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COMPANY REGISTRATION NUMBER: 00936959
DEL SOL AIR SYSTEMS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2022
DEL SOL AIR SYSTEMS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 7
DEL SOL AIR SYSTEMS LIMITED
BALANCE SHEET
31 March 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
99,885
81,561
Current assets
Stocks
6
20,000
20,000
Debtors
7
292,530
269,870
Cash at bank and in hand
159,643
150,431
------------
------------
472,173
440,301
Creditors: amounts falling due within one year
8
( 190,059)
( 225,536)
------------
------------
Net current assets
282,114
214,765
------------
------------
Total assets less current liabilities
381,999
296,326
Creditors: amounts falling due after more than one year
9
( 11,245)
( 4,131)
Provisions
Taxation including deferred tax
( 23,000)
( 17,800)
------------
------------
Net assets
347,754
274,395
------------
------------
Capital and reserves
Called up share capital
12
100
100
Profit and loss account
347,654
274,295
------------
------------
Shareholders funds
347,754
274,395
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DEL SOL AIR SYSTEMS LIMITED
BALANCE SHEET (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 8 September 2022 , and are signed on behalf of the board by:
R A B Mansaf
Director
Company registration number: 00936959
DEL SOL AIR SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 14, Bankfield Mills, Huddersfield Road, Mirfield, West Yorkshire, WF14 9DQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest pound.
Revenue recognition
Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Rentals payable under operating leases are charged to the profit and loss account as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
10% of net book value
Plant and machinery
-
20% of cost
Motor vehicles
-
25% of net book value
Office equipment
-
20% of cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2021: 17 ).
5. Tangible assets
Leasehold improvements
Plant and machinery
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 April 2021
10,500
36,403
137,914
9,118
193,935
Additions
62,797
62,797
Disposals
( 39,475)
( 39,475)
------------
------------
------------
------------
------------
At 31 March 2022
10,500
36,403
161,236
9,118
217,257
------------
------------
------------
------------
------------
Depreciation
At 1 April 2021
1,050
24,315
77,891
9,118
112,374
Charge for the year
1,050
5,901
26,685
33,636
Disposals
( 28,638)
( 28,638)
------------
------------
------------
------------
------------
At 31 March 2022
2,100
30,216
75,938
9,118
117,372
------------
------------
------------
------------
------------
Carrying amount
At 31 March 2022
8,400
6,187
85,298
99,885
------------
------------
------------
------------
------------
At 31 March 2021
9,450
12,088
60,023
81,561
------------
------------
------------
------------
------------
6. Stocks
2022
2021
£
£
Raw materials and consumables
20,000
20,000
------------
------------
7. Debtors
2022
2021
£
£
Trade debtors
276,976
204,992
Prepayments and accrued income
14,805
15,515
Amounts owed by group undertakings
49,363
Other debtors
749
------------
------------
292,530
269,870
------------
------------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
56,913
133,969
Accruals and deferred income
12,290
13,421
Corporation tax
54,756
34,357
Social security and other taxes
52,526
38,342
Obligations under finance leases and hire purchase contracts
12,323
3,993
Director loan accounts
1,251
1,447
Other creditors
7
------------
------------
190,059
225,536
------------
------------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Hire purchase and finance lease agreements
11,245
4,131
------------
------------
10. Secured liabilities
2022
2021
£
£
Aggergate amount of secured liabilities
23,568
8,124
------------
------------
11. Deferred tax
The deferred tax included in the balance sheet is as follows:
2022
2021
£
£
Included in provisions
23,000
17,800
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2022
2021
£
£
Accelerated capital allowances
23,000
17,800
------------
------------
12. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
13. Related party transactions
Included within creditors are loans totalling £1,251 due to the directors (2021: £1,447); these are unsecured, interest free and repayable on demand. Included within debtors is a loan of £0 owed by the parent company (2021: £49,363); the loan is unsecured, interest free and repayable on demand.
14. Ultimate parent company
The company is a wholly owned subsidiary of Del Sol Holdings Limited. This company is controlled by R A B Mansaf .