REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2023 |
for |
Environ Air Solutions Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2023 |
for |
Environ Air Solutions Limited |
Environ Air Solutions Limited (Registered number: 07214552) |
Contents of the Financial Statements |
for the Year Ended 30 April 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Environ Air Solutions Limited |
Company Information |
for the Year Ended 30 April 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
130A Darkes Lane |
Potters Bar |
Hertfordshire |
EN6 1AF |
Environ Air Solutions Limited (Registered number: 07214552) |
Balance Sheet |
30 April 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
PROVISIONS FOR LIABILITIES | 8 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
Environ Air Solutions Limited (Registered number: 07214552) |
Balance Sheet - continued |
30 April 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Environ Air Solutions Limited (Registered number: 07214552) |
Notes to the Financial Statements |
for the Year Ended 30 April 2023 |
1. | STATUTORY INFORMATION |
Environ Air Solutions Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Freehold property |
The company policy is not to depreciate the freehold investment property over its useful life, once the refurbishment is completed and the freehold investment building is fully brought in use and land is not depreciable |
Investment property |
In accordance with the new requirements of the Financial Reporting Standards (FRS102), Investment property is carried at fair value. Gains are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
The effect of depreciation and amortisation on value is already reflected annually in the valuation of property, and the amount attributed to this factor by the valuers cannot reasonably be separately identified or quantified. FRS102 requires valuation at fair value, unless fair value cannot be obtained without undue cost or effort, gains to be recognised in profit and loss and deferred tax to be provided for.Under FRS102, the valuation would be under the fair value provisions of Companies Act 2006 (CA 2006), and is not a departure. In the balance sheet that gains should be included in a fair value reserves rather than the revaluation reserve. |
Investment property comprises of freehold building. This comprise mainly of rental unit, and is measured initially at cost, including related transaction costs. This is held as an investment to earn rental income and for capital appreciation and is stated at fair value at the Balance Sheet date. |
After initial recognition investment property is carried at fair value, based on amount paid, it is then determined annually by independent external valuers or held at Director's fair valuation if appropriate. The surplus or deficit arising from these valuations are transferred to or from fair value reserve. When an existing investment property is redeveloped or continue use as an investment property, it remains an investment property whilst in development. |
The fair value of investment property reflects, among other things, rental income from current leases and assumptions about rental income from future leases in light of current market conditions. |
Subsequent expenditure is added to the asset's carrying amount only when it is probable that future economic benefits associated with the item will flow to the company and the costs of the item can be measured reliably. All other repairs and maintenance costs are charged to the Profit and Loss Account during the financial period in which they are incurred. |
Environ Air Solutions Limited (Registered number: 07214552) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Creditors |
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
Debtors |
Short term debtors are measured at a transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised costs determined using the effective interest method, less any impairments losses for bad and doubtful debts. |
Provisions |
Provisions (ie./ liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Environ Air Solutions Limited (Registered number: 07214552) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 May 2022 |
Additions |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
Cost or valuation at 30 April 2023 is represented by: |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2022 | 55,000 | - | - | 55,000 |
Cost | 130,000 | 16,075 | 18,720 | 164,795 |
185,000 | 16,075 | 18,720 | 219,795 |
The value of the property which has been included at the revalued amount of £185,000 as decided by the directors in May 2022 for which they believe that by their opinion the current market value of the property it is approximately the same. This it is a fair and appropriate valuation according to their opinion which it was based on valuation of similar properties in the area which the property it is situated. |
5. | STOCKS |
£ |
Stocks |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Tax |
Social security and other taxes |
VAT | 7,745 |
Directors' current accounts | 76 |
Accrued expenses |
Environ Air Solutions Limited (Registered number: 07214552) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Other creditors |
8. | PROVISIONS FOR LIABILITIES |
£ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Provided during year |
Balance at 30 April 2023 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £1.00 | 1 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 May 2022 |
Profit for the year |
Dividends | ( |
) |
At 30 April 2023 |
11. | EVENTS AFTER THE REPORTING PERIOD |
There were no essential either adjusting events or non-adjusting events in the period of time elapsing between the balance sheet date and the date on which these financial statements are prepared. The impact of COVID-19 is described in the Going Concern Consideration Note. |
The ongoing Russia-Ukraine conflict has resulted in going concern becoming a significant risk. The United States and Europe have avoided direct military conflict with Russia amid its conflict with Ukraine. They have however used a set of financial sanctions to limit Russia's access to financial resources. The impact of the sanctions may result in difficulties for the company to operate. Neither Environ Air Solutions Limited nor the owners are currently on the sanctions list at the time of this report, however this may change as the situation changes. |
Environ Air Solutions Limited (Registered number: 07214552) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
12. | GOING CONCERN CONSIDERATION |
The Company's management does not see a severe impact of COVID-19 outbreak to its activity. The Company tested the financial impact on the following areas of financial statements that can be affected: |
- Breach of trade contracts |
- Revenue |
- Cost of sales |
- Expenditure |
- Inventories fair value measurements |
- Debt repayment |
13. | IMPAIRMENT OF FIXED ASSETS |
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset. the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing. Value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
14. | CLIMATE CHANGES AND ENVIRONMENTAL RISKS AND RESPONSIBILITIES |
Due to the nature of the entity's operational activities there's no exposure to significant environmental risks. |
Despite the fact that our organisation offering consulting and software related services, we are always considering the environmental sustainability. Future business performance will be impacted by our ability to effectively manage the transition to a low carbon economy balancing commercial decisions with the environmental responsibility, agreeing business-wide decarbonisation priorities, and managing changes in customer preferences. |
This includes management of the increasing costs associated with sustainable materials, recycling carbon pricing and further technological, policy and regulatory interventions. |
We are operating in a world and a sector with high pressure from carbon-conscious customers, government bodies and regulators to operate in a more environmentally conscious manner. To respond to the circular economy, waste reduction and low carbon products and use of a recycled parts and related components. |