Company registration number 03529978 (England and Wales)
COOL REPAIR SCIENTIFIC UK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
COOL REPAIR SCIENTIFIC UK LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
COOL REPAIR SCIENTIFIC UK LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
147,029
178,035
Current assets
Stocks
49,365
83,497
Debtors
5
93,934
87,440
Cash at bank and in hand
93,002
24,521
236,301
195,458
Creditors: amounts falling due within one year
6
(296,612)
(284,406)
Net current liabilities
(60,311)
(88,948)
Total assets less current liabilities
86,718
89,087
Creditors: amounts falling due after more than one year
7
(102,845)
(130,273)
Provisions for liabilities
(17,461)
(24,372)
Net liabilities
(33,588)
(65,558)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(33,688)
(65,658)
Total equity
(33,588)
(65,558)
COOL REPAIR SCIENTIFIC UK LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 14 November 2023 and are signed on its behalf by:
Mr A Lettinga
Director
Company Registration No. 03529978
COOL REPAIR SCIENTIFIC UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Cool Repair Scientific UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 14 Park Row, Nottingham, NG1 6GR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of ten years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% straight line
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
20% reducing balance
Motor vehicles
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
COOL REPAIR SCIENTIFIC UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
1.9
Equity instruments
Share capital issued by the company is recorded at the proceeds received, net of transaction costs. Dividends payable on share capital are recognised as liabilities once they are no longer at the discretion of the company.
COOL REPAIR SCIENTIFIC UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.14
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
COOL REPAIR SCIENTIFIC UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
8
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
14,000
Amortisation and impairment
At 1 April 2022 and 31 March 2023
14,000
Carrying amount
At 31 March 2023
At 31 March 2022
COOL REPAIR SCIENTIFIC UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
118,338
72,891
48,167
131,912
371,308
Additions
6,024
1,189
7,213
Disposals
(43,775)
(43,775)
At 31 March 2023
118,338
78,915
49,356
88,137
334,746
Depreciation and impairment
At 1 April 2022
44,403
62,187
36,423
50,260
193,273
Depreciation charged in the year
2,367
4,182
2,587
13,142
22,278
Eliminated in respect of disposals
(27,834)
(27,834)
At 31 March 2023
46,770
66,369
39,010
35,568
187,717
Carrying amount
At 31 March 2023
71,568
12,546
10,346
52,569
147,029
At 31 March 2022
73,935
10,704
11,744
81,652
178,035
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
46,865
53,211
Other debtors
47,069
34,229
93,934
87,440
COOL REPAIR SCIENTIFIC UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
13,418
12,782
Trade creditors
25,204
62,121
Corporation tax
1,000
10,020
Other taxation and social security
4,633
4,815
Other creditors
252,357
194,668
296,612
284,406
Included in creditors falling due in one year are liabilities totalling £23,527 (2022: £24,709) secured over the assets of the company.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
72,122
85,701
Other creditors
30,723
44,572
102,845
130,273
Included in creditors falling due after one year are liabilities totalling £68,597 (2022: £90,458 ) secured over the assets of the company.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
-
14,241
2023-03-312022-04-01false14 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr A LettingaMs A LettingaMs A Lettinga035299782022-04-012023-03-31035299782023-03-31035299782022-03-3103529978core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3103529978core:PlantMachinery2023-03-3103529978core:FurnitureFittings2023-03-3103529978core:MotorVehicles2023-03-3103529978core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-3103529978core:PlantMachinery2022-03-3103529978core:FurnitureFittings2022-03-3103529978core:MotorVehicles2022-03-3103529978core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3103529978core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3103529978core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3103529978core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3103529978core:CurrentFinancialInstruments2023-03-3103529978core:CurrentFinancialInstruments2022-03-3103529978core:Non-currentFinancialInstruments2023-03-3103529978core:Non-currentFinancialInstruments2022-03-3103529978core:ShareCapital2023-03-3103529978core:ShareCapital2022-03-3103529978core:RetainedEarningsAccumulatedLosses2023-03-3103529978core:RetainedEarningsAccumulatedLosses2022-03-3103529978bus:Director12022-04-012023-03-3103529978core:Goodwill2022-04-012023-03-3103529978core:LandBuildingscore:OwnedOrFreeholdAssets2022-04-012023-03-3103529978core:PlantMachinery2022-04-012023-03-3103529978core:FurnitureFittings2022-04-012023-03-3103529978core:MotorVehicles2022-04-012023-03-31035299782021-04-012022-03-3103529978core:NetGoodwill2022-03-3103529978core:NetGoodwill2023-03-3103529978core:NetGoodwill2022-03-3103529978core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-3103529978core:PlantMachinery2022-03-3103529978core:FurnitureFittings2022-03-3103529978core:MotorVehicles2022-03-31035299782022-03-3103529978core:WithinOneYear2023-03-3103529978core:WithinOneYear2022-03-3103529978bus:PrivateLimitedCompanyLtd2022-04-012023-03-3103529978bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3103529978bus:FRS1022022-04-012023-03-3103529978bus:AuditExemptWithAccountantsReport2022-04-012023-03-3103529978bus:Director22022-04-012023-03-3103529978bus:CompanySecretary12022-04-012023-03-3103529978bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP