Company registration number 02693852 (England and Wales)
AIRMASTER AIRCONDITIONING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
AIRMASTER AIRCONDITIONING LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
AIRMASTER AIRCONDITIONING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
148,445
73,790
Current assets
Stocks
3,657
6,864
Debtors
4
1,158,591
1,354,310
Cash at bank and in hand
644,779
650,132
1,807,027
2,011,306
Creditors: amounts falling due within one year
5
(758,261)
(1,026,863)
Net current assets
1,048,766
984,443
Total assets less current liabilities
1,197,211
1,058,233
Creditors: amounts falling due after more than one year
6
(95,586)
(57,520)
Provisions for liabilities
(37,100)
(14,000)
Net assets
1,064,525
986,713
Capital and reserves
Called up share capital
1,130
1,130
Share premium account
32,130
32,130
Capital redemption reserve
50
50
Profit and loss reserves
1,031,215
953,403
Total equity
1,064,525
986,713
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 September 2023 and are signed on its behalf by:
A M England
Director
Company Registration No. 02693852
AIRMASTER AIRCONDITIONING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2021
1,000
6,650
50
2,028,899
2,036,599
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
-
507,692
507,692
Issue of share capital
25,480
-
-
25,480
Dividends
-
-
-
(75,600)
(75,600)
Conversion of loan to shares
130
-
-
130
Contributions to Airmaster Employee Ownership Trust
-
-
(1,507,588)
(1,507,588)
Balance at 31 March 2022
1,130
32,130
50
953,403
986,713
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
522,256
522,256
Contributions to Airmaster Employee Ownership Trust
-
-
(444,444)
(444,444)
Balance at 31 March 2023
1,130
32,130
50
1,031,215
1,064,525
AIRMASTER AIRCONDITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Airmaster Airconditioning Limited is a private company, limited by shares and incorporated in England and Wales. The registered office is Wetherby House, Park Hill, Swallownest, Sheffield, S26 4UN.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual wage costs and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost, 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:
Leasehold land and buildings
equal instalments over the period of the lease
Plant and machinery
15% reducing balance
Fixtures, fittings and equipment
10% - 20% reducing balance
Plant and machinery
25% 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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
AIRMASTER AIRCONDITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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 balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
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 creditors, 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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.
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.
AIRMASTER AIRCONDITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets' fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
41
39
AIRMASTER AIRCONDITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
235,622
194,325
429,947
Additions
135,352
135,352
Disposals
(35,349)
(35,349)
At 31 March 2023
235,622
294,328
529,950
Depreciation and impairment
At 1 April 2022
235,622
120,535
356,157
Depreciation charged in the year
45,785
45,785
Eliminated in respect of disposals
(20,437)
(20,437)
At 31 March 2023
235,622
145,883
381,505
Carrying amount
At 31 March 2023
148,445
148,445
At 31 March 2022
73,790
73,790
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
£
£
Plant and machinery
106,763
32,821
106,763
32,821
Depreciation charge for the year in respect of leased assets
35,588
10,941
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
893,784
656,636
Gross amounts owed by contract customers
153,537
544,174
Other debtors
71,370
124,542
Prepayments and accrued income
39,900
28,958
1,158,591
1,354,310
AIRMASTER AIRCONDITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,870
9,626
Obligations under finance leases
33,126
12,173
Trade creditors
451,649
698,793
Corporation tax
109,549
122,731
Other taxation and social security
37,864
33,464
Other creditors
15,380
13,941
Accruals and deferred income
100,823
136,135
758,261
1,026,863
Obligations under finance leases are secured by a fixed charge over the assets which are financed.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,724
35,588
Obligations under finance leases
69,862
21,932
95,586
57,520
Obligations under finance leases are secured by a fixed charge over the assets which are financed.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Adam Shield
Statutory Auditor:
Hart Shaw LLP
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Total commitment
346,814
363,029
2023-03-312022-04-01false28 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMrs L A PogsonG D CampbellMr A M EnglandA J BensonR O BlackwoodMrs L A Pogsonfalse026938522022-04-012023-03-31026938522023-03-31026938522022-03-3102693852core:LandBuildings2023-03-3102693852core:OtherPropertyPlantEquipment2023-03-3102693852core:LandBuildings2022-03-3102693852core:OtherPropertyPlantEquipment2022-03-3102693852core:Non-currentFinancialInstruments2023-03-3102693852core:Non-currentFinancialInstruments2022-03-3102693852core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3102693852core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3102693852core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3102693852core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3102693852core:CurrentFinancialInstruments2023-03-3102693852core:CurrentFinancialInstruments2022-03-3102693852core:ShareCapital2023-03-3102693852core:ShareCapital2022-03-3102693852core:SharePremium2023-03-3102693852core:SharePremium2022-03-3102693852core:CapitalRedemptionReserve2023-03-3102693852core:CapitalRedemptionReserve2022-03-3102693852core:RetainedEarningsAccumulatedLosses2023-03-3102693852core:RetainedEarningsAccumulatedLosses2022-03-3102693852core:ShareCapital2021-03-3102693852core:SharePremium2021-03-3102693852core:CapitalRedemptionReserve2021-03-3102693852core:RetainedEarningsAccumulatedLosses2021-03-31026938522021-03-3102693852bus:Director22022-04-012023-03-3102693852core:RetainedEarningsAccumulatedLosses2021-04-012022-03-31026938522021-04-012022-03-3102693852core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3102693852core:ShareCapital2021-04-012022-03-3102693852core:SharePremium2021-04-012022-03-3102693852core:SharePremium12021-04-012022-03-3102693852core:SharePremium22022-04-012023-03-3102693852core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-04-012023-03-3102693852core:PlantMachinery2022-04-012023-03-3102693852core:FurnitureFittings2022-04-012023-03-3102693852core:MotorVehicles2022-04-012023-03-3102693852core:LandBuildings2022-03-3102693852core:OtherPropertyPlantEquipment2022-03-31026938522022-03-3102693852core:LandBuildings2022-04-012023-03-3102693852core:OtherPropertyPlantEquipment2022-04-012023-03-3102693852core:MotorVehicles2023-03-3102693852core:MotorVehicles2022-03-3102693852bus:PrivateLimitedCompanyLtd2022-04-012023-03-3102693852bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3102693852bus:FRS1022022-04-012023-03-3102693852bus:Audited2022-04-012023-03-3102693852bus:Director12022-04-012023-03-3102693852bus:Director32022-04-012023-03-3102693852bus:Director42022-04-012023-03-3102693852bus:Director52022-04-012023-03-3102693852bus:CompanySecretary12022-04-012023-03-3102693852bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP