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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 AUGUST 2017 |
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FOR |
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COOLSPEC LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 AUGUST 2017 |
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FOR |
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COOLSPEC LIMITED |
COOLSPEC LIMITED (REGISTERED NUMBER: 05890194) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 August 2017 |
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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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COOLSPEC LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 August 2017 |
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DIRECTORS: |
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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 |
The Counting House |
Nelson Street |
Hull |
East Yorkshire |
HU1 1XE |
COOLSPEC LIMITED (REGISTERED NUMBER: 05890194) |
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BALANCE SHEET |
31 August 2017 |
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31.8.17 | 31.8.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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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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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 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. |
COOLSPEC LIMITED (REGISTERED NUMBER: 05890194) |
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BALANCE SHEET - continued |
31 August 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
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COOLSPEC LIMITED (REGISTERED NUMBER: 05890194) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 August 2017 |
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1. | STATUTORY INFORMATION |
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Coolspec Limited is a
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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 |
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 Companies Act 2006. There were no material departures from that standard. The financial |
statements have been prepared under the historical cost convention. |
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This is the first year in which the financial statements have been prepared under FRS 102 Section 1A small |
entities. |
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Preparation of consolidated financial statements |
The financial statements contain information about Coolspec Limited as an individual company and do not |
contain consolidated financial information as the parent of a group. The company has taken the option under |
Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |
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Financial instruments |
Basic financial instruments are recognised at amortised cost, with changes recognised in profit or loss. Derivative |
financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or |
loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
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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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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Investments |
Investments held as fixed assets are stated at cost less any permanent diminution in value. Investments held as |
current assets are stated at lower of cost and net realisable value. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2016 - NIL). |
COOLSPEC LIMITED (REGISTERED NUMBER: 05890194) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2017 |
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4. | FIXED ASSET INVESTMENTS |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.17 | 31.8.16 |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.17 | 31.8.16 |
£ | £ |
Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.8.17 | 31.8.16 |
£ | £ |
Other creditors |
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8. | RELATED PARTY DISCLOSURES |
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At the year end, the company owed a related company £793,508 (2016 : £793,234) in respect of an |
intercompany balance. |
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Loans made to the company from related companies are unsecured, interest free and repayable on demand. |
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9. | FIRST YEAR ADOPTION |
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This is the first financial year that the company has presented its financial statements in accordance with FRS |
102 'The Financial Reporting Framework Applicable in the UK and Republic of Ireland' ('FRS 102'). For |
financial years up to and including the year ending 31 August 2016, the company prepared its financial |
statements in accordance with old UK GAAP. |
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The company's date of transition to FRS 102 is therefore 1 September 2015. This note sets out the changes to |
accounting policies and the transitional adjustments that are required to be made for first-time transition to FRS |
102. The company's opening equity position at 1 September 2015 and its previously published financial |
statements for the year ended 31 August 2016 have been restated from old UK GAAP. |
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In carrying out the transition to FRS 102, the company has not applied any of the optional exemptions as |
permitted by section 35 Transition to this FRS. |
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Transitional adjustments |
There have been no transitional adjustments that would require consequential equity or profit and loss movement |
therefore the reconciliation of equity and reconciliation of profit have not been disclosed in the accounts. |