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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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FOR |
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C G REFRIGERATION & AIR CONDITIONING LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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FOR |
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C G REFRIGERATION & AIR CONDITIONING LTD |
C G REFRIGERATION & AIR CONDITIONING LTD (REGISTERED NUMBER: 04156646) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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C G REFRIGERATION & AIR CONDITIONING LTD (REGISTERED NUMBER: 04156646) |
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BALANCE SHEET |
30 SEPTEMBER 2019 |
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30.9.19 | 30.9.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Prepayments and accrued income |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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PENSION LIABILITY |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | 8 |
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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. |
C G REFRIGERATION & AIR CONDITIONING LTD (REGISTERED NUMBER: 04156646) |
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BALANCE SHEET - continued |
30 SEPTEMBER 2019 |
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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 Board of Directors on
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C G REFRIGERATION & AIR CONDITIONING LTD (REGISTERED NUMBER: 04156646) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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1. | STATUTORY INFORMATION |
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C G Refrigeration & Air Conditioning Ltd is a
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Wales. The company's registered number and registered office address are as below: |
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Registered number: | 04156646 |
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Registered office: | Enterprise House |
Ramsden Road |
Rotherwas Industrial Estate |
Hereford |
Herefordshire |
HR2 6LR |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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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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. |
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Tangible fixed assets |
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Long leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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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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C G REFRIGERATION & AIR CONDITIONING LTD (REGISTERED NUMBER: 04156646) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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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 |
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Pensions |
For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined |
obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries. |
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Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other |
Comprehensive Income. Current and past service costs, along with settlements or curtailments, are charged to the |
Income Statement. Interest on pension plan liabilities are recognised within finance expense. |
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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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C G REFRIGERATION & AIR CONDITIONING LTD (REGISTERED NUMBER: 04156646) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 October 2018 |
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Additions |
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Disposals |
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At 30 September 2019 |
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DEPRECIATION |
At 1 October 2018 |
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Charge for year |
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Eliminated on disposal |
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At 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2018 |
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Additions |
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Disposals |
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At 30 September 2019 |
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DEPRECIATION |
At 1 October 2018 |
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Charge for year |
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Eliminated on disposal |
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At 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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C G REFRIGERATION & AIR CONDITIONING LTD (REGISTERED NUMBER: 04156646) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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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: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 October 2018 |
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Additions |
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Disposals | ( |
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Reclassification/transfer | ( |
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At 30 September 2019 |
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DEPRECIATION |
At 1 October 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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Reclassification/transfer | ( |
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At 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.19 | 30.9.18 |
£ | £ |
Trade debtors |
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Amounts recoverable on contract |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.19 | 30.9.18 |
£ | £ |
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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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.9.19 | 30.9.18 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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C G REFRIGERATION & AIR CONDITIONING LTD (REGISTERED NUMBER: 04156646) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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8. | RESERVES |
Retained |
earnings |
£ |
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At 1 October 2018 |
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Profit for the year |
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Actuarial Gain on Def Cont Sch | (5,000 | ) |
At 30 September 2019 |
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9. | RELATED PARTY DISCLOSURES |
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Included within Other Debtors is an amount owing by the Directors of £117,140 (2018: £199,636), this amount |
was repaid within 9 month of the year end with no additional terms. |
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During the period, Sharon Gillespie, a director and shareholder, agreed to take on the Company’s pension |
obligation in respect of James Gillespie. The Company agreed to pay Sharon Gillespie £482,000 which is the |
actuarial valuation of the pension obligation at transfer. |
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10. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is Mrs Sharon Gillespie by virtue of her 50% ownership of shares. |
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11. | EMPLOYER PENSION OBLIGATIONS |
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2019 | 2018 |
Present value of defined benefit obligations | £0 | £496,000 |
Fair value of scheme assets | £0 | £0 |
Liability recognised in the balance sheet | £0 | £496,000 |
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Movements in the present value of the defined benefit obligations were as follows: |
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2019 |
At the beginning of the year | £496,000 |
Current service cost | £0 |
Interest cost | £14,000 |
Actuarial (gain) | (£28,000 | ) |
Settlement | (£482,000 | ) |
At the end of the year | £0 |
C G REFRIGERATION & AIR CONDITIONING LTD (REGISTERED NUMBER: 04156646) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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12. | PROVISIONS |
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Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a |
past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a |
reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be |
required to settle the obligation taking into account the risks and uncertainties surrounding the obligation. |
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Pension provision |
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2019 |
Opening balance | £0 |
Provision created during the year* | £400,000 |
Provision released during the year | £0 |
Closing balance | £400,000 |
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*The provision represents the director's best estimate of the present value of the cost to the Company due to the |
obligation in the financial period. A formal decision regarding the amount and its form will be taken at some |
point after the reporting period end. |