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REGISTERED NUMBER: 05073155 (England and Wales)
















Air Conditioning and Electrical Limited

Unaudited Financial Statements

for the Year Ended

31 March 2023






Air Conditioning and Electrical Limited (Registered number: 05073155)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Air Conditioning and Electrical Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: D Dean
Mrs T E Dean





SECRETARY: D Dean





REGISTERED OFFICE: 5 Clarendon Place
Leamington Spa
Warwickshire
CV32 5QL





REGISTERED NUMBER: 05073155 (England and Wales)





ACCOUNTANTS: Moffat Gilbert
5 Clarendon Place
Leamington Spa
Warwickshire
CV32 5QL

Air Conditioning and Electrical Limited (Registered number: 05073155)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 160,221 117,602

CURRENT ASSETS
Stocks 59,636 33,018
Debtors 5 168,363 144,953
Cash at bank 158,114 61,055
386,113 239,026
CREDITORS
Amounts falling due within one year 6 323,744 221,623
NET CURRENT ASSETS 62,369 17,403
TOTAL ASSETS LESS CURRENT
LIABILITIES

222,590

135,005

CREDITORS
Amounts falling due after more than one
year

7

(35,975

)

(46,534

)

PROVISIONS FOR LIABILITIES (33,808 ) (22,344 )
NET ASSETS 152,807 66,127

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 152,707 66,027
SHAREHOLDERS' FUNDS 152,807 66,127

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Air Conditioning and Electrical Limited (Registered number: 05073155)

Balance Sheet - continued
31 March 2023


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

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 2 October 2023 and were signed on its behalf by:




D Dean - Director



Mrs T E Dean - Director


Air Conditioning and Electrical Limited (Registered number: 05073155)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Air Conditioning and Electrical 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The turnover is adjusted by the change in values at the accounts reporting date of work in progress which is valued at sale price.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 20% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress is valued based on the fair valuations of the stage reached of contracts at the accounts reporting date. The adjustment being made via turnover.

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.

Air Conditioning and Electrical Limited (Registered number: 05073155)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 April 2022 3,977 30,658 2,202
Additions - 38,255 -
Disposals - - -
At 31 March 2023 3,977 68,913 2,202
DEPRECIATION
At 1 April 2022 3,977 13,275 916
Charge for year - 4,195 257
Eliminated on disposal - - -
At 31 March 2023 3,977 17,470 1,173
NET BOOK VALUE
At 31 March 2023 - 51,443 1,029
At 31 March 2022 - 17,383 1,286

Air Conditioning and Electrical Limited (Registered number: 05073155)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 203,567 16,896 257,300
Additions 96,178 6,258 140,691
Disposals (117,914 ) - (117,914 )
At 31 March 2023 181,831 23,154 280,077
DEPRECIATION
At 1 April 2022 106,015 15,515 139,698
Charge for year 17,176 1,715 23,343
Eliminated on disposal (43,185 ) - (43,185 )
At 31 March 2023 80,006 17,230 119,856
NET BOOK VALUE
At 31 March 2023 101,825 5,924 160,221
At 31 March 2022 97,552 1,381 117,602

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2022 61,560
Additions 96,178
Transfer to ownership (61,560 )
At 31 March 2023 96,178
DEPRECIATION
At 1 April 2022 14,829
Charge for year 11,746
Transfer to ownership (15,106 )
At 31 March 2023 11,469
NET BOOK VALUE
At 31 March 2023 84,709
At 31 March 2022 46,731

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 148,339 130,688
Other debtors 859 -
Prepayments 19,165 14,265
168,363 144,953

Air Conditioning and Electrical Limited (Registered number: 05073155)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts - 13,636
Hire purchase contracts (see note 8) 21,115 11,110
Trade creditors 125,757 72,168
Tax 24,982 8,288
Social security and other taxes 37,508 21,377
Other creditors 33,507 19,666
Directors' current accounts 30,683 28,495
Deferred income 4,083 2,135
Accrued expenses 46,109 44,748
323,744 221,623

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans - 2-5 years - 43,185
Hire purchase contracts (see note 8) 35,975 3,349
35,975 46,534

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.3.23 31.3.22
£    £   
Gross obligations repayable:
Within one year 23,336 11,553
Between one and five years 37,400 3,415
60,736 14,968

Finance charges repayable:
Within one year 2,221 443
Between one and five years 1,425 66
3,646 509

Net obligations repayable:
Within one year 21,115 11,110
Between one and five years 35,975 3,349
57,090 14,459

Air Conditioning and Electrical Limited (Registered number: 05073155)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary £1 100 100

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

In the year dividends in aggregate at £60,000 (2022 £36,000) was paid to the directors. At 31 March 2023, the company owed the directors £30,683 (2022 £28,495) in undrawn sums owed to them.

11. ULTIMATE CONTROLLING PARTY

The two directors are also the only shareholders and thus are considered to be joint controlling parties of the company.