Cool-Stak Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01176011 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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

R A Lockwood

SECRETARY:

B W Lockwood

REGISTERED OFFICE:

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

Intangible assets

4

4,662

6,174

Tangible assets

5

4,263,131

3,619,016

Investment property

6

300,000

300,000

4,567,793

3,925,190

CURRENT ASSETS

Stocks

1,130

2,258

Debtors

7

443,229

255,631

444,359

257,889

CREDITORS

Amounts falling due within one year

8

676,314

464,351

NET CURRENT LIABILITIES

(231,955

)

(206,462

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,335,838

3,718,728

CREDITORS

Amounts falling due after more than one year

9

(1,226,417

)

(1,379,527

)

PROVISIONS FOR LIABILITIES

(361,636

)

(221,926

)

NET ASSETS

2,747,785

2,117,275

CAPITAL AND RESERVES

Called up share capital

1,050

1,050

Revaluation reserve

12

1,928,195

1,615,727

Retained earnings

818,540

500,498

SHAREHOLDERS' FUNDS

2,747,785

2,117,275

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 25 August 2023 and were signed on its behalf by:

B W Lockwood - Director

R A 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.

At the balance sheet date the company had a working capital deficit of £231,955 by virtue of its current liabilities exceeding its current assets. The directors are confident that the going concern basis for the preparation of the financial statements is appropriate, and have confirmed their continuing support for the company in writing.

Turnover

Turnover represents net invoiced sales of goods and provision of warehousing services, excluding value added tax.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

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 as a class of assets within property, plant and equipment has been measured under the revaluation model. As such it is carried at its fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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 22 (2021 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2022

and 31 December 2022

7,560

AMORTISATION

At 1 January 2022

1,386

Charge for year

1,512

At 31 December 2022

2,898

NET BOOK VALUE

At 31 December 2022

4,662

At 31 December 2021

6,174

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 January 2022

3,258,850

548,145

42,442

218,008

4,067,445

Additions

82,310

158,154

199

60,107

300,770

Disposals

-

(22,490

)

-

-

(22,490

)

Revaluations

458,840

-

-

-

458,840

At 31 December 2022

3,800,000

683,809

42,641

278,115

4,804,565

DEPRECIATION

At 1 January 2022

-

397,287

26,438

24,704

448,429

Charge for year

-

60,984

2,428

52,083

115,495

Eliminated on disposal

-

(22,490

)

-

-

(22,490

)

At 31 December 2022

-

435,781

28,866

76,787

541,434

NET BOOK VALUE

At 31 December 2022

3,800,000

248,028

13,775

201,328

4,263,131

At 31 December 2021

3,258,850

150,858

16,004

193,304

3,619,016

Included in cost or valuation of land and buildings is freehold land of £ 690,000 (2021 - £ 690,000 ) which is not depreciated.

Cost or valuation at 31 December 2022 is represented by:

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

Valuation in 2022

2,174,831

-

-

-

2,174,831

Cost

1,625,169

683,809

42,641

278,115

2,629,734

3,800,000

683,809

42,641

278,115

4,804,565

If freehold land and buildings had not been revalued it would have been included at the following historical cost:

31.12.22

31.12.21

£

£

Cost

2,616,160

2,533,850

Aggregate depreciation

220,554

183,677

Value of land in freehold land and buildings

690,000

690,000

Freehold land and building were valued on an open market basis on 20 December 2022 by Carter Jonas .

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 January 2022

35,714

218,008

253,722

Additions

119,586

60,107

179,693

Transfer to ownership

-

(39,185

)

(39,185

)

At 31 December 2022

155,300

238,930

394,230

DEPRECIATION

At 1 January 2022

893

24,704

25,597

Charge for year

16,475

47,720

64,195

Transfer to ownership

-

(21,735

)

(21,735

)

At 31 December 2022

17,368

50,689

68,057

NET BOOK VALUE

At 31 December 2022

137,932

188,241

326,173

At 31 December 2021

34,821

193,304

228,125

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

and 31 December 2022

300,000

NET BOOK VALUE

At 31 December 2022

300,000

At 31 December 2021

300,000

Fair value at 31 December 2022 is represented by:

£

Valuation in 2022

300,000

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

31.12.22

31.12.21

£

£

Cost

333,109

333,109

Aggregate depreciation

(13,655

)

(10,924

)

Investment property was valued on an open market basis on 20 December 2022 by Carter Jonas .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

275,139

196,171

Other debtors

168,090

59,460

443,229

255,631

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

414,076

256,432

Hire purchase contracts (see note 10)

74,415

36,898

Trade creditors

33,834

32,468

Amounts owed to group undertakings

6,267

13,217

Taxation and social security

99,187

57,474

Other creditors

48,535

67,862

676,314

464,351

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

1,051,032

1,254,944

Hire purchase contracts (see note 10)

175,385

124,583

1,226,417

1,379,527

Amounts falling due in more than five years:

Repayable by instalments

Bank loan repayable over 5 years

823,978

768,936

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.22

31.12.21

£

£

Net obligations repayable:

Within one year

74,415

36,898

Between one and five years

175,385

124,583

249,800

161,481

Non-cancellable operating

leases

31.12.22

31.12.21

£

£

Within one year

4,200

12,162

Between one and five years

-

4,199

4,200

16,361

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Bank overdrafts

198,881

143,925

Bank loans

1,266,227

1,367,451

Hire purchase contracts

249,800

161,481

1,714,908

1,672,857

The bank loans are secured by way of legal charges in favour of Barclays Bank Plc over freehold property of the company 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 borrowings for the company and associated companies.

In addition there is an unlimited cross guarantee and debenture in favour of Barclays Bank PLC given by the company and its associated company King's Lynn Warehousing & Distribution Limited in respect of the combined debt.

12.

RESERVES

Revaluation

reserve

£

At 1 January 2022

1,615,727

Revaluation reserve

458,840

Reclassification

(146,372

)

At 31 December 2022

1,928,195

13.	CAPITAL COMMITMENTS

31.12.22

31.12.21

£

£

Contracted but not provided for in the

financial statements

129,332

-

14.	RELATED PARTY DISCLOSURES

At the year end, an interest free loan amounting to £6,267 (2021 - £13,217) was owed to the parent company.