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COMPANY REGISTRATION NUMBER: SC166192
AIROLOGY SYSTEMS LIMITED
Filleted Unaudited Financial Statements
30 June 2023
AIROLOGY SYSTEMS LIMITED
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
420,738
168,959
Current assets
Debtors
6
797,843
319,931
Cash at bank and in hand
1,054,778
966,937
------------
------------
1,852,621
1,286,868
Creditors: amounts falling due within one year
7
935,561
419,835
------------
------------
Net current assets
917,060
867,033
------------
------------
Total assets less current liabilities
1,337,798
1,035,992
Creditors: amounts falling due after more than one year
8
11,627
14,574
------------
------------
Net assets
1,326,171
1,021,418
------------
------------
Capital and reserves
Called up share capital
12
12
Profit and loss account
1,326,159
1,021,406
------------
------------
Shareholders funds
1,326,171
1,021,418
------------
------------
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.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
AIROLOGY SYSTEMS LIMITED
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 3 October 2023 , and are signed on behalf of the board by:
Mr A J Benson
Mrs MSW Benson
Director
Director
Company registration number: SC166192
AIROLOGY SYSTEMS LIMITED
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Narplan House, 63 Main Street, Rutherglen, Glasgow, G73 2JH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
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:
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 as a finance cost 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 4 (2022: 4 ).
5. Tangible assets
Land and buildings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2022
155,116
23,845
25,903
204,864
Additions
260,286
260,286
---------
--------
--------
---------
At 30 June 2023
415,402
23,845
25,903
465,150
---------
--------
--------
---------
Depreciation
At 1 July 2022
6,205
5,961
23,739
35,905
Charge for the year
3,495
4,471
541
8,507
---------
--------
--------
---------
At 30 June 2023
9,700
10,432
24,280
44,412
---------
--------
--------
---------
Carrying amount
At 30 June 2023
405,702
13,413
1,623
420,738
---------
--------
--------
---------
At 30 June 2022
148,911
17,884
2,164
168,959
---------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
796,436
295,032
Other debtors
1,407
24,899
---------
---------
797,843
319,931
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
534,684
243,282
Corporation tax
222,764
134,647
Social security and other taxes
21,957
4,872
Pension and life assurance creditor
535
2,247
Other creditors
155,621
34,787
---------
---------
935,561
419,835
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
11,627
14,574
--------
--------