Cool-Stak Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01176011 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

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

SECRETARY:

B W Lockwood

REGISTERED OFFICE:

27-29 Old Market

Wisbech

Cambridgeshire

PE13 1NE

BUSINESS ADDRESS:

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

Tangible assets

4

2,881,252

2,805,932

Investments

5

620,589

287,555

3,501,841

3,093,487

CURRENT ASSETS

Stocks

771

6,506

Debtors

6

936,547

1,146,440

937,318

1,152,946

CREDITORS

Amounts falling due within one year

7

453,712

409,255

NET CURRENT ASSETS

483,606

743,691

TOTAL ASSETS LESS CURRENT LIABILITIES

3,985,447

3,837,178

CREDITORS

Amounts falling due after more than one year

8

(1,544,227

)

(1,640,374

)

PROVISIONS FOR LIABILITIES

(56,100

)

(90,384

)

NET ASSETS

2,385,120

2,106,420

CAPITAL AND RESERVES

Called up share capital

1,050

1,050

Revaluation reserve

10

1,604,710

1,229,662

Retained earnings

779,360

875,708

SHAREHOLDERS' FUNDS

2,385,120

2,106,420

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 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 Board of Directors on 10 September 2018 and were signed on its behalf by:

B W 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 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 as modified by the revaluation of certain assets.

The directors believe that the company is well placed to manage its financial risks successfully and has

reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable

future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual

financial statements.

Turnover

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

tax.

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 in accordance with Financial Reporting Standard 102 has been included at deemed cost on

transition. A provision for corporation tax on capital gains which would arise if in the future the freehold

property was sold at the balance sheet value has also been recognised. The net amount is not distributable and

has been transferred to a revaluation reserve. Depreciation is charged at 2% straight line on the deemed 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.

Valuation of investments

Investments in subsidiaries are measured at fair value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2016 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2017

2,525,000

367,146

50,338

109,438

3,051,922

Additions

6,063

183,293

-

10,800

200,156

Disposals

-

(64,255

)

-

(2,750

)

(67,005

)

At 31 December 2017

2,531,063

486,184

50,338

117,488

3,185,073

DEPRECIATION

At 1 January 2017

-

192,165

27,917

25,908

245,990

Charge for year

36,700

52,593

3,363

22,008

114,664

Eliminated on disposal

-

(54,165

)

-

(2,668

)

(56,833

)

At 31 December 2017

36,700

190,593

31,280

45,248

303,821

NET BOOK VALUE

At 31 December 2017

2,494,363

295,591

19,058

72,240

2,881,252

At 31 December 2016

2,525,000

174,981

22,421

83,530

2,805,932

Included in cost of land and buildings is freehold land of £ 690,000 (2016 - £ 690,000 ) which is not depreciated.

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2017

39,700

90,604

130,304

Additions

62,990

-

62,990

At 31 December 2017

102,690

90,604

193,294

DEPRECIATION

At 1 January 2017

6,451

16,230

22,681

Charge for year

8,317

18,594

26,911

At 31 December 2017

14,768

34,824

49,592

NET BOOK VALUE

At 31 December 2017

87,922

55,780

143,702

At 31 December 2016

33,249

74,374

107,623

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 January 2017

287,555

Revaluations

333,034

At 31 December 2017

620,589

NET BOOK VALUE

At 31 December 2017

620,589

At 31 December 2016

287,555

Cost or valuation at 31 December 2017 represented by:

£

Cost

50

Valuation in 2017

620,539

620,589

The directors consider the fair value of the investment at 31 December 2017 to be £620,589.

6.

DEBTORS

31.12.17

31.12.16

£

£

Amounts falling due within one year:

Trade debtors

254,702

209,944

Other debtors

41,845

29,700

296,547

239,644

Amounts falling due after more than one year:

Other debtors

640,000

906,796

Aggregate amounts

936,547

1,146,440

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans and overdrafts

173,132

137,849

Hire purchase contracts

43,017

28,473

Trade creditors

33,239

33,638

Taxation and social security

81,387

86,081

Other creditors

122,937

123,214

453,712

409,255

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans

1,507,938

1,603,178

Hire purchase contracts

36,289

37,196

1,544,227

1,640,374

Amounts falling due in more than five years:

Repayable by instalments

Bank loan repayable over 5 years

1,104,197

1,213,487

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.17

31.12.16

£

£

Bank overdrafts

80,583

48,521

Bank loans

1,600,487

1,692,506

Hire purchase contracts

79,306

65,669

1,760,376

1,806,696

B W & T J Lockwood have made a personal guarantee in favour of Barclays Bank Plc amounting to £200,000.

In addition there is an unlimited cross guarantee and debenture in favour of Barclays Bank PLC given by the

company and its subsidiary King's Lynn Warehousing & Distribution Limited in respect of the group debt.

10.

RESERVES

Revaluation

reserve

£

At 1 January 2017

1,229,662

Reclassification

375,048

At 31 December 2017

1,604,710