Sovereign Refrigeration Limited - Accounts to registrar - small 16.3d

REGISTERED NUMBER: 01935971 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 November 2017

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:

Greenfields

Church Lane

Hammerwich

Walsall

West Midlands

WS7 0JS

REGISTERED NUMBER:

01935971 (England and Wales)

ACCOUNTANTS:

N R Penn & Co Limited

5 Load Street

Bewdley

Worcestershire

DY12 2AF

FIXED ASSETS

Intangible assets

4

5,713

7,140

Tangible assets

5

1,799,688

1,803,326

1,805,401

1,810,466

CURRENT ASSETS

Stocks

44,870

64,065

Debtors

6

732,387

415,563

Investments

7

200,000

100,000

Cash at bank

405,038

475,600

1,382,295

1,055,228

CREDITORS

Amounts falling due within one year

8

519,299

525,157

NET CURRENT ASSETS

862,996

530,071

TOTAL ASSETS LESS CURRENT LIABILITIES

2,668,397

2,340,537

CREDITORS

Amounts falling due after more than one year

9

761,728

821,966

NET ASSETS

1,906,669

1,518,571

CAPITAL AND RESERVES

Called up share capital

8

8

Retained earnings

1,906,661

1,518,563

SHAREHOLDERS' FUNDS

1,906,669

1,518,571

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 30 July 2018 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 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.

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 2012, 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.

Freehold property

-

not provided

Improvements to property

-

15% on reducing balance

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on 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.

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

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 25 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2016

and 30 November 2017

14,275

AMORTISATION

At 1 December 2016

7,135

Amortisation for year

1,427

At 30 November 2017

8,562

NET BOOK VALUE

At 30 November 2017

5,713

At 30 November 2016

7,140

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

Motor

property

property

machinery

vehicles

Totals

£

£

£

£

£

COST

At 1 December 2016

1,653,735

36,554

164,381

189,421

2,044,091

Additions

-

-

2,719

37,636

40,355

Disposals

-

-

-

(11,500

)

(11,500

)

At 30 November 2017

1,653,735

36,554

167,100

215,557

2,072,946

DEPRECIATION

At 1 December 2016

-

34,630

112,965

93,170

240,765

Charge for year

-

289

8,121

32,768

41,178

Eliminated on disposal

-

-

-

(8,685

)

(8,685

)

At 30 November 2017

-

34,919

121,086

117,253

273,258

NET BOOK VALUE

At 30 November 2017

1,653,735

1,635

46,014

98,304

1,799,688

At 30 November 2016

1,653,735

1,924

51,416

96,251

1,803,326

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.17

30.11.16

£

£

Trade debtors

431,959

398,663

Other debtors

300,428

16,900

732,387

415,563

7.	CURRENT ASSET INVESTMENTS

30.11.17

30.11.16

£

£

Investment bonds

200,000

100,000

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.17

30.11.16

£

£

Bank loans and overdrafts

64,400

84,244

Trade creditors

181,506

204,238

Taxation and social security

256,509

213,476

Other creditors

16,884

23,199

519,299

525,157

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.17

30.11.16

£

£

Bank loans

761,728

821,966