Closed Circuit Cooling Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01455046 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2019

FOR

CLOSED CIRCUIT COOLING LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr T R Dodd

Mr M C Farmer

Mr J R McCartney

Mr G C Wicks

SECRETARY:

Mr M C Farmer

REGISTERED OFFICE:

Stafford Park 16

Telford

Shropshire

TF3 3BS

REGISTERED NUMBER:

01455046 (England and Wales)

AUDITORS:

Stanton Ralph & Co Limited

Chartered Accountants

Statutory Auditor

The Old Police Station

Whitburn Street

Bridgnorth

Shropshire

WV16 4QP

FIXED ASSETS

65,118

Tangible assets

4

65,526

CURRENT ASSETS

32,562

Stocks

146,966

1,537,635

Debtors

2,080,820

255,725

Cash at bank and in hand

834,105

1,825,922

3,061,891

CREDITORS

1,389,643

Amounts falling due within one year

2,414,513

436,279

NET CURRENT ASSETS

647,378

501,397

TOTAL ASSETS LESS CURRENT LIABILITIES

712,904

CREDITORS

(19,549

)

Amounts falling due after more than one year

(18,546

)

(44,000

)

PROVISIONS FOR LIABILITIES

(44,618

)

437,848

NET ASSETS

649,740

CAPITAL AND RESERVES

90

Called up share capital

5

90

437,758

Retained earnings

649,650

437,848

SHAREHOLDERS' FUNDS

649,740

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30th June 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 18th March 2020 and were signed on its behalf by:

Mr G C Wicks - Director

1.	STATUTORY INFORMATION

Closed Circuit Cooling 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.

Turnover

Turnover represents invoiced sale of goods and services, excluding value added tax, except in respect of

construction activities which are described at 1.6 below.

Revenue from the sale of goods is recognised when the significant ricks and rewards of ownership of the goods

have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is

probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred

or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of

completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. the

stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly rates and

materials, as a proportion of total costs. Where the outcome cannot be estimated reliably. revenue is recognised

only to the extent of the expenses recognised that are recoverable.

Impairment of fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

20% on reducing balance and over the period of the lease

Plant and machinery etc

-

33% on cost, 25% on cost, 20% on reducing balance and 10% on reducing balance

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine

whether there is any indication that those assets have suffered an impairment loss. If any such indication exists,

the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the

recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the

estimated future cash flows are discounted to their present value using a pre-tax discounted rate that reflects

current market assessments of the time value of money and the risks specific to the asset for which the estimates

of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount,

the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment

loss is recognised immediately in profit and loss, unless the relevant asset is carried at a revalued amount, in

which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to

apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating

unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount

does not exceed the carrying amount that would have been determined had no impairment loss been recognised

for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately

in profit and loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the

impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises

direct materials and, where applicable, direct labour costs and those overheads that have been incurred in

bringing the stock to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and

costs, adjusted where applicable for any loss or service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over

its estimated selling prices less costs to complete and sell is recognised as an impairment loss in profit or loss.

Reversals of impairment losses are also recognised in profit and loss.

Financial instruments

The company has elected to apply the provisions of section 11 'Basic financial Instruments' and section 12 'Other

Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognized in the company's balance sheet when the company becomes party to the

contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is

a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price in including transaction costs and are subsequently carried at amortised cost using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the company after deducting all of its liabilities.

Basic financial liabilities

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 constitute a

financing transaction, where the debt instrument is measured at the present value of the future payments

discounted at a market rate of interest. Financial liabilities classified as payable within one year are not

amortised.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of

the company.

Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are

subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in

profit and loss immediately unless the derivative is designated and effective as a hedging instrument, in which

event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair

value is recognised as a financial liability.

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.

Leases

Rentals payable under operating leases, including any lease incentive received, are charged to income on a

straight line basis over the term of the relevant lease except where another lore systematic basis is more

representative of the time pattern in which economic benefits from the lease asset are consumed.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are

required to be recognised as part of the cost of stock and fixed assets.

the cost of any unused holiday entitlement is recognised in the period in which the employee's services are

received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to

terminate the employment of an employee or to provide termination benefits.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by

reference to the stage of completion of the contract activity at the reporting end date. Variations in contract

work, claims and incentive payments are included to the extent that the amount can be measured reliably and its

receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as

an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract coss are recognised as

expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract

costs incurred where it is probable that they will be recoverable.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given

period. The stage of completion is measured by proportion of contract costs incurred for work performed to date

compared to the estimated total contract costs. costs incurred in the year in connection with future activity on a

contract are excluded from contract costs in determining the stage of completion. These costs are presented as

stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

Bank interest accruing on capital borrowed to fund the production of long term contracts is carried forward

within long term contract balances.

Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past

event, it is probable that the company will be required to settle that obligation and a reliable estimate can be

made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present

obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the

obligation is recognised at present value. When a provision is measured at present value, the unwinding of the

discount is recognised as a finance cost in profit or loss in the period in which it arises.

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 borrowing in current liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2018 - 41 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st July 2018

830,235

Additions

1,201

At 30th June 2019

831,436

DEPRECIATION

At 1st July 2018

765,117

Charge for year

6,909

Eliminated on disposal

(6,116

)

At 30th June 2019

765,910

NET BOOK VALUE

At 30th June 2019

65,526

At 30th June 2018

65,118

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.19

30.6.18

value:

£

£

90

Ordinary

£1

90

90

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Darren Foot FCA (Senior Statutory Auditor)

for and on behalf of Stanton Ralph & Co Limited