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Registered Number: 04368485
England and Wales

 

 

 

AIR LEAKAGE TESTING LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 March 2022

End date: 28 February 2023
Directors Mr S A Bartholomew
Mr T Gregory
Mr S J Hayden
Registered Number 04368485
Registered Office 7 Lawson Way
Aylesbury
Bucks
HP18 0UW
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 28 February 2023
Directors
The directors who served the company throughout the year were as follows:
Mr S A Bartholomew
Mr T Gregory
Mr S J Hayden
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to
the small companies exemption.

This report was approved by the board and signed on its behalf by:


----------------------------------
Mr T Gregory
Director

Date approved: 16 November 2023
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 55,832    31,349 
55,832    31,349 
Current assets      
Debtors 4 124,344    71,762 
Cash at bank and in hand 193,342    187,270 
317,686    259,032 
Creditors: amount falling due within one year 5 (92,836)   (69,208)
Net current assets 224,850    189,824 
 
Total assets less current liabilities 280,682    221,173 
Net assets 280,682    221,173 
 

Capital and reserves
     
Called up share capital 3    3 
Profit and loss account 280,679    221,170 
Shareholder's funds 280,682    221,173 
 


For the year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 16 November 2023 and were signed on its behalf by:


-------------------------------
Mr T Gregory
Director
3
General Information
Air Leakage Testing Limited is a private company, limited by shares, registered in England and Wales, registration number 04368485, registration address 7 Lawson Way, Aylesbury, Bucks, HP18 0UW.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies. The financial statements are prepared in sterling which is the functional currency of the company.
Revenue Recognition
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.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised
in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is  recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Plant and Machinery 15% Reducing Balance
Motor Vehicles 20% Reducing Balance
Computer Equipment 25% Reducing Balance
Impairment of fixed assets
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. 

For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to
the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
 
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence
of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
2.

Employee numbers


Average number of employees during the year was 5 (2022 : 4).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £
At 01 March 2022 93,143    37,976    3,826    134,945 
Additions   37,390      37,390 
Disposals      
At 28 February 2023 93,143    75,366    3,826    172,335 
Depreciation
At 01 March 2022 76,707    23,516    3,373    103,596 
Charge for year 2,465    10,329    113    12,907 
On disposals      
At 28 February 2023 79,172    33,845    3,486    116,503 
Net book values
Closing balance as at 28 February 2023 13,971    41,521    340    55,832 
Opening balance as at 01 March 2022 16,436    14,460    453    31,349 


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 117,752    64,962 
Amount Owed by Group Undertakings 6,592    6,800 
124,344    71,762 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 115   
Corporation Tax 53,956    45,911 
Accrued Expenses 1,430    1,400 
Other Creditors 1,799    975 
Directors' Current Accounts   216 
VAT 35,536    20,706 
92,836    69,208 

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