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Registration number: 12988598

Coolmas Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2025

 

Coolmas Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Coolmas Ltd

Company Information

Directors

Mr J Cooley

Mrs E Cooley

Registered office

21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

Accountants

Rotherham Taylor Limited
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

Coolmas Ltd

(Registration number: 12988598)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

5

-

326,792

Investment property

6

411,018

-

Other financial assets

7

41,567

45,756

 

452,585

372,548

Current assets

 

Debtors

8

2,155

618

Cash at bank and in hand

 

22,752

37,354

 

24,907

37,972

Creditors: Amounts falling due within one year

9

(496,183)

(424,165)

Net current liabilities

 

(471,276)

(386,193)

Net liabilities

 

(18,691)

(13,645)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(18,791)

(13,745)

Shareholders' deficit

 

(18,691)

(13,645)

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 14 August 2025 and signed on its behalf by:
 

.........................................
Mr J Cooley
Director

 

Coolmas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

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

The address of its registered office is:
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

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.

Going concern

The financial statements have been prepared on a going concern basis as the Directors confirm that they will continue to support the company to meet its liabilities as they fall due.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from the rental of property and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Coolmas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Investment property

Investment property is recognised at cost on initial recognition. Subsequently, investment property is measured at fair value at the reporting date with any changes recognised in the profit and loss account.

Investments

Investments comprise of quoted equity instruments. Where an active market exists, they are valued at closing mid-market price on the reporting date. Where an active market does not exist, they are valued by the application of an appropriate valuation method as if the relevant investment was unquoted. Changes in value are recognised on profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 Profit and Loss Account 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.

 

Coolmas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

4

Loss before tax

During the period losses for tax purposes were generated however a deferred tax asset of £4,189 (2024: £2,450) has not been recognised given the uncertainity of the timing regarding the generation of future profits.

 

Coolmas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5

Tangible assets

Properties under construction
 £

Total
£

Cost or valuation

At 1 April 2024

326,792

326,792

Additions

84,226

84,226

Transfers

(411,018)

(411,018)

At 31 March 2025

-

-

Depreciation

Carrying amount

At 31 March 2025

-

-

At 31 March 2024

326,792

326,792

6

Investment properties

2025
£

Transfer to properties under construction

411,018

At 31 March 2025

411,018

There has been no valuation of investment property by an independent valuer.

 

Coolmas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2024

45,756

45,756

Fair value adjustments

(4,293)

(4,293)

Additions

4,999

4,999

Disposals

(4,895)

(4,895)

At 31 March 2025

41,567

41,567

Carrying amount

At 31 March 2025

41,567

41,567

8

Debtors

Current

2025
£

2024
£

Prepayments

655

618

Other debtors

1,500

-

 

2,155

618

 

Coolmas Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

9

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

10

493,435

423,019

Accruals and deferred income

 

1,248

1,146

Other creditors

 

1,500

-

 

496,183

424,165

10

Loans and borrowings

Current loans and borrowings

2025
£

2024
£

Bank overdrafts

-

58

Other borrowings

493,435

422,961

493,435

423,019

Other borrowings includes amounts owed to the Directors of £493,435 (2024: £1,422). The Directors' loans are interest free and repayable on demand.