| Refrigeration Products (1999) Limited |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
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| 1 |
General information |
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The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 39, Somerton Industrial Estate, Dargan Crescent, Belfast BT3 9JP. |
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| 2 |
Statement of compliance |
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These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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| 3 |
Accounting policies |
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Basis of preparation |
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The financial statements have been prepared on the historical cost basis. |
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The financial statements are prepared in Sterling, which is the functional currency of the entity. |
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The company's immediate parent is IPCOM United Kingdom Limited, incorporated in UK. The ultimate parent is Green Leaf Topco BV, incorporated in Belguim. |
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The most senior entity producing publicly available financial statements is Green Leaf Topco BV. These financial statements are available upon request from Brusselsesteenweg 94 Bus 201 Melle, 9090, Belgium. |
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Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
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The company meets its day to day working capital requirements through cash generated from operations and related party borrowings. |
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The company's forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. |
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Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
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Taxation |
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The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. |
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Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference. |
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Foreign currencies |
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Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss. |
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Tangible fixed assets |
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Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. |
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Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
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An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or Ioss. |
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Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: |
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Long leasehold property |
2.50% |
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straight line |
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Plant and machinery |
20/33.3% |
|
straight line |
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Motor vehicles |
20.00% |
|
straight line |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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Impairment |
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A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
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When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. |
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Financial instruments |
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A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. |
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Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
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Debt instruments are subsequently measured at amortised cost. |
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Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. |
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Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
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Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. |
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Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
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For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. |
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Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
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Defined contribution plans |
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Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. |
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When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises. |
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| 4 |
Employees |
2024 |
|
2023 |
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Average number of persons employed by the company |
5 |
|
5 |
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| 5 |
Profit before taxation |
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Profit before taxation is stated after charging/(crediting): |
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|
2024 |
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2023 |
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Depreciation of tangible assets |
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|
13,149 |
|
13,149 |
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Fees payable for the audit of the financial statements |
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|
18,000 |
|
- |
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| 6 |
Tangible fixed assets |
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Long leasehold property |
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Plant and machinery |
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Motor vehicles |
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Total |
| £ |
£ |
£ |
£ |
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Cost |
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At 1 January 2024 and 31 December 2024 |
110,000 |
|
36,632 |
|
51,995 |
|
198,627 |
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|
|
|
|
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|
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Depreciation |
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At 1 January 2024 |
33,000 |
|
36,632 |
|
20,798 |
|
90,430 |
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Charge for the year |
2,750 |
|
- |
|
10,399 |
|
13,149 |
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At 31 December 2024 |
35,750 |
|
36,632 |
|
31,197 |
|
103,579 |
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|
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Net book value |
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At 31 December 2024 |
74,250 |
|
- |
|
20,798 |
|
95,048 |
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At 31 December 2023 |
77,000 |
|
- |
|
31,197 |
|
108,197 |
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| 7 |
Stock |
2024 |
|
2023 |
| £ |
£ |
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Finished good and goods for resale |
381,475 |
|
572,918 |
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| 8 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
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Trade debtors |
435,426 |
|
257,767 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
62,520 |
- |
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Other debtors |
5,642 |
|
11,909 |
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|
503,588 |
|
269,676 |
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| 9 |
Creditors |
2024 |
|
2023 |
| £ |
£ |
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Trade creditors |
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|
|
|
12,848 |
|
19,289 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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|
|
|
34,515 |
|
- |
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Corporation tax |
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|
|
|
79,242 |
|
74,346 |
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Social security and other taxes |
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|
|
|
88,139 |
|
67,646 |
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Other creditors |
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|
|
|
79,392 |
|
9,000 |
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|
|
|
|
294,136 |
|
170,281 |
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| 10 |
Related party transactions |
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During the year the company had purchases and sales to and from connected companies within the group. All purchases and sales were normal transactions which were all processed at arms length. |
| 11 |
Parent Company |
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The company's immediate parent is IPCOM United Kingdom Limited, incorporated in UK. The ultimate parent is Green Leaf Topco BV, incorporated in Belgium. The most senior entity producing publicly available financial statements is Green Leaf Topco BV. These financial statements are available upon request from Brusselsesteenweg 94 Bus 201 Melle, 9090, Belgium. |
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| 12 |
Approval of financial statements |
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The board of directors approved these financial statements for issue on 18 December 2025 |