Cool & Heat Ltd - Accounts to registrar (filleted) - small 23.2.5

COOL & HEAT LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M E J Peacock

Mrs D Peacock

R A Coar

REGISTERED OFFICE:

Unit 4, Dale Industrial Estate

Radcliffe

Manchester

West Yorkshire

M26 1AD

REGISTERED NUMBER:

04665531 (England and Wales)

ACCOUNTANTS:

Wilkinson and Partners

Chartered Accountants

Fairfax House

6a Mill Field Road

Cottingley Business Park

Bradford

West Yorkshire

BD16 1PY

FIXED ASSETS

Tangible assets

4

153,457

125,753

CURRENT ASSETS

Stocks

5

438,735

392,428

Debtors

6

1,830,352

1,797,018

Cash at bank and in hand

9,171

54

2,278,258

2,189,500

CREDITORS

Amounts falling due within one year

7

1,302,422

1,117,920

NET CURRENT ASSETS

975,836

1,071,580

TOTAL ASSETS LESS CURRENT LIABILITIES

1,129,293

1,197,333

CREDITORS

Amounts falling due after more than one year

8

(79,189

)

(67,431

)

PROVISIONS FOR LIABILITIES

9

(2,595

)

(16,521

)

NET ASSETS

1,047,509

1,113,381

CAPITAL AND RESERVES

Called up share capital

10

2,000

2,000

Retained earnings

1,045,509

1,111,381

SHAREHOLDERS' FUNDS

1,047,509

1,113,381

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 November 2023 and were signed on its behalf by:

M E J Peacock - Director

1.	STATUTORY INFORMATION

Cool & Heat Ltd 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.

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

-

15% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks 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 stocks to their present location and condition.

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.

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 28 (2022 - 33 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2022

17,994

20,988

195,728

234,710

Additions

-

2,184

89,020

91,204

Disposals

-

-

(31,509

)

(31,509

)

At 31 March 2023

17,994

23,172

253,239

294,405

DEPRECIATION

At 1 April 2022

15,274

14,445

79,238

108,957

Charge for year

408

1,745

48,053

50,206

Eliminated on disposal

-

-

(18,215

)

(18,215

)

At 31 March 2023

15,682

16,190

109,076

140,948

NET BOOK VALUE

At 31 March 2023

2,312

6,982

144,163

153,457

At 31 March 2022

2,720

6,543

116,490

125,753

The net book value of tangible fixed assets includes £ 135,488 (2022 - £ 116,490 ) in respect of assets held under hire purchase contracts.

5.

STOCKS

31.3.23

31.3.22

£

£

Stocks

210,006

208,860

Work-in-progress

228,729

183,568

438,735

392,428

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

1,317,640

1,178,105

Other debtors

499,855

589,855

Prepayments

12,857

29,058

1,830,352

1,797,018

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

279,334

-

Hire purchase contracts

56,366

48,526

Trade creditors

677,904

758,217

Tax

-

22,917

Social security and other taxes

33,481

34,085

VAT

189,486

151,510

Accrued expenses

65,851

102,665

1,302,422

1,117,920

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Hire purchase contracts

79,189

67,431

9.	PROVISIONS FOR LIABILITIES

31.3.23

31.3.22

£

£

Deferred tax

2,595

16,521

Deferred

tax

£

Balance at 1 April 2022

16,521

Accelerated Capital Allowances

(4,458

)

Losses Carried Forward

(9,468

)

Balance at 31 March 2023

2,595

The entire provision for deferred tax relates to accelerated capital allowances.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

2,000

Ordinary

£1.00

2,000

2,000

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Cool & Heat (Holdings) Limited.