Cool-Stak Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01176011 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

COOL-STAK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B W Lockwood

Mrs T J Lockwood

SECRETARY:

B W Lockwood

REGISTERED OFFICE:

27-29 Old Market

Wisbech

Cambridgeshire

PE13 1NE

BUSINESS ADDRESS:

Lynn Road

West Winch

King's Lynn

Norfolk

PE33 0PD

REGISTERED NUMBER:

01176011 (England and Wales)

ACCOUNTANTS:

Wheelers

Chartered Accountants & Tax Consultants

27-29 Old Market

Wisbech

Cambridgeshire

PE13 1NE

FIXED ASSETS

Tangible assets

4

2,749,015

2,881,252

Investments

5

560,871

620,589

Investment property

6

333,109

-

3,642,995

3,501,841

CURRENT ASSETS

Stocks

305

771

Debtors

7

838,269

936,547

838,574

937,318

CREDITORS

Amounts falling due within one year

8

424,892

453,712

NET CURRENT ASSETS

413,682

483,606

TOTAL ASSETS LESS CURRENT LIABILITIES

4,056,677

3,985,447

CREDITORS

Amounts falling due after more than one year

9

(1,620,350

)

(1,544,227

)

PROVISIONS FOR LIABILITIES

(43,000

)

(56,100

)

NET ASSETS

2,393,327

2,385,120

CAPITAL AND RESERVES

Called up share capital

1,050

1,050

Revaluation reserve

12

1,513,096

1,604,710

Retained earnings

879,181

779,360

SHAREHOLDERS' FUNDS

2,393,327

2,385,120

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 27 September 2019 and were signed on its behalf by:

B W Lockwood - Director

1.	STATUTORY INFORMATION

Cool-Stak Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

The directors believe that the company is well placed to manage its financial risks successfully and has

reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable

future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual

financial statements.

Turnover

Turnover represents net invoiced sales of goods and provision of warehousing services, excluding value added

tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

15% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Freehold property in accordance with Financial Reporting Standard 102 has been included at deemed cost on

transition. A provision for corporation tax on capital gains which would arise if in the future the freehold

property was sold at the balance sheet value has also been recognised. The net amount is not distributable and

has been transferred to a revaluation reserve. Depreciation is charged at 2% straight line on the deemed cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Investment property is carried at fair value determined annually by external valuers or based on the opinion of

the board of directors and derived from the current market rents and investment property yields for comparable

real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.

Changes in fair value are recognised in the profit and loss account.

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 Income Statement, 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.

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.

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.

Valuation of investments

Investments in subsidiaries are measured at fair value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2017 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2018

2,531,063

486,184

50,338

117,488

3,185,073

Additions

-

1,987

-

-

1,987

Disposals

-

(32,578

)

(17,227

)

-

(49,805

)

Reclassification/transfer

(6,063

)

-

-

-

(6,063

)

At 31 December 2018

2,525,000

455,593

33,111

117,488

3,131,192

DEPRECIATION

At 1 January 2018

36,700

190,593

31,280

45,248

303,821

Charge for year

36,700

62,128

2,859

18,061

119,748

Eliminated on disposal

-

(27,034

)

(14,358

)

-

(41,392

)

At 31 December 2018

73,400

225,687

19,781

63,309

382,177

NET BOOK VALUE

At 31 December 2018

2,451,600

229,906

13,330

54,179

2,749,015

At 31 December 2017

2,494,363

295,591

19,058

72,240

2,881,252

Included in cost of land and buildings is freehold land of £ 690,000 (2017 - £ 690,000 ) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2018

102,690

90,604

193,294

Transfer to ownership

(39,700

)

(31,390

)

(71,090

)

At 31 December 2018

62,990

59,214

122,204

DEPRECIATION

At 1 January 2018

14,768

34,824

49,592

Charge for year

9,448

9,715

19,163

Transfer to ownership

(12,406

)

(14,469

)

(26,875

)

At 31 December 2018

11,810

30,070

41,880

NET BOOK VALUE

At 31 December 2018

51,180

29,144

80,324

At 31 December 2017

87,922

55,780

143,702

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 January 2018

620,589

Revaluations

(59,718

)

At 31 December 2018

560,871

NET BOOK VALUE

At 31 December 2018

560,871

At 31 December 2017

620,589

Cost or valuation at 31 December 2018 represented by:

£

Cost

25,125

Valuation in 2018

535,746

560,871

The directors consider the fair value of the investment at 31 December 2018 to be £560,871.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

327,046

Reclassification/transfer

6,063

At 31 December 2018

333,109

NET BOOK VALUE

At 31 December 2018

333,109

Fair value at 31 December 2018 is represented by:

£

Valuation in 2018

333,109

If investment property had not been revalued it would have been included at the following historical cost:

31.12.18

31.12.17

£

£

Cost

333,109

-

Investment property was valued on an open market basis on 31 December 2018 by the directors .

7.

DEBTORS

31.12.18

31.12.17

£

£

Amounts falling due within one year:

Trade debtors

159,463

254,702

Other debtors

38,712

41,845

198,175

296,547

Amounts falling due after more than one year:

Amounts owed by group undertakings

640,094

640,000

Aggregate amounts

838,269

936,547

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans and overdrafts

182,639

173,132

Hire purchase contracts (see note 10)

23,249

43,017

Trade creditors

42,291

33,239

Taxation and social security

102,914

81,387

Other creditors

73,799

122,937

424,892

453,712

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans

1,607,310

1,507,938

Hire purchase contracts (see note 10)

13,040

36,289

1,620,350

1,544,227

Amounts falling due in more than five years:

Repayable by instalments

Bank loan repayable over 5 years

1,170,205

1,104,197

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.18

31.12.17

£

£

Net obligations repayable:

Within one year

23,249

43,017

Between one and five years

13,040

36,289

36,289

79,306

Non-cancellable operating

leases

31.12.18

31.12.17

£

£

Within one year

5,784

-

Between one and five years

18,380

-

24,164

-

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.18

31.12.17

£

£

Bank overdrafts

82,991

80,583

Bank loans

1,706,958

1,600,487

Hire purchase contracts

36,289

79,306

1,826,238

1,760,376

The bank loans are secured by way of legal charges in favour of Barclays Bank Plc over freehold property of the

group and investment property of the company.

B W & T J Lockwood have also provided a personal guarantee of £350,000 in respect of group bank borrowing.

In addition there is an unlimited cross guarantee and debenture in favour of Barclays Bank PLC given by the

company and its subsidiary King's Lynn Warehousing & Distribution Limited in respect of the group debt.

12.

RESERVES

Revaluation

reserve

£

At 1 January 2018

1,604,710

Reclassification

(91,614

)

At 31 December 2018

1,513,096