Cryotherm Insulation Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 01306743 (England and Wales)

CRYOTHERM INSULATION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D Godfrey

Mr S J Parry

Mrs J Godfrey

SECRETARY:

Mr D Godfrey

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

358,044

370,779

CURRENT ASSETS

Stocks

34,189

46,660

Debtors

134,757

116,845

Cash at bank

183,346

57,090

352,292

220,595

CREDITORS

Amounts falling due within one year

151,305

105,351

NET CURRENT ASSETS

200,987

115,244

TOTAL ASSETS LESS CURRENT LIABILITIES

559,031

486,023

CREDITORS

Amounts falling due after more than one year

(60,593

)

-

PROVISIONS FOR LIABILITIES

(12,600

)

(12,600

)

NET ASSETS

485,838

473,423

CAPITAL AND RESERVES

Called up share capital

42,500

42,500

Revaluation reserve

6

260,410

262,410

Capital redemption reserve

7,500

7,500

Retained earnings

175,428

161,013

SHAREHOLDERS' FUNDS

485,838

473,423

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 July 2017 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 on 12 December 2017 and were signed on its behalf by:

Mr D Godfrey - 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 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 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

£4,000 per annum

Plant and machinery

Between 4 & 10 years straight line

Fixtures, fittings and equipment

4 years straight line

Motor vehicles

Written down to their estimated realisable value at the balance sheet date

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.

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 12 .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 August 2016

702,611

Disposals

(26,850

)

At 31 July 2017

675,761

DEPRECIATION

At 1 August 2016

331,832

Charge for year

6,985

Eliminated on disposal

(21,100

)

At 31 July 2017

317,717

NET BOOK VALUE

At 31 July 2017

358,044

At 31 July 2016

370,779

Cost or valuation at 31 July 2017 is represented by:

Totals

£

Valuation in 2006

384,410

Valuation in 2011

(110,000

)

Cost

401,351

675,761

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

cost:

2017

2016

£

£

Cost

105,590

105,590

Aggregate depreciation

64,415

62,415

Freehold land and buildings were valued on an open market basis on 31 July 2011 by Eddisons, Bradford (D Cran BSc MRICS)

.

The net book value of motor vehicles includes assets acquired under hire purchase contracts amounting to £nil

(2016: £7,524)

5.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

69,269

-

Hire purchase contracts

-

2,378

69,269

2,378

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

6.

RESERVES

Revaluation

reserve

£

At 1 August 2016

262,410

Transfer of realised profits from revaluation reserve

(2,000

)

At 31 July 2017

260,410

7.	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 £69,269 (2016: £nil).

8.	ULTIMATE CONTROLLING PARTY

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