G & W Refrigeration Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC081637 (Scotland)

Unaudited Financial Statements for the Year Ended 30 November 2018

for

G & W Refrigeration Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Brian Thomas Carberry

SECRETARY:

Theresa Carberry

REGISTERED OFFICE:

Block 3, Unit 5

Oakbank Industrial Estate

Glasgow

G20 7LU

REGISTERED NUMBER:

SC081637 (Scotland)

ACCOUNTANTS:

Stevenson & Kyles

Chartered Accountants

25 Sandyford Place

Glasgow

G3 7NG

FIXED ASSETS

Tangible assets

4

11,916

5,886

CURRENT ASSETS

Stock and work in progress

83,775

54,174

Debtors

5

140,673

150,126

Cash at bank and in hand

1,344

9,756

225,792

214,056

CREDITORS

Amounts falling due within one year

6

232,547

219,055

NET CURRENT LIABILITIES

(6,755

)

(4,999

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,161

887

CREDITORS

Amounts falling due after more than one year

7

(8,017

)

(1,849

)

PROVISIONS FOR LIABILITIES

8

(2,250

)

(1,118

)

NET LIABILITIES

(5,106

)

(2,080

)

CAPITAL AND RESERVES

Called up share capital

9

2,000

2,000

Retained earnings

(7,106

)

(4,080

)

SHAREHOLDERS' FUNDS

(5,106

)

(2,080

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 August 2020 and were signed by:

Brian Thomas Carberry - Director

1.	STATUTORY INFORMATION

G & W Refrigeration Limited is a private company, limited by shares , registered in Scotland.

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

-

20% on reducing balance

Fittings and equipment

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on cost

Stock and work in progress

Stock and work in progress and work in progress are valued at the lower of cost and net

realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and

handling costs in bringing stock and work in progress to their present location and condition.

Financial instruments

Basic financial instruments, including 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 administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2017 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fittings

Plant and

and

Motor

Computer

machinery

equipment

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 December 2017

7,968

2,244

16,590

3,340

30,142

Additions

-

-

10,995

-

10,995

Disposals

-

-

(7,495

)

-

(7,495

)

Transfer to ownership

-

-

(8,095

)

-

(8,095

)

At 30 November 2018

7,968

2,244

11,995

3,340

25,547

DEPRECIATION

At 1 December 2017

7,930

2,233

10,753

3,340

24,256

Charge for year

6

1

3,958

-

3,965

Eliminated on disposal

-

-

(6,495

)

-

(6,495

)

Transfer to ownership

-

-

(8,095

)

-

(8,095

)

At 30 November 2018

7,936

2,234

121

3,340

13,631

NET BOOK VALUE

At 30 November 2018

32

10

11,874

-

11,916

At 30 November 2017

38

11

5,837

-

5,886

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

Motor

vehicles

£

COST

At 1 December 2017

8,495

Additions

10,995

Transfer to ownership

(16,590

)

At 30 November 2018

2,900

DEPRECIATION

At 1 December 2017

3,717

Charge for year

2,749

Transfer to ownership

(3,717

)

At 30 November 2018

2,749

NET BOOK VALUE

At 30 November 2018

151

At 30 November 2017

4,778

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

133,644

138,958

Other debtors

7,029

11,168

140,673

150,126

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

4,598

2,774

Trade creditors

29,434

35,145

Taxation and social security

9,331

8,527

Other creditors

189,184

172,609

232,547

219,055

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

8,017

1,849

8.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

2,250

1,118

Deferred

tax

£

Balance at 1 December 2017

1,118

Provided during year

1,132

Balance at 30 November 2018

2,250

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

2,000

Ordinary

£1

2,000

2,000

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Brian Thomas Carberry.