Registered number
02632297
Beds. Compressor Service Limited
Filleted Accounts
31 August 2023
Beds. Compressor Service Limited
Registered number: 02632297
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 100,978 75,394
Current assets
Stocks 82,976 73,015
Debtors 4 196,824 112,534
Cash at bank and in hand 45,779 79,848
325,579 265,397
Creditors: amounts falling due within one year 5 (129,094) (92,379)
Net current assets 196,485 173,018
Total assets less current liabilities 297,463 248,412
Creditors: amounts falling due after more than one year 6 (25,728) -
Provisions for liabilities (17,579) (8,326)
Net assets 254,156 240,086
Capital and reserves
Called up share capital 1,353 1,353
Capital redemption reserve 7 1,000 1,000
Profit and loss account 251,803 237,733
Shareholders' funds 254,156 240,086
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Alison Margaret SPEECHLY
Director
Approved by the board on 18 December 2023
Beds. Compressor Service Limited
Notes to the Accounts
for the period from 1 August 2022 to 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Short leasehold improvements over 10 years
Plant & machinery, F&F, machines for hire 15% reducing balance
Motor vehicles 25% reducing balance
Computer equipment over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 8
3 Tangible fixed assets
Short leasehold improve- ments P&M, F&F, IT eqt., Hire machines Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 5,039 146,331 80,427 231,797
Additions - 4,582 49,204 53,786
Disposals - (13,929) (27,361) (41,290)
At 31 August 2023 5,039 136,984 102,270 244,293
Depreciation
At 1 August 2022 2,423 93,470 60,510 156,403
Charge for the period 403 8,750 10,835 19,988
On disposals - (11,599) (21,477) (33,076)
At 31 August 2023 2,826 90,621 49,868 143,315
Net book value
At 31 August 2023 2,213 46,363 52,402 100,978
At 31 July 2022 2,616 52,861 19,917 75,394
4 Debtors 2023 2022
£ £
Trade debtors 161,724 106,035
Amount due from parent company 26,958 -
Amounts due from Directors 5,000 -
Other debtors 3,142 6,499
196,824 112,534
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 6,075 -
Trade creditors 78,658 47,291
Taxation and social security costs 39,344 41,514
Pension contributions 1,012 629
Other creditors 4,005 2,945
129,094 92,379
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 25,728 -
7 Capital redemption reserve 2023 2022
£ £
At 1 August 2022 1,000 1,000
At 31 August 2023 1,000 1,000
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 7,800 -
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Andrew Lever SPEECHLY
Loan repayable within 9 months - 6,150 (1,150) 5,000
- 6,150 (1,150) 5,000
10 Controlling party
The Company is a wholly owned subsidiary of ALS Industrial Services Limited (CRN 10197979); registered office address:
The Corner House
2 Canberra Close
Wellesbourne
Warwick
CV35 9TR
The parent company has exercised its exemption under the Companies Act 2006 (small companies regime) from the requirement to prepare group accounts.
11 Other information
Beds. Compressor Service Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4H, Aston Road
Cambridge Road Ind. Est.
Bedford
MK42 0LJ
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