| Refrigeration Spares Limited |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
|
|
| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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The Financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit and loss. |
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The financial statements are prepared in Sterling, which is the functional currency of the entity. |
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Going Concern |
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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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Consolidation |
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The company has taken advantage of the excemption under Section 401 of the Companies act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual and not about its group. |
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The company's immediate parent is Ipcom UK, incorporated in England. The ultimate parent is Green Leaf Tppco BV, incorporated in Belgium. |
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The most senior parent entity producing publicly available financial staements is Green Leaf Topco BV. These financial statements are available upon request from Brusselsesteenweg 94 Bus 201 Melle, 9090, Belgium. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer and 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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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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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 loss. |
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Plant and machinery |
15% reducing balance |
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Motor Vehicles |
25% reducing balance |
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Fixtures, fittings, tools and equipment |
15% reducing balance |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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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 is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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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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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. |
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Provisions are initially mesured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit and loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Audit information |
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The audit report is qualified. |
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Senior statutory auditor: |
Brian Laidlaw |
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Firm: |
Azets Audit Services |
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Date of audit report: |
18 December 2025 |
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| 3 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
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Average number of persons employed by the company |
23 |
|
24 |
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| 4 |
Tangible fixed assets |
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Plant and machinery etc |
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Fixtures, fittings and equipment |
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Motor vehicles |
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Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 January 2024 |
111,470 |
|
88,275 |
|
262,795 |
|
462,540 |
|
Additions |
5,286 |
|
43,400 |
|
- |
|
48,686 |
|
Disposals |
- |
|
- |
|
(54,697) |
|
(54,697) |
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At 31 December 2024 |
116,756 |
|
131,675 |
|
208,098 |
|
456,529 |
|
|
|
|
|
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|
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Depreciation |
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At 1 January 2024 |
101,162 |
|
65,094 |
|
180,635 |
|
346,891 |
|
Charge for the year |
2,339 |
|
9,987 |
|
17,542 |
|
29,868 |
|
On disposals |
- |
|
- |
|
(42,705) |
|
(42,705) |
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At 31 December 2024 |
103,501 |
|
75,081 |
|
155,472 |
|
334,054 |
|
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|
|
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|
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Net book value |
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At 31 December 2024 |
13,255 |
|
56,594 |
|
52,626 |
|
122,475 |
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At 31 December 2023 |
10,308 |
|
23,181 |
|
82,160 |
|
115,649 |
|
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|
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Freehold land and buildings: |
2024 |
|
2023 |
| £ |
£ |
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Historical cost |
764,542 |
|
764,542 |
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|
|
|
|
|
764,542 |
|
764,542 |
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| 5 |
Investments |
| Investments in |
| group |
| undertakings |
Total |
| £ |
£ |
|
Cost |
|
At 1 January 2024 |
2,500 |
|
|
|
2,500 |
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Disposals |
(2,500) |
|
|
|
(2,500) |
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At 31 December 2024 |
- |
|
|
|
- |
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|
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Historical cost |
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At 1 January 2024 |
2,500 |
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At 31 December 2024 |
|
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| 6 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
|
Trade debtors |
538,173 |
|
831,228 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
465,998 |
|
- |
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Deferred tax asset |
|
|
|
|
- |
|
- |
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Other debtors |
95,658 |
|
207,790 |
|
|
|
|
|
|
1,099,829 |
|
1,039,018 |
|
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Amounts due after more than one year included above |
- |
|
- |
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| 7 |
Profit/Loss before taxation |
2024 |
|
2023 |
| £ |
£ |
|
Depreciation of tangible assets |
29,868 |
|
33,294 |
|
Interest receivable from group undertakings |
(15,998) |
|
Fees payable for the audit of the financial statements |
18,000 |
|
8,250 |
|
Gain/(loss) on foreign exchange |
3,820 |
|
(3,200) |
|
|
|
|
|
|
35,690 |
|
38,344 |
|
|
|
|
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|
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Profit/loss before taxation is state after charging/(crediting): |
|
|
| 8 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Non-equity preference shares |
- |
|
- |
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Bank loans and overdrafts |
1,293 |
|
- |
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Obligations under finance lease and hire purchase contracts |
- |
|
- |
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Trade creditors |
210,924 |
|
229,221 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
86,640 |
|
- |
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Taxation and social security costs |
62,945 |
|
86,143 |
|
Other creditors |
55,784 |
|
802,882 |
|
|
|
|
|
|
417,586 |
|
1,118,246 |
|
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|
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|
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| 9 |
Stocks |
2024 |
|
2023 |
| £ |
£ |
|
|
Finished goods and goods for resale |
918,102 |
|
1,052,261 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Deferred tax |
2024 |
|
2023 |
| £ |
£ |
|
|
Deferred tax |
|
6,706 |
|
2,378 |
|
|
|
|
|
|
|
|
|
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| 11 |
Prior period errors |
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Pension costs - Scheme cessation costs |
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During the year the company introduced an accrual in respect of pension scheme recognition. This adjustment relates to obligations arising in the prior financial year which had not previously been recognised. |
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The comparative figures have been restated accordingly. The effect of this adjustment is as follows: |
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Administrative expenses for the prior year increased by £760,398. |
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Profit before taxation decreased by £760,398. |
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Tax for the prior year decreased by £62,467. |
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Retained earnings at 01 January 2024 decreased by £697,931. |
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The corporation tax included within creditors at the year end was reduced by £62,467. |
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The pension accrual included within creditors at the year end amounts to £760,398. |
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This adjustment has been made to ensure that the financial statements reflect a true and fair view of the company's financial positoion and performance. |
| 12 |
Related party transactions |
|
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During the financial year the company had purchases and sales to and from connected companies within the group. All purchases and sales were normal trading transactions which were all processed at arms length. |
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| 13 |
Parent company |
|
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The company's immediate parent is Ipcom UK, incorporated in England. 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 staements are available upon request from Brusselsesteenweg 94 Bus 201 Melle, 9090, Belgium. |
|
| 14 |
Other information |
|
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Refrigeration Spares Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Unit E |
|
Project Park |
|
North Crescent |
|
London |
|
E16 3LS |