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Company registration number: 04419578
KRS AIRCONDITIONING LIMITED
Trading as KRS Airconditioning Limited
Unaudited filleted financial statements
31 March 2023
KRS AIRCONDITIONING LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
KRS AIRCONDITIONING LIMITED
Directors and other information
Director J.L. Stilgoe
Secretary N.C. Stilgoe
Company number 04419578
Registered office 42 Main Road
Twycross
Atherstone
CV9 3PL
Accountants Peaty & Co
163-164 Moulsham Street
Chelmsford
Essex
CM2 0LD
KRS AIRCONDITIONING LIMITED
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of KRS Airconditioning Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of KRS Airconditioning Limited for the year ended 31 March 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of KRS Airconditioning Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of KRS Airconditioning Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KRS Airconditioning Limited and its director as a body for our work or for this report.
It is your duty to ensure that KRS Airconditioning Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of KRS Airconditioning Limited. You consider that KRS Airconditioning Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of KRS Airconditioning Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Peaty & Co
Chartered Accountants
163-164 Moulsham Street
Chelmsford
Essex
CM2 0LD
11 September 2023
KRS AIRCONDITIONING LIMITED
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 8 84,685 81,062
_______ _______
84,685 81,062
Current assets
Stocks 7,500 7,500
Debtors 9 268,571 113,012
Cash at bank and in hand 26,520 78,498
_______ _______
302,591 199,010
Creditors: amounts falling due
within one year 10 ( 142,136) ( 126,956)
_______ _______
Net current assets 160,455 72,054
_______ _______
Total assets less current liabilities 245,140 153,116
Creditors: amounts falling due
after more than one year 11 ( 22,500) ( 72,414)
Provisions for liabilities 13 ( 8,870) ( 8,182)
_______ _______
Net assets 213,770 72,520
_______ _______
Capital and reserves
Called up share capital 15 11 11
Profit and loss account 213,759 72,509
_______ _______
Shareholders funds 213,770 72,520
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 September 2023 , and are signed on behalf of the board by:
J.L. Stilgoe
Director
Company registration number: 04419578
KRS AIRCONDITIONING LIMITED
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 42 Main Road, Twycross, Atherstone, CV9 3PL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. They have been prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property - 0 %
Plant and machinery - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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 in finance costs 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 9 (2022: 14 ).
5. Directors remuneration
The director's aggregate remuneration in respect of qualifying services was:
2023 2022
£ £
Remuneration 22,102 14,850
Company contributions to pension schemes in respect of qualifying services 81,000 6,000
_______ _______
103,102 20,850
_______ _______
The number of directors who accrued benefits under company pension plans was as follows:
2023 2022
Number Number
Defined contribution plans 1 1
_______ _______
6. Tax on profit/loss
Major components of tax expense/income
2023 2022
£ £
Current tax:
UK current tax expense 43,653 2,537
_______ _______
Deferred tax:
Origination and reversal of timing differences 688 ( 3,725)
_______ _______
Tax on profit/loss 44,341 ( 1,188)
_______ _______
7. Dividends
Equity dividends
2023 2022
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 56,057 29,405
_______ _______
8. Tangible assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 38,000 28,385 144,774 211,159
Additions - - 27,750 27,750
Disposals - - ( 59,443) ( 59,443)
_______ _______ _______ _______
At 31 March 2023 38,000 28,385 113,081 179,466
_______ _______ _______ _______
Depreciation
At 1 April 2022 - 20,870 109,227 130,097
Charge for the year - 1,879 13,683 15,562
Disposals - - ( 50,878) ( 50,878)
_______ _______ _______ _______
At 31 March 2023 - 22,749 72,032 94,781
_______ _______ _______ _______
Carrying amount
At 31 March 2023 38,000 5,636 41,049 84,685
_______ _______ _______ _______
At 31 March 2022 38,000 7,515 35,547 81,062
_______ _______ _______ _______
9. Debtors
2023 2022
£ £
Trade debtors 210,976 86,249
Other debtors 57,595 26,763
_______ _______
268,571 113,012
_______ _______
10. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,000 31,536
Trade creditors 67,413 58,541
Corporation tax 43,653 2,537
Social security and other taxes 12,350 7,203
Other creditors 8,720 27,139
_______ _______
142,136 126,956
_______ _______
11. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 22,500 72,414
_______ _______
12. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
2023 2022
£ £
Not later than 1 year - 12,363
Later than 1 year and not later than 5 years - 7,545
_______ _______
- 19,908
_______ _______
Present value of minimum lease payments - 19,908
_______ _______
The obligations under finance leases and hire purchase contracts are secured on the assets concerned.
13. Provisions
Deferred tax (note 14) Total
£ £
At 1 April 2022 8,182 8,182
Transfers 688 688
_______ _______
At 31 March 2023 8,870 8,870
_______ _______
14. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 13) 8,870 8,182
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 8,870 8,182
_______ _______
15. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary A shares shares of £ 1.00 each 8 8 8 8
Ordinary B shares shares of £ 1.00 each 1 1 1 1
Ordinary C shares shares of £ 1.00 each 1 1 1 1
Ordinary D shares shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
11 11 11 11
_______ _______ _______ _______
16. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 4,247 4,247
Later than 1 year and not later than 5 years 708 4,955
_______ _______
4,955 9,202
_______ _______
17. Related party transactions
During the year the company paid dividends of £28,028 (2022 £13,517 to the director).