currentFinancialInstruments 2024-03-31 00457930 d:CurrentFinancialInstruments d:WithinOneYear 2025-03-31 00457930 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 00457930 d:Non-currentFinancialInstruments d:AfterOneYear 2025-03-31 00457930 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 00457930 d:ShareCapital 2025-03-31 00457930 d:ShareCapital 2024-03-31 00457930 d:RetainedEarningsAccumulatedLosses 2025-03-31 00457930 d:RetainedEarningsAccumulatedLosses 2024-03-31 00457930 c:FRS102 2024-04-01 2025-03-31 00457930 c:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 00457930 c:FullAccounts 2024-04-01 2025-03-31 00457930 c:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 00457930 d:AcceleratedTaxDepreciationDeferredTax 2025-03-31 00457930 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 00457930 2 2024-04-01 2025-03-31 00457930 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2025-03-31 00457930 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-03-31 00457930 d:LeasedAssetsHeldAsLessee 2025-03-31 00457930 d:LeasedAssetsHeldAsLessee 2024-03-31 00457930 e:PoundSterling 2024-04-01 2025-03-31 iso4217:GBP xbrli:pure

Registered number: 00457930









WATFORD REFRIGERATION AND AIR CONDITIONING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2025

 
WATFORD REFRIGERATION AND AIR CONDITIONING LIMITED
REGISTERED NUMBER: 00457930

BALANCE SHEET
AS AT 31 MARCH 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 4 
446,263
629,168

  
446,263
629,168

Current assets
  

Stocks
  
120,023
273,263

Debtors: amounts falling due within one year
 5 
2,608,848
581,621

Cash at bank and in hand
 6 
207,697
1,428,760

  
2,936,568
2,283,644

Creditors: amounts falling due within one year
 7 
(1,269,474)
(970,659)

Net current assets
  
 
 
1,667,094
 
 
1,312,985

Total assets less current liabilities
  
2,113,357
1,942,153

Creditors: amounts falling due after more than one year
 8 
(64,193)
(68,308)

Provisions for liabilities
  

Deferred tax
 9 
(111,566)
(31,802)

  
 
 
(111,566)
 
 
(31,802)

Net assets
  
1,937,598
1,842,043


Capital and reserves
  

Called up share capital 
  
625
625

Profit and loss account
  
1,936,973
1,841,418

  
1,937,598
1,842,043


Page 1

 
WATFORD REFRIGERATION AND AIR CONDITIONING LIMITED
REGISTERED NUMBER: 00457930
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 August 2025.




L Hutchinson
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
WATFORD REFRIGERATION AND AIR CONDITIONING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

Watford Refrigeration and Air Conditioning Limited is a company limited by shares, incorporated in England and Wales.
The principal activity of the company was the installation of refrigeration and air conditioning equipment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
WATFORD REFRIGERATION AND AIR CONDITIONING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
WATFORD REFRIGERATION AND AIR CONDITIONING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
over 50 years
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
WATFORD REFRIGERATION AND AIR CONDITIONING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 28 (2024 - 29).

Page 6

 
WATFORD REFRIGERATION AND AIR CONDITIONING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2024
350,000
46,720
710,329
192,640
1,299,689


Additions
-
4,049
500
5,260
9,809


Disposals
-
-
(159,292)
-
(159,292)



At 31 March 2025

350,000
50,769
551,537
197,900
1,150,206



Depreciation


At 1 April 2024
149,917
43,228
303,680
173,696
670,521


Charge for the year on owned assets
7,000
1,410
83,816
2,911
95,137


Disposals
-
-
(61,715)
-
(61,715)



At 31 March 2025

156,917
44,638
325,781
176,607
703,943



Net book value



At 31 March 2025
193,083
6,131
225,756
21,293
446,263



At 31 March 2024
200,083
3,492
406,649
18,944
629,168

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2025
2024
£
£



Motor vehicles
61,555
82,074

61,555
82,074


5.


Debtors

2025
2024
£
£


Trade debtors
807,577
536,813

Amounts owed by group undertakings
1,721,600
-

Other debtors
30,663
-
Page 7

 
WATFORD REFRIGERATION AND AIR CONDITIONING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

5.Debtors (continued)


Prepayments and accrued income
49,008
44,808

2,608,848
581,621



6.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
207,697
1,428,760

207,697
1,428,760



7.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
506,915
442,522

Amounts owed to group undertakings
248,000
-

Corporation tax
302,974
336,494

Other taxation and social security
49,417
72,005

Obligations under finance lease and hire purchase contracts
4,115
1,452

Other creditors
73,457
41,806

Accruals and deferred income
84,596
76,380

1,269,474
970,659



8.


Creditors: Amounts falling due after more than one year

2025
2024
£
£

Net obligations under finance leases and hire purchase contracts
64,193
68,308

64,193
68,308



9.


Deferred taxation

Page 8

 
WATFORD REFRIGERATION AND AIR CONDITIONING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
 
9.Deferred taxation (continued)




2025


£






At beginning of year
(31,802)


Charged to profit or loss
(79,764)



At end of year
(111,566)

The provision for deferred taxation is made up as follows:

2025
2024
£
£


Accelerated capital allowances
(111,566)
(31,802)

(111,566)
(31,802)


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £41,232 (2024: £42,124). Contributions totalling £9,343 (2024: £8,924) were payable to the fund at the balance sheet date and are included in creditors.

The Company operates a Defined benefit pension scheme.

The pension cost and provision for the period ending 31 March 2025 are based on the advice of a professionally qualified actuary. the most recent formal valuation is dated 1 February 2024. The scheme closed for further accrual of benefit to the members on 31 May 2004.
Contributions are being made at a rate of £5,000 per month. At the balance sheet date the estimated total assets and liabilities resulted in an estimated shortfall of £nil.












Page 9

 
WATFORD REFRIGERATION AND AIR CONDITIONING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

11.


Related party transactions

At the balance sheet date the company was owed £1,473,600 (2024: £Nil) from its parent company.


12.


Controlling party

The company is controlled by Watford Ref Holdings Limited, a company incorporated in England and Wales.
 
Page 10