Subzero (2003) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04662916 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

FOR

SUBZERO (2003) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

G D Tomkins

S Williams

D E Williams

SECRETARY:

S Williams

REGISTERED OFFICE:

Russell House

140 High Street

Edgware

Middlesex

HA8 7LW

REGISTERED NUMBER:

04662916 (England and Wales)

ACCOUNTANTS:

The Paris Partnership LLP

Chartered Accountants

Russell House

140 High Street

Edgware

Middlesex

HA8 7LW

FIXED ASSETS

Tangible assets

4

128,866

150,854

CURRENT ASSETS

Stocks

8,952

8,234

Debtors

5

428,866

358,063

Cash at bank and in hand

84,164

32,603

521,982

398,900

CREDITORS

Amounts falling due within one year

6

(372,848

)

(314,309

)

NET CURRENT ASSETS

149,134

84,591

TOTAL ASSETS LESS CURRENT LIABILITIES

278,000

235,445

CREDITORS

Amounts falling due after more than one year

7

(35,768

)

(67,147

)

PROVISIONS FOR LIABILITIES

8

(24,383

)

(28,539

)

NET ASSETS

217,849

139,759

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

10

217,848

139,758

SHAREHOLDERS' FUNDS

217,849

139,759

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 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 26 February 2020 and were signed on its behalf by:

S Williams - Director

1.	STATUTORY INFORMATION

Subzero (2003) 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

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 in other

administrative expenses.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid

investments with original maturities of three months or less.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2018 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2018

362,856

Additions

18,824

At 31 May 2019

381,680

DEPRECIATION

At 1 June 2018

212,002

Charge for year

40,812

At 31 May 2019

252,814

NET BOOK VALUE

At 31 May 2019

128,866

At 31 May 2018

150,854

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

Plant and

machinery

etc

£

COST

At 1 June 2018

and 31 May 2019

138,936

DEPRECIATION

At 1 June 2018

36,215

Charge for year

25,677

At 31 May 2019

61,892

NET BOOK VALUE

At 31 May 2019

77,044

At 31 May 2018

102,721

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

370,061

301,208

Other debtors

58,805

56,855

428,866

358,063

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

-

24,341

Hire purchase contracts

31,560

31,740

Trade creditors

229,541

176,891

Taxation and social security

57,720

37,310

Other creditors

54,027

44,027

372,848

314,309

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

35,768

67,147

8.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

24,383

28,539

Deferred

tax

£

Balance at 1 June 2018

28,539

Credit to Income Statement during year

(4,156

)

Balance at 31 May 2019

24,383

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

10

Ordinary 10p

10p

1

1

10.

RESERVES

Retained

earnings

£

At 1 June 2018

139,758

Profit for the year

168,090

Dividends

(90,000

)

At 31 May 2019

217,848

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2019 and

31 May 2018:

2019

2018

£

£

S Williams

Balance outstanding at start of year

-

-

Amounts advanced

110,660

-

Amounts repaid

(124,109

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(13,449

)

-

12.	ULTIMATE CONTROLLING PARTY

The controlling party is S Williams.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to

file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements

and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Subzero (2003) Limited for the year ended 31 May 2019 which comprise the Income Statement,

Balance Sheet and the related notes from the company's accounting records and from information and explanations

you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Subzero (2003) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Subzero (2003) Limited and state those matters that we have agreed to state to the Board of Directors of Subzero (2003) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Subzero (2003) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Subzero (2003) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Subzero (2003) Limited. You consider that Subzero (2003) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Subzero (2003) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Paris Partnership LLP

Chartered Accountants

Russell House

140 High Street

Edgware

Middlesex

HA8 7LW

26 February 2020