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Company Registration No. 08926383 (England and Wales)
AIR2O COOLING LIMITED Unaudited accounts for the year ended 31 December 2022
AIR2O COOLING LIMITED Unaudited accounts Contents
Page
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AIR2O COOLING LIMITED Company Information for the year ended 31 December 2022
Directors
Karl James Sullivan Michael Robert Sullivan Mohamed Farouk Salem
Company Number
08926383 (England and Wales)
Registered Office
Unit 9 Smethurst Lane Farnworth Bolton Greater Manchester BL4 0AN England
Accountants
Eighty Twenty Business Limited Bluebells Grane Road Haslingden Lancashire BB4 4AT
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AIR2O COOLING LIMITED Statement of financial position as at 31 December 2022
2022 
2021 
Notes
£ 
£ 
Current assets
Debtors
77,879 
87,364 
Cash at bank and in hand
1,551 
2,843 
79,430 
90,207 
Creditors: amounts falling due within one year
(5,558)
(4,119)
Net current assets
73,872 
86,088 
Total assets less current liabilities
73,872 
86,088 
Creditors: amounts falling due after more than one year
(482,154)
(467,031)
Net liabilities
(408,282)
(380,943)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(408,382)
(381,043)
Shareholders' funds
(408,282)
(380,943)
For the year ending 31 December 2022 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2023 and were signed on its behalf by
Michael Robert Sullivan Director Company Registration No. 08926383
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AIR2O COOLING LIMITED Notes to the Accounts for the year ended 31 December 2022
1
Statutory information
AIR2O COOLING LIMITED is a private company, limited by shares, registered in England and Wales, registration number 08926383. The registered office is Unit 9 Smethurst Lane , Farnworth, Bolton, Greater Manchester, BL4 0AN, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
3 Years
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Presentation currency
The accounts are presented in £ sterling.
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AIR2O COOLING LIMITED Notes to the Accounts for the year ended 31 December 2022
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 January 2022
1,172 
At 31 December 2022
1,172 
Depreciation
At 1 January 2022
1,172 
At 31 December 2022
1,172 
Net book value
At 31 December 2022
- 
5
Debtors
2022 
2021 
£ 
£ 
Amounts falling due within one year
VAT
6,494 
15,979 
Other debtors
100 
100 
6,594 
16,079 
Amounts falling due after more than one year
Amounts due from group undertakings etc.
71,285 
71,285 
6
Creditors: amounts falling due within one year
2022 
2021 
£ 
£ 
Trade creditors
5,114 
3,675 
Loans from directors
(756)
(756)
Accruals
1,200 
1,200 
5,558 
4,119 
7
Creditors: amounts falling due after more than one year
2022 
2021 
£ 
£ 
Amounts owed to group undertakings and other participating interests
359,337 
344,214 
Other creditors
122,817 
122,817 
482,154 
467,031 
Included in Amounts owed to group undertakings is a balance of £359,337 (31 December 2021: £334,214) owed to Innovative Climatic Technologies Corp (a US entity). Included in Other Creditors is a balance of £122,817 (31 December 2021: £122,817) owed to Cosaf Environments Limited.
8
Controlling party
The ultimate parent company is Innovative Climatic Technologies Corp, a company registered in the United States of America. Registered Office ;425 E Pinnacle Peak, Suite 100, Phoenix, Arizona 85024
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AIR2O COOLING LIMITED Notes to the Accounts for the year ended 31 December 2022
9
Average number of employees
During the year the average number of employees was 0 (2021: 0).
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