Cryotherm Insulation Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01306743 (England and Wales)

CRYOTHERM INSULATION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D Godfrey

Mrs J Godfrey

Mrs M Cowen

Mr A Cowen

REGISTERED OFFICE:

Hirst Wood Works

Hirst Wood Road

Shipley

West Yorkshire

BD18 4BU

REGISTERED NUMBER:

01306743 (England and Wales)

ACCOUNTANTS:

DSC

Chartered Accountants

Tattersall House

East Parade

Harrogate

North Yorkshire

HG1 5LT

FIXED ASSETS

Tangible assets

4

714,573

712,549

CURRENT ASSETS

Stocks

131,098

124,461

Debtors

366,444

315,554

Cash at bank

359,359

381,562

856,901

821,577

CREDITORS

Amounts falling due within one year

395,460

318,167

NET CURRENT ASSETS

461,441

503,410

TOTAL ASSETS LESS CURRENT LIABILITIES

1,176,014

1,215,959

CREDITORS

Amounts falling due after more than one year

5

(79,722

)

(132,434

)

PROVISIONS FOR LIABILITIES

(97,500

)

(73,600

)

NET ASSETS

998,792

1,009,925

CAPITAL AND RESERVES

Called up share capital

42,500

42,500

Revaluation reserve

7

481,610

481,610

Capital redemption reserve

7,500

7,500

Retained earnings

467,182

478,315

SHAREHOLDERS' FUNDS

998,792

1,009,925

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 July 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2024 and were signed on its behalf by:

Mrs M Cowen - Director

1.	STATUTORY INFORMATION

Cryotherm Insulation Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of goods and services provided to customers. Turnover is shown net of Value Added Tax.

Tangible fixed assets

Fixed assets include land and buildings valued on an existing use open market value basis. Other fixed assets are stated at historical cost.

Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down to its estimated residual value over its expected useful life as follows:

Freehold buildings

2% straight line

Plant and machinery

Between 4 & 10 years straight line

Fixtures, fittings and equipment

4 years straight line

Freehold land is not depreciated.

Stocks

Stocks are valued at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis and includes transport and handling costs; in the case of manufactured products cost includes all direct expenditure and production overheads based on the normal level of activity. Provision is made where necessary for obsolete, slow moving and defective stocks.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount charged in the financial statements represent the contributions payable by the company during the period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 August 2022

993,728

Additions

12,424

Disposals

(1,082

)

At 31 July 2023

1,005,070

DEPRECIATION

At 1 August 2022

281,179

Charge for year

10,400

Eliminated on disposal

(1,082

)

At 31 July 2023

290,497

NET BOOK VALUE

At 31 July 2023

714,573

At 31 July 2022

712,549

Cost or valuation at 31 July 2023 is represented by:

Totals

£

Valuation in 2006

384,410

Valuation in 2011

(110,000

)

Valuation in 2019

270,000

Cost

460,660

1,005,070

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023

2022

£

£

Cost

105,590

105,590

Freehold land and buildings were valued on an open market basis on 23 April 2019 by Walker Singleton (Commercial) Ltd .

In the directors' opinion, the current market value is not materially different to the value stated in the accounts.

The net book value of plant and machinery includes assets acquired under hire purchase contracts amounting to £25,651 (2022: £29,451)

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2023

2022

£

£

Repayable by instalments

Bank loans more than 5 years

3,234

38,767

6.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

98,668

143,265

Hire purchase contracts

9,466

17,581

108,134

160,846

The hire purchase liability is secured on the relevant assets acquired.

7.

RESERVES

Revaluation

reserve

£

At 1 August 2022

and 31 July 2023

481,610

8.	RELATED PARTY DISCLOSURES

The parent company, Bracefill Ltd (Hirst Wood Works, Hirst Wood Road, Shipley BD18 4BU) has given an unlimited guarantee to secure the borrowings of Cryotherm Insulation Ltd. At the year end the amount involved was £98,668 (2022: £143,265).

9.	ULTIMATE CONTROLLING PARTY

With regard to the shareholdings in Bracefill Ltd, there is no ultimate controlling party of the company.