Cotswold Vale Refrigeration Limited - Accounts

Cotswold Vale Refrigeration Limited - Accounts

COTSWOLD VALE REFRIGERATION LIMITED - Company Information

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Registered Number: 05254801
England and Wales

 

 

 


Abridged Accounts

for the year ended 31 October 2021

for

COTSWOLD VALE REFRIGERATION LIMITED

Cotswold Vale Refrigeration Limited
Contents Page
For the year ended 31 October 2021
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 October 2021.

We have prepared these finance statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.

On the Balance Sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give a true and fair view.

You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.

The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.



....................................................
MBS Accountants
Unit 3 Tuffley Park
Lower Tuffley Lane
Gloucester
GL2 5DE
28 July 2022
1
 
 		 Notes
 		 2021
£		   2020
£
Fixed assets      
Tangible fixed assets 25,776    32,346 
25,776    32,346 
Current assets      
Stocks 28,656    21,494 
Debtors: amounts falling due within one year 213,070    85,266 
Cash at bank and in hand (10,924)   74,310 
230,802    181,070 
Creditors: amount falling due within one year (193,547)   (146,280)
Net current assets 37,255    34,790 
 
Total assets less current liabilities 63,031    67,136 
Creditors: amount falling due after more than one year (47,778)   (60,000)
Accruals and deferred income 11,963    3,214 
Provisions for liabilities (6,579)   (8,580)
Net assets 20,637    1,770 
 

Capital and reserves 		     
Called up share capital 20,000    20,000 
Profit and loss account 637    (18,230)
Shareholder's funds 20,637    1,770 
 


For the year ended 31 October 2021 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 28 July 2022 and were signed by:


--------------------------------
Colin Griffiths
Director
2
General Information
Cotswold Vale Refrigeration Limited is a private company, limited by shares, registered in England and Wales, registration number 05254801, registration address Unit 29 Stroud Business Centre Oldends Lane, Stonehouse, GL10 3RQ

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Reducing Balance
Motor Vehicles 20% Reducing Balance
Computer Equipment 25% 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 8 (2020 : 11).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 November 2020 90,000    90,000 
Additions -    - 
Disposals -    - 
At 31 October 2021 90,000    90,000 
Amortisation
At 01 November 2020 90,000    90,000 
Charge for year -    - 
On disposals -    - 
At 31 October 2021 90,000    90,000 
Net book values
At 31 October 2021 -    - 
At 31 October 2020 -    - 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £
At 01 November 2020 7,431    116,613    8,211    132,255 
Additions -    -    -    - 
Disposals -    -    -    - 
At 31 October 2021 7,431    116,613    8,211    132,255 
Depreciation
At 01 November 2020 5,363    88,318    6,228    99,909 
Charge for year 414    5,659    497    6,570 
On disposals -    -    -    - 
At 31 October 2021 5,777    93,977    6,725    106,479 
Net book values
Closing balance as at 31 October 2021 1,654    22,636    1,486    25,776 
Opening balance as at 01 November 2020 2,068    28,295    1,983    32,346 


5.

Share Capital

Allotted, called up and fully paid
2021
£		   2020
£
20,000 Class A shares of £1.00 each 20,000    20,000 
20,000    20,000 

3