REGISTERED NUMBER: 10860406 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

Coolmed Limited

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Intangible assets

4

5,352

-

Tangible assets

5

12,947

6,159

18,299

6,159

CURRENT ASSETS

Stocks

872,064

678,220

Debtors

6

2,393,772

1,519,591

Cash at bank

70,423

27,990

3,336,259

2,225,801

CREDITORS

Amounts falling due within one year

7

1,314,060

1,078,895

NET CURRENT ASSETS

2,022,199

1,146,906

TOTAL ASSETS LESS CURRENT LIABILITIES

2,040,498

1,153,065

PROVISIONS FOR LIABILITIES

3,237

1,540

NET ASSETS

2,037,261

1,151,525

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,037,161

1,151,425

SHAREHOLDERS' FUNDS

2,037,261

1,151,525

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

Mr S Johnson - Director

1.	STATUTORY INFORMATION

Coolmed Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

10860406

Registered office:

Unit 8

Centenary Park

Coronet Way

Salford

Greater Manchester

M50 1RE

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the group will continue its operations for the foreseeable future. This assessment is based on detailed forecasts prepared by management and reviewed by the group's principal lender. These forecasts demonstrate that the group is expected to maintain sufficient working capital and cash flow to meet its obligations as they fall due over the 12 months from the date of approval of these financial statements, including servicing debt, funding operations, and meeting commitments to employees and suppliers.

The group's ability to continue as a going concern is dependent on maintaining adequate headroom within its invoice financing facility and the continued support of suppliers. The directors are continuing to address the position, working closely with the group's stakeholders to ensure that this position continues to be maintained.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised as the company becomes entitled to consideration for the goods supplied.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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 year 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

Additions

5,839

At 31 December 2024

5,839

AMORTISATION

Amortisation for year

487

At 31 December 2024

487

NET BOOK VALUE

At 31 December 2024

5,352

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2024

7,812

Additions

9,001

At 31 December 2024

16,813

DEPRECIATION

At 1 January 2024

1,653

Charge for year

2,213

At 31 December 2024

3,866

NET BOOK VALUE

At 31 December 2024

12,947

At 31 December 2023

6,159

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

473,078

274,472

Amounts owed by group undertakings

1,618,119

818,425

Other debtors

302,575

426,694

2,393,772

1,519,591

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

638,663

714,873

Amounts owed to group undertakings

196,874

101,529

Taxation and social security

16,873

25,754

Other creditors

461,650

236,739

1,314,060

1,078,895

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

439,900

439,900

Between one and five years

219,950

659,850

659,850

1,099,750

The financial commitments noted above represents the total amount of payments remaining on property leases.

9.	SECURED DEBTS

Hire purchase liabilities are secured over the assets to which they relate.

Other Securities

The company had an invoice finance facility of £365,485 (2023: £198,029) at the year end.

A fixed and floating charge over all company assets and undertakings is held by Lloyds Bank Commercial Finance Ltd, this charge contains a negative pledge.

The group has entered into a multilateral guarantee with the Lloyds Bank Commercial Finance Ltd as follows:

Debentures consisting of fixed and floating charged over all the assets and undertaking of the reporting entity, OEM Appliances, Coolmed Limited, Xingbang UK Limited, Ship It Appliances Limited, For Everyone Group Ltd, Evec Ltd, CWW Holdings Limited and Coolmed Calibration Ltd.

In addition a further debenture has been entered into with Close Brothers Limited which includes a fixed and floating charges of the assets of the company and its fellow group companies, OEM Appliances Limited, Evec Limited, Ship it Appliances Limited and Xingbang UK Limited.

As at 31 December 2024, the group had an invoice finance facility of £3,337,066 (2023 - £3,865,346), a cashflow loan of £958,338 (2023 - £1,208,334) and a stock facility of £309,606 (2023 - £Nil)

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified 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.

We were not appointed as auditors of Coolmed Limited until after 31st December 2022 and thus did not observe the counting of physical stock at the beginning of the prior year. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31st December 2022 which are stated in the balance sheet at £913,737.

As a result of this matter, we were unable to determine whether any adjustments might have been found necessary in respect of recorded or unrecorded stock, and the elements making up the profit and loss account, statement of changes in equity and statement of cash flows.

Richard Thompson BA FCA (Senior Statutory Auditor)

for and on behalf of Thompson Wright (Audit) Limited

11.	ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking and controlling party is For Everyone Group Limited. The registered office of For Everyone Group Limited is Unit 8 Centenary Park, Coronet Way, Salford, Greater Manchester, England, M50 1RE.