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REGISTERED NUMBER: 01471688 (England and Wales)

















Unaudited Financial Statements

For The Year Ended 28 February 2023

for

Ceilite Air Conditioning Limited

Ceilite Air Conditioning Limited (Registered number: 01471688)

Contents of the Financial Statements
For The Year Ended 28 February 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Ceilite Air Conditioning Limited

Company Information
For The Year Ended 28 February 2023







DIRECTORS: Mr W Gleed
Mr S Gleed
Mr D Down



REGISTERED OFFICE: Unit 1, The Alcorns
Cambridge Road
Stansted
Essex
CM24 8DF



REGISTERED NUMBER: 01471688 (England and Wales)



ACCOUNTANTS: Giess Wallis Crisp LLP
Chartered Accountants
10/12 Mulberry Green
Old Harlow
Essex
CM17 0ET



BANKERS: Lloyds TSB
20 North Street
Bishops Stortford
Hertfordshire
CM23 3AT

Ceilite Air Conditioning Limited (Registered number: 01471688)

Statement of Financial Position
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 609,990 637,865
609,990 637,865

CURRENT ASSETS
Stocks 7 2,500 2,500
Debtors 8 959,147 762,075
Cash at bank and in hand 11,563 16,026
973,210 780,601
CREDITORS
Amounts falling due within one year 9 949,883 742,083
NET CURRENT ASSETS 23,327 38,518
TOTAL ASSETS LESS CURRENT
LIABILITIES

633,317

676,383

CREDITORS
Amounts falling due after more than one
year

10

(40,763

)

(107,509

)

PROVISIONS FOR LIABILITIES 12 (50,234 ) (43,078 )
NET ASSETS 542,320 525,796

CAPITAL AND RESERVES
Called up share capital 13 11,200 11,200
Revaluation reserve 14 146,223 154,146
Retained earnings 384,897 360,450
SHAREHOLDERS' FUNDS 542,320 525,796

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

Ceilite Air Conditioning Limited (Registered number: 01471688)

Statement of Financial Position - continued
28 February 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 10 July 2023 and were signed on its behalf by:




Mr W Gleed - Director



Mr S Gleed - Director


Ceilite Air Conditioning Limited (Registered number: 01471688)

Notes to the Financial Statements
For The Year Ended 28 February 2023


1. STATUTORY INFORMATION

Ceilite Air Conditioning 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Patents and licences were being amortised evenly over their useful economic life of 3 years. They are now fully amortised.

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.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Recognition and impairment of tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Freehold property is being measured under the fair value model.

The entity reviews the carrying value's of its tangible fixed assets at each reporting date, to determine wether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the estimated recoverable value of the asset is used to determine the extent of the impairment loss (if any).

Government grants
Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Inventories
Inventories are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Ceilite Air Conditioning Limited (Registered number: 01471688)

Notes to the Financial Statements - continued
For The Year Ended 28 February 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.


Ceilite Air Conditioning Limited (Registered number: 01471688)

Notes to the Financial Statements - continued
For The Year Ended 28 February 2023


3. ACCOUNTING POLICIES - continued
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss In finance costs or finance income as appropriate unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 30 ) .

Ceilite Air Conditioning Limited (Registered number: 01471688)

Notes to the Financial Statements - continued
For The Year Ended 28 February 2023


5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2022
and 28 February 2023 1,701
AMORTISATION
At 1 March 2022
and 28 February 2023 1,701
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

6. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 March 2022 500,000 186,697 335,342 1,022,039
Additions - 4,291 - 4,291
Disposals - - (11,761 ) (11,761 )
At 28 February 2023 500,000 190,988 323,581 1,014,569
DEPRECIATION
At 1 March 2022 - 153,532 230,642 384,174
Charge for year - 5,618 26,051 31,669
Eliminated on disposal - - (11,264 ) (11,264 )
At 28 February 2023 - 159,150 245,429 404,579
NET BOOK VALUE
At 28 February 2023 500,000 31,838 78,152 609,990
At 28 February 2022 500,000 33,165 104,700 637,865

Cost or valuation at 28 February 2023 is represented by:

Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
Valuation in 2020 90,000 - - 90,000
Valuation in 2022 42,057 - - 42,057
Cost 367,943 190,988 323,581 882,512
500,000 190,988 323,581 1,014,569

The freehold property was valued at the year end by The Directors.

Ceilite Air Conditioning Limited (Registered number: 01471688)

Notes to the Financial Statements - continued
For The Year Ended 28 February 2023


6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 March 2022 92,262
Transfer to ownership (18,967 )
At 28 February 2023 73,295
DEPRECIATION
At 1 March 2022 37,475
Charge for year 12,197
Transfer to ownership (12,966 )
At 28 February 2023 36,706
NET BOOK VALUE
At 28 February 2023 36,589
At 28 February 2022 54,787

7. STOCKS
2023 2022
£    £   
Stocks 2,500 2,500

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 432,892 393,167
Other debtors 526,255 368,908
959,147 762,075

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 120,770 129,521
Hire purchase contracts 16,434 18,100
Trade creditors 625,628 407,228
Taxation and social security 119,765 133,623
Other creditors 67,286 53,611
949,883 742,083

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 38,858 89,170
Hire purchase contracts 1,905 18,339
40,763 107,509

Ceilite Air Conditioning Limited (Registered number: 01471688)

Notes to the Financial Statements - continued
For The Year Ended 28 February 2023


11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 70,458 80,933
Bank loans 89,170 137,758
Hire purchase contracts 18,339 36,439
177,967 255,130

The bank overdraft secured on the assets of the company.

The obligations under hire purchase agreements are secured on the assets concerned.

The bank loan is secured against: Unit 2, The Alcorns, Cambridge Road, Stansted, Essex, CM24 8DF.

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 50,234 43,078

Deferred
tax
£   
Balance at 1 March 2022 43,078
Credit to Income Statement during year (767 )
Revaluation reserve 7,923
Balance at 28 February 2023 50,234

13. CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
3,360 Ordinary A £1 3,360 3,360
7,840 Ordinary B £1 7,840 7,840
11,200 11,200

14. RESERVES
Revaluation
reserve
£   
At 1 March 2022 154,146
Deferred tax on property
revaluation (7,923 )

At 28 February 2023 146,223