Penguin Refrigeration Ltd Accounts

PENGUIN REFRIGERATION LIMITED - Company Information






Penguin Refrigeration Ltd

	Company No. 04310267
		Information for Filing with The Registrar
		31 December 2019

The Directors present their report and the accounts for the year ended 31 December 2019.

Principal activities
The principal activity of the company during the year under review was that of the import and suppy of refrigeration units to the marine industry.




Directors

The Directors who served at any time during the year were as follows:

Z. Elliott
I. Gorringe




































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

Z. Elliott							I.Gorringe
Director							Director
24 September 2020							30 September 2020

at	31 December 2019
Company No.		04310267	Notes	2019		2018
				£		£
Fixed assets
	Intangible assets		4	-		-
	Tangible assets		5	53,385		69,577


				53,385		69,577
Current assets
	Stocks		6	400,560		303,139
	Debtors		7	331,474		366,910

	Cash at bank and in hand			220,678		400,405
				952,712		1,070,454
Creditors: Amount falling due within one year			8	(938,338)		(948,583)
Net current assets				14,374		121,871
Total assets less current liabilities				67,759		191,448

Provisions for liabilities
	Deferred taxation		9	(12,366)		(12,366)

Net assets				55,393		179,082

Capital and reserves
	Called up share capital			5,000		5,000



	Profit and loss account		10	50,393		174,082

Total equity				55,393		179,082



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 24 September 2020
And signed on its behalf by:
Z. Elliott					I.Gorringe
Director					Director
24 September 2020					30 September 2020

for the year ended 31 December 2019

General information

Its registered number is: 04310267

Its registered office is:

Unit 2b Alexandria Park

Penner Road

Havant

Hampshire

PO9 1QY

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006. The March 2018 edition of FRS 102 includes amendments arising from the Financial Reporting Council's triennial review of the standard. There is no material effect on the amounts recognised in these financial statements as a result of early adopting these amendments.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

20% straight line

Motor vehicles

25% reducing balance

Furniture, fittings and equipment

25% straight line

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Freehold investment property

Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.

Investments

Unlisted investments are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Defined contribution pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Defined benefit pensions

The Company operates a defined benefit plan for its employees. A defined benefit plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3	Employees
			2019	2018
			Number	Number
		The average number of persons employed during the year :	8	7

4	Intangible fixed assets
			Goodwill	Total
			£	£
		Cost
		At 1 January 2019	10,000	10,000


		At 31 December 2019	10,000	10,000
		Amortisation and impairment
		At 1 January 2019	10,000	10,000



		At 31 December 2019	10,000	10,000
		Net book values
		At 31 December 2019	-	-
		At 31 December 2018	-	-

		Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.

5	Tangible fixed assets
			Plant and machinery	Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£	£
		Cost or revaluation
		At 1 January 2019	20,155	79,384	22,493	122,032
		Additions	-	-	1,673	1,673



		At 31 December 2019	20,155	79,384	24,166	123,705
		Depreciation
		At 1 January 2019	14,449	17,246	20,760	52,455
		Charge for the year	1,538	15,535	792	17,865



		At 31 December 2019	15,987	32,781	21,552	70,320
		Net book values
		At 31 December 2019	4,168	46,603	2,614	53,385
		At 31 December 2018	5,706	62,138	1,733	69,577

6	Stocks
			2019	2018
			£	£


		Finished goods	400,560	303,139
			400,560	303,139

7	Debtors
			2019	2018
			£	£
		Trade debtors	312,919	351,304





		Other debtors	2,600	452
		Prepayments and accrued income	15,955	15,154
			331,474	366,910

8	Creditors:
		amounts falling due within one year
			2019	2018
			£	£

		Bank loans and overdrafts	1,469	3,617


		Trade creditors	287,398	478,159

		Corporation tax	54,301	83,883
		Other taxes and social security	87,893	123,420
		Loans from directors	308,166	100,050
		Other creditors	140,632	134,324
		Accruals and deferred income	58,479	25,130
			938,338	948,583

9	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£
		At 1 January 2019	12,366	12,366


		At 31 December 2019	12,366	12,366



			2019	2018
			£	£
		Accelerated capital allowances	12,366	12,366



			12,366	12,366

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

11	Dividends
			2019	2018
			£	£
		Dividends for the period:
		Dividends paid in the period	338,991	229,644

			338,991	229,644

		Dividends by type:

		Equity dividends	338,991	229,644
			338,991	229,644

Related party disclosures

2019

2018

Transactions with related parties

Name of related party

Z. Elliot and I. Gorringe

Description of transaction and general amounts involved

Included within the rent and rates charge in the profit and loss account is a charge of £38,500 (2018: £38,500) for the rental of premises owned jointly by the directors.

Name of related party

Penguin Marine Refrigeration Limited

Description of relationship between the parties

Company under common control

Description of transaction and general amounts involved

The company maintained a loan account with Penguin Marine Refrigeration Limited for the year

Amount due from/(to) the related party

(126)

Name of related party

Z. Elliott

Description of relationship between the parties

Director

Description of transaction and general amounts involved

Loan to company

Amount due from/(to) the related party

(154,083)

(50,025)

Provision for doubtful debts due from the related party

Amounts written off in the period in respect of debts from/(to) the related party

Name of related party

I. Gorringe

Description of relationship between the parties

Director

Description of transaction and general amounts involved

Loan to company

Amount due from/(to) the related party

(154,083)

(50,025)

Provision for doubtful debts due from the related party

Amounts written off in the period in respect of debts from/(to) the related party

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