Company Registration No. 07188303 (England and Wales)
COOLEX HEAT TRANSFER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
COOLEX HEAT TRANSFER LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
COOLEX HEAT TRANSFER LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
375,642
409,680
Current assets
Stocks
88,881
95,881
Debtors
4
107,047
75,262
Cash at bank and in hand
58,964
29,070
254,892
200,213
Creditors: amounts falling due within one year
5
(211,970)
(186,405)
Net current assets
42,922
13,808
Total assets less current liabilities
418,564
423,488
Creditors: amounts falling due after more than one year
6
(142,044)
(160,132)
Provisions for liabilities
(14,698)
(19,991)
Net assets
261,822
243,365
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
261,821
243,364
Total equity
261,822
243,365
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
COOLEX HEAT TRANSFER LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 23 December 2019
S W Parker
Director
Company Registration No. 07188303
COOLEX HEAT TRANSFER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Coolex Heat Transfer Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2 Lace Market Square, Nottingham, Nottinghamshire, NG1 1PB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised
when services are provided
at the fair value of the consideration received or receivable in the normal course of business
, and
is shown net of VAT
,
other sales related taxes, settlement discounts and volume rebates
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
2% on cost
Property improvements
10% on cost
Plant and machinery
25% on cost
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
25% on cost
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
COOLEX HEAT TRANSFER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Loans and borrowings
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit
.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 8 (2018 - 8).
COOLEX HEAT TRANSFER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
3
Tangible fixed assets
Freehold property
Property improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2018
293,227
84,215
63,584
4,733
23,922
6,250
475,931
Additions
-
-
2,303
-
671
-
2,974
At 31 March 2019
293,227
84,215
65,887
4,733
24,593
6,250
478,905
Depreciation and impairment
At 1 April 2018
5,864
16,543
26,564
1,184
11,329
4,767
66,251
Depreciation charged in the year
5,864
8,425
16,471
887
4,994
371
37,012
At 31 March 2019
11,728
24,968
43,035
2,071
16,323
5,138
103,263
Carrying amount
At 31 March 2019
281,499
59,247
22,852
2,662
8,270
1,112
375,642
At 31 March 2018
287,363
67,672
37,020
3,549
12,593
1,483
409,680
COOLEX HEAT TRANSFER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
107,047
73,426
Other debtors
-
1,836
107,047
75,262
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
17,720
33,552
Trade creditors
30,927
24,438
Corporation tax
24,122
14,987
Other taxation and social security
35,240
24,656
Other creditors
103,961
88,772
211,970
186,405
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
142,044
160,132
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1 of £1 each
1
1
8
Related party transactions
At 31 March 2019 there was an amount of £102,322 (2018: £87,323) due from the company to the director. The loans are interest free and have no fixed repayment date.
All other transactions that took place were on normal commercial terms and on an arms length and therefore no further disclosure is required by FRS102 Section 1A.