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 2019

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

2,672,676

2,749,015

Investments

5

560,871

560,871

Investment property

6

300,000

333,109

3,533,547

3,642,995

CURRENT ASSETS

Stocks

3,926

305

Debtors

7

796,584

838,269

800,510

838,574

CREDITORS

Amounts falling due within one year

8

421,220

424,892

NET CURRENT ASSETS

379,290

413,682

TOTAL ASSETS LESS CURRENT LIABILITIES

3,912,837

4,056,677

CREDITORS

Amounts falling due after more than one year

9

(1,517,344

)

(1,620,350

)

PROVISIONS FOR LIABILITIES

(43,000

)

(43,000

)

NET ASSETS

2,352,493

2,393,327

CAPITAL AND RESERVES

Called up share capital

1,050

1,050

Revaluation reserve

12

1,506,276

1,513,096

Retained earnings

845,167

879,181

SHAREHOLDERS' FUNDS

2,352,493

2,393,327

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 and authorised for issue on 30 September 2020 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.

Consolidation

The parent company and its subsidiary undertakings comprise a small group. The company has therefore taken

advantage of the exemption provided by section 398 of the Companies Act 2006 not to prepare group accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2018 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2019

2,525,000

455,593

33,111

117,488

3,131,192

Additions

-

13,468

1,307

75,176

89,951

Disposals

-

-

-

(117,488

)

(117,488

)

At 31 December 2019

2,525,000

469,061

34,418

75,176

3,103,655

DEPRECIATION

At 1 January 2019

73,400

225,687

19,781

63,309

382,177

Charge for year

36,700

58,391

2,107

23,590

120,788

Eliminated on disposal

-

-

-

(71,986

)

(71,986

)

At 31 December 2019

110,100

284,078

21,888

14,913

430,979

NET BOOK VALUE

At 31 December 2019

2,414,900

184,983

12,530

60,263

2,672,676

At 31 December 2018

2,451,600

229,906

13,330

54,179

2,749,015

Included in cost of land and buildings is freehold land of £ 690,000 (2018 - £ 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 2019

62,990

59,214

122,204

Additions

-

75,176

75,176

Disposals

-

(59,214

)

(59,214

)

At 31 December 2019

62,990

75,176

138,166

DEPRECIATION

At 1 January 2019

11,810

30,070

41,880

Charge for year

9,449

20,377

29,826

Eliminated on disposal

-

(35,534

)

(35,534

)

At 31 December 2019

21,259

14,913

36,172

NET BOOK VALUE

At 31 December 2019

41,731

60,263

101,994

At 31 December 2018

51,180

29,144

80,324

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2019

and 31 December 2019

560,871

NET BOOK VALUE

At 31 December 2019

560,871

At 31 December 2018

560,871

Cost or valuation at 31 December 2019 represented by:

£

Cost

25,125

Valuation in 2019

535,746

560,871

The directors consider the fair value of the investment at 31 December 2019 to be £560,871.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2019

333,109

Impairments

(33,109

)

At 31 December 2019

300,000

NET BOOK VALUE

At 31 December 2019

300,000

At 31 December 2018

333,109

Fair value at 31 December 2019 is represented by:

£

Valuation in 2019

300,000

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

31.12.19

31.12.18

£

£

Cost

333,109

333,109

Aggregate depreciation

(5,462

)

(2,731

)

Investment property was valued on an open market basis on 31 December 2019 by the directors .

7.

DEBTORS

31.12.19

31.12.18

£

£

Amounts falling due within one year:

Trade debtors

107,617

159,463

Amounts owed by group undertakings

639,779

-

Other debtors

49,188

38,712

796,584

198,175

Amounts falling due after more than one year:

Amounts owed by group undertakings

-

640,094

Aggregate amounts

796,584

838,269

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans and overdrafts

241,864

182,639

Hire purchase contracts (see note 10)

28,796

23,249

Trade creditors

36,228

42,291

Taxation and social security

66,172

102,914

Other creditors

48,160

73,799

421,220

424,892

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans

1,494,319

1,607,310

Hire purchase contracts (see note 10)

23,025

13,040

1,517,344

1,620,350

Amounts falling due in more than five years:

Repayable by instalments

Bank loan repayable over 5 years

1,015,401

1,170,205

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.19

31.12.18

£

£

Net obligations repayable:

Within one year

28,796

23,249

Between one and five years

23,025

13,040

51,821

36,289

Non-cancellable operating

leases

31.12.19

31.12.18

£

£

Within one year

12,162

5,784

Between one and five years

28,522

18,380

40,684

24,164

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.19

31.12.18

£

£

Bank overdrafts

132,684

82,991

Bank loans

1,603,499

1,706,958

Hire purchase contracts

51,821

36,289

1,788,004

1,826,238

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 2019

1,513,096

Reclassification

(6,820

)

At 31 December 2019

1,506,276

13.	POST BALANCE SHEET EVENTS

After the year end a group restructuring arrangement has been completed to demerge and separate the family

companies. This included the release of the inter-company loan of £634,821 owed to Cool-stak Limited by

King's Lynn Warehousing & Distribution Limited, it's former subsidiary.