Compressor Systems (West) Limited 04097791 false 2021-07-01 2022-06-30 2022-06-30 The principal activity of the company is that of the selling, maintenance and hire of industrial compressors and ancilliary equipment Digita Accounts Production Advanced 6.30.9574.0 true 04097791 2021-07-01 2022-06-30 04097791 2022-06-30 04097791 bus:OrdinaryShareClass1 2022-06-30 04097791 core:CurrentFinancialInstruments 2022-06-30 04097791 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 04097791 core:FurnitureFittingsToolsEquipment 2022-06-30 04097791 core:MotorVehicles 2022-06-30 04097791 bus:SmallEntities 2021-07-01 2022-06-30 04097791 bus:AuditExemptWithAccountantsReport 2021-07-01 2022-06-30 04097791 bus:FullAccounts 2021-07-01 2022-06-30 04097791 bus:SmallCompaniesRegimeForAccounts 2021-07-01 2022-06-30 04097791 bus:RegisteredOffice 2021-07-01 2022-06-30 04097791 bus:CompanySecretaryDirector1 2021-07-01 2022-06-30 04097791 bus:Director2 2021-07-01 2022-06-30 04097791 bus:OrdinaryShareClass1 2021-07-01 2022-06-30 04097791 bus:PrivateLimitedCompanyLtd 2021-07-01 2022-06-30 04097791 core:FurnitureFittingsToolsEquipment 2021-07-01 2022-06-30 04097791 core:MotorVehicles 2021-07-01 2022-06-30 04097791 core:PlantMachinery 2021-07-01 2022-06-30 04097791 countries:EnglandWales 2021-07-01 2022-06-30 04097791 2021-06-30 04097791 core:FurnitureFittingsToolsEquipment 2021-06-30 04097791 core:MotorVehicles 2021-06-30 04097791 2020-07-01 2021-06-30 04097791 2021-06-30 04097791 bus:OrdinaryShareClass1 2021-06-30 04097791 core:CurrentFinancialInstruments 2021-06-30 04097791 core:CurrentFinancialInstruments core:WithinOneYear 2021-06-30 04097791 core:FurnitureFittingsToolsEquipment 2021-06-30 04097791 core:MotorVehicles 2021-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04097791

Compressor Systems (West) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2022

 

Compressor Systems (West) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Compressor Systems (West) Limited

Company Information

Directors

Mr L Early

Mr L A Reynolds

Company secretary

Mr L Early

Registered office

5 Riverside Bus Park
St Annes Road
Bristol
BS4 4ED

Accountants

Newsham Hanson Accountants Limited
Accountant & Business Advisors
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

 

Compressor Systems (West) Limited

(Registration number: 04097791)
Balance Sheet as at 30 June 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

3

126,022

118,640

Current assets

 

Stocks

4

191,962

185,410

Debtors

5

471,686

425,621

Cash at bank and in hand

 

346,546

497,663

 

1,010,194

1,108,694

Creditors: Amounts falling due within one year

6

(396,826)

(544,516)

Net current assets

 

613,368

564,178

Net assets

 

739,390

682,818

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

739,388

682,816

Shareholders' funds

 

739,390

682,818

For the financial year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 September 2022 and signed on its behalf by:
 

 

Compressor Systems (West) Limited

(Registration number: 04097791)
Balance Sheet as at 30 June 2022

.........................................
Mr L Early
Company secretary and director

.........................................
Mr L A Reynolds
Director

 

Compressor Systems (West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance basis

Motor vehicles

25% reducing balance basis

 

Compressor Systems (West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Compressor Systems (West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2021 - 19).

 

Compressor Systems (West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

3

tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2021

87,382

202,229

289,611

Additions

8,275

44,401

52,676

Disposals

-

(34,160)

(34,160)

At 30 June 2022

95,657

212,470

308,127

Depreciation

At 1 July 2021

49,116

121,855

170,971

Charge for the year

6,981

28,820

35,801

Eliminated on disposal

-

(24,667)

(24,667)

At 30 June 2022

56,097

126,008

182,105

Carrying amount

At 30 June 2022

39,560

86,462

126,022

At 30 June 2021

38,266

80,374

118,640

4

Stocks

2022
£

2021
£

Other inventories

191,962

185,410

5

Debtors

Current

2022
£

2021
£

Trade debtors

460,290

413,215

Other debtors

11,396

12,406

 

471,686

425,621

 

Compressor Systems (West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

trade creditors

 

247,779

259,854

Amounts owed to related parties

1,131

116,912

Taxation and social security

 

69,124

66,207

Other creditors

 

78,792

101,543

 

396,826

544,516

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2