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Unaudited Financial Statements |
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for the Year Ended 31 December 2018 |
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for |
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Direct Cooling Systems Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2018 |
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for |
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Direct Cooling Systems Limited |
Direct Cooling Systems Limited (Registered number: 04118287) |
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Contents of the Financial Statements |
for the year ended 31 December 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Direct Cooling Systems Limited |
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Company Information |
for the year ended 31 December 2018 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Cawley House |
149-155 Canal Street |
Nottingham |
Nottinghamshire |
NG1 7HR |
Direct Cooling Systems Limited (Registered number: 04118287) |
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Balance Sheet |
31 December 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
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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. |
Direct Cooling Systems Limited (Registered number: 04118287) |
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Balance Sheet - continued |
31 December 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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Direct Cooling Systems Limited (Registered number: 04118287) |
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Notes to the Financial Statements |
for the year ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Direct Cooling Systems Limited is a
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Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard |
102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose |
related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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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. |
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Long term contracts |
Long term contracts are contracts entered into for design, manufacture or construction of a single |
substantial asset or the provision of a service where the time taken to complete occurs in more |
than one accounting period and failure to record the turnover and profit on them would result in |
the accounts not giving a true and fair view. For the purposes of these accounts contracts with an |
estimated value on completion of more than £20,000 are held to be material and accounted for in |
accordance with the rules for long term contracts. |
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Amounts recoverable on long term contracts, which are included in debtors are stated at the net |
sales value of the work done after provisions for contingencies and anticipated future losses on |
contracts, less amounts received as progress payments on account. Excess payments are included |
in creditors as payments received on account. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Direct Cooling Systems Limited (Registered number: 04118287) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed |
at the balance sheet date. |
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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. |
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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. |
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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. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2018 |
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Additions |
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Disposals |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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Direct Cooling Systems Limited (Registered number: 04118287) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2018 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 1 January 2018 |
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Additions |
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Disposals | ( |
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Transfer to ownership | (47,890 | ) |
At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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Transfer to ownership | (42,298 | ) |
At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2018 |
and 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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Fair value at 31 December 2018 is represented by: |
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Valuation in 2018 | 19,975 |
Cost | 155,025 |
175,000 |
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If investment property had not been revalued it would have been included at the following |
historical cost: |
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2018 | 2017 |
£ | £ |
Cost | 155,025 | 155,025 |
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Investment property was valued on an open market basis basis on 31 December 2018 by the director |
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Direct Cooling Systems Limited (Registered number: 04118287) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2018 |
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6. | STOCKS |
2018 | 2017 |
£ | £ |
Work-in-progress |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 9,000 | 13,500 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Bank overdraft |
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Bank loans |
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Hire purchase contracts | 56,332 | 86,276 |
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There is a fixed and floating charge over the undertaking, its property and all of the current and |
future assets of the company, dated 17th July 2015 held by Svenska Handelsbanken. |
There is also a legal charge which secures all monies due or becoming due to Svenska |
Handelsbanken over 2 Stanhope Street, Long Eaton, Nottingham, dated 6th November 2015, by |
way of a fixed charge. |
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Obligations under hire purchase contracts are secured on the assets to which they relate. |