Intercool Systems Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 03679781 (England and Wales)

Intercool Systems Limited

Unaudited Financial Statements

for the Year Ended 30 September 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M J Walsh

SECRETARY:

Ms C J Walsh

REGISTERED OFFICE:

Unit 1 Verulam Court

St Albans Road

Stafford

Staffordshire

ST16 3DR

REGISTERED NUMBER:

03679781 (England and Wales)

ACCOUNTANTS:

Haines Watts

Sterling House

97 Lichfield Street

Tamworth

Staffordshire

B79 7QF

FIXED ASSETS

Tangible assets

4

15,642

42,242

CURRENT ASSETS

Stocks

2,532

2,975

Debtors

5

41,942

57,397

Cash at bank

6,885

3,400

51,359

63,772

CREDITORS

Amounts falling due within one year

6

39,430

54,361

NET CURRENT ASSETS

11,929

9,411

TOTAL ASSETS LESS CURRENT LIABILITIES

27,571

51,653

CREDITORS

Amounts falling due after more than one year

7

(5,185

)

(9,933

)

PROVISIONS FOR LIABILITIES

(2,972

)

(8,448

)

NET ASSETS

19,414

33,272

CAPITAL AND RESERVES

Called up share capital

10

1

1

Retained earnings

19,413

33,271

SHAREHOLDERS' FUNDS

19,414

33,272

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 21 March 2018 and were signed by:

M J Walsh - Director

1.	STATUTORY INFORMATION

Intercool Systems 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

The company has adopted the provisions set out in FRS102 (Section 1A) for small companies. This is the first

year that the company has prepared financial statements under the new regulatory framework. It is not

considered that there are any transitional adjustments required to either the prior year figures nor those at the

transitional date. As such, no reconciliation is provided in these financial statements.

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

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write

off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Computer Equipment

33% on cost

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2016

81,142

Disposals

(42,384

)

At 30 September 2017

38,758

DEPRECIATION

At 1 October 2016

38,900

Charge for year

5,233

Eliminated on disposal

(21,017

)

At 30 September 2017

23,116

NET BOOK VALUE

At 30 September 2017

15,642

At 30 September 2016

42,242

The net book value of tangible assets includes £14,553 (2016: £38,367) in respect of assets held under finance

leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £4,851 (2016:

£12,789) for the year.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

38,297

35,203

Amounts owed by associates

2,957

22,194

Other debtors

688

-

41,942

57,397

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts (see note 8)

4,748

11,550

Trade creditors

23,502

27,820

Taxation and social security

10,110

6,930

Other creditors

1,070

8,061

39,430

54,361

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts (see note 8)

5,185

9,933

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2017

2016

£

£

Net obligations repayable:

Within one year

4,748

11,550

Between one and five years

5,185

9,933

9,933

21,483

Non-cancellable operating

leases

2017

2016

£

£

Within one year

2,517

-

Between one and five years

6,293

-

8,810

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

9,933

21,483

Hire purchase liabilities are secured by way of a charge over the assets to which they relate.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1

Ordinary

£1

1

1

11.	RELATED PARTY DISCLOSURES

At the year end the amount owed from companies under common control was £2,957 (2016: £22,194).

At the year end the company was owed £668 by Directors (2016: £6,945 owed to Directors).