Company Registration No. 07188303 (England and Wales)
COOLEX HEAT TRANSFER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
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 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
409,680
404,217
Current assets
Stocks
95,881
49,545
Debtors
4
75,262
68,700
Cash at bank and in hand
29,070
102,851
200,213
221,096
Creditors: amounts falling due within one year
5
(186,405)
(228,655)
Net current assets/(liabilities)
13,808
(7,559)
Total assets less current liabilities
423,488
396,658
Creditors: amounts falling due after more than one year
6
(160,132)
(177,111)
Provisions for liabilities
(19,991)
(13,604)
Net assets
243,365
205,943
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
243,364
205,942
Total equity
243,365
205,943
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 2018 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 2018
31 March 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 January 2019
S W Parker
Director
Company Registration No. 07188303
COOLEX HEAT TRANSFER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 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 2018
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 (2017 - 7).
COOLEX HEAT TRANSFER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
3
Tangible fixed assets
Freehold property
Property improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2017
293,227
69,459
41,044
-
23,790
6,250
433,770
Additions
-
14,756
22,540
4,733
132
-
42,161
At 31 March 2018
293,227
84,215
63,584
4,733
23,922
6,250
475,931
Depreciation and impairment
At 1 April 2017
-
8,168
10,617
-
6,494
4,273
29,552
Depreciation charged in the year
5,864
8,375
15,947
1,184
4,835
494
36,699
At 31 March 2018
5,864
16,543
26,564
1,184
11,329
4,767
66,251
Carrying amount
At 31 March 2018
287,363
67,672
37,020
3,549
12,593
1,483
409,680
At 31 March 2017
293,227
61,291
30,427
-
17,295
1,977
404,217
COOLEX HEAT TRANSFER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
73,426
65,792
Other debtors
1,836
2,908
75,262
68,700
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
33,552
16,800
Trade creditors
24,438
121,774
Corporation tax
14,987
19,622
Other taxation and social security
24,656
4,424
Other creditors
88,772
66,035
186,405
228,655
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
160,132
177,111
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 of £1 each
1
1
1
1
8
Related party transactions
At 31 March 2018 there was an amount of £87,323 (2017: £63,218) 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.