Sovereign Refrigeration Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01935971 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 November 2021

for

Sovereign Refrigeration Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R F Evans

SECRETARY:

C Evans

REGISTERED OFFICE:

Unit 5/12 Birchbrook Industrial Park

Lynn Lane

Shenstone

Lichfield

Staffordshire

WS14 0DJ

REGISTERED NUMBER:

01935971 (England and Wales)

ACCOUNTANTS:

N R Penn & Co Limited

The Association Of Accounting Technicians

5 Load Street

Bewdley

Worcestershire

DY12 2AF

FIXED ASSETS

Intangible assets

4

49,005

57,432

Tangible assets

5

511,782

381,514

Investments

6

400

400

Investment property

7

2,657,874

2,458,736

3,219,061

2,898,082

CURRENT ASSETS

Stocks

50,000

50,000

Debtors

8

829,905

727,633

Investments

9

250,000

200,000

Cash at bank

1,247,192

1,272,357

2,377,097

2,249,990

CREDITORS

Amounts falling due within one year

10

710,284

670,346

NET CURRENT ASSETS

1,666,813

1,579,644

TOTAL ASSETS LESS CURRENT LIABILITIES

4,885,874

4,477,726

CREDITORS

Amounts falling due after more than one year

11

(810,829

)

(942,358

)

PROVISIONS FOR LIABILITIES

(73,725

)

(45,615

)

NET ASSETS

4,001,320

3,489,753

CAPITAL AND RESERVES

Called up share capital

8

8

Retained earnings

4,001,312

3,489,745

4,001,320

3,489,753

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2021 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 July 2022 and were signed by:

R F Evans - Director

1.	STATUTORY INFORMATION

Sovereign Refrigeration 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible 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

-

10% on cost

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2020 - 33 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2020

and 30 November 2021

84,275

AMORTISATION

At 1 December 2020

26,843

Charge for year

8,427

At 30 November 2021

35,270

NET BOOK VALUE

At 30 November 2021

49,005

At 30 November 2020

57,432

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 December 2020

176,795

669,419

846,214

Additions

-

285,537

285,537

Disposals

-

(42,667

)

(42,667

)

At 30 November 2021

176,795

912,289

1,089,084

DEPRECIATION

At 1 December 2020

35,359

429,341

464,700

Charge for year

17,680

119,589

137,269

Eliminated on disposal

-

(24,667

)

(24,667

)

At 30 November 2021

53,039

524,263

577,302

NET BOOK VALUE

At 30 November 2021

123,756

388,026

511,782

At 30 November 2020

141,436

240,078

381,514

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 December 2020

and 30 November 2021

400

NET BOOK VALUE

At 30 November 2021

400

At 30 November 2020

400

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2020

2,458,736

Additions

336,681

Disposals

(137,543

)

At 30 November 2021

2,657,874

NET BOOK VALUE

At 30 November 2021

2,657,874

At 30 November 2020

2,458,736

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.21

30.11.20

£

£

Trade debtors

568,421

426,399

Other debtors

261,484

301,234

829,905

727,633

9.	CURRENT ASSET INVESTMENTS

30.11.21

30.11.20

£

£

Investment bonds

250,000

200,000

At 30th November 2021 the investment had a market value of £296115.

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.21

30.11.20

£

£

Bank loans and overdrafts

130,000

130,000

Hire purchase contracts

30,000

-

Trade creditors

197,827

151,440

Taxation and social security

295,286

372,219

Other creditors

57,171

16,687

710,284

670,346

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.21

30.11.20

£

£

Bank loans

665,664

942,358

Hire purchase contracts

145,165

-

810,829

942,358