Company Registration No. 05070707 (England and Wales)
AMBIENT AIR CONDITIONING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
AMBIENT AIR CONDITIONING LIMITED
COMPANY INFORMATION
Directors
Mr J Sugden
Mr J Morrell
Mr D R Williams
Mr S J Summers
Company number
05070707
Registered office
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
Units 2 & 3 Caxton Gate
36/38 New Street
Birmingham
West Midlands
B2 4LP
AMBIENT AIR CONDITIONING LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
AMBIENT AIR CONDITIONING LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AMBIENT AIR CONDITIONING LIMITED FOR THE PERIOD ENDED 31 MARCH 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ambient Air Conditioning Limited for the period ended 31 March 2023 which comprise, the balance sheet and the 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 Board of Directors of Ambient Air Conditioning Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ambient Air Conditioning Limited and state those matters that we have agreed to state to the Board of Directors of Ambient Air Conditioning Limited, 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 Ambient Air Conditioning Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Ambient Air Conditioning 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 Ambient Air Conditioning Limited. You consider that Ambient Air Conditioning Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Ambient Air Conditioning 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.
Ormerod Rutter Limited
23 November 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
AMBIENT AIR CONDITIONING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
170,614
107,008
Current assets
Debtors
5
1,703,504
1,676,213
Cash at bank and in hand
1,204,112
799,377
2,907,616
2,475,590
Creditors: amounts falling due within one year
6
(1,961,244)
(1,610,750)
Net current assets
946,372
864,840
Total assets less current liabilities
1,116,986
971,848
Creditors: amounts falling due after more than one year
7
(69,575)
(53,998)
Provisions for liabilities
9
(22,423)
(16,541)
Net assets
1,024,988
901,309
Capital and reserves
Called up share capital
10
200
200
Profit and loss reserves
1,024,788
901,109
Total equity
1,024,988
901,309
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
AMBIENT AIR CONDITIONING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 23 November 2023 and are signed on its behalf by:
Mr J Morrell
Director
Company Registration No. 05070707
AMBIENT AIR CONDITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Ambient Air Conditioning Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
AMBIENT AIR CONDITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Exceptional costs/(income)
2023
2022
£
£
Irrecoverable loan write off
(332,830)
-
An irrecoverable loan due to the ultimate parent company, Integrated Eco Technologies Limited, has been written off at the agreement of the directors.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was 10 (2022 - 8).
AMBIENT AIR CONDITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 6 -
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 October 2022
23,787
129,412
153,199
Additions
1,874
85,827
87,701
At 31 March 2023
25,661
215,239
240,900
Depreciation and impairment
At 1 October 2022
20,794
25,398
46,192
Depreciation charged in the period
365
23,729
24,094
At 31 March 2023
21,159
49,127
70,286
Carrying amount
At 31 March 2023
4,502
166,112
170,614
At 30 September 2022
2,993
104,015
107,008
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Motor vehicles
111,269
82,122
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,539,655
1,315,351
Amounts owed by group undertakings
229,637
Other debtors
163,849
131,225
1,703,504
1,676,213
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
669,958
768,966
Amounts owed to group undertakings
890,693
683,004
Taxation and social security
201,048
76,231
Other creditors
199,545
82,549
1,961,244
1,610,750
AMBIENT AIR CONDITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
69,575
53,998
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Hire purchase contracts
103,829
77,555
Hire purchase contracts are secured against the assets to which they relate.
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
22,423
16,541
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary A of £1 each
100
100
100 Ordinary B of £1 each
100
100
200
200
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with its parent entity as it is a wholly owned subsidiary within the group.
12
Control
Ultimate parent company
The ultimate parent company is Integrated Eco Technologies Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr D Williams, by virtue of his controlling interest in the ultimate parent company.