Registered number
05263635
Creative Air Conditioning Services Limited
Unaudited Filleted Accounts
31 October 2023
Creative Air Conditioning Services Limited
Company Information
Director
Mr P Gaff
Accountants
Keith Graham
Chartered Accountants
Suite 2, Wesley Chambers
Queens Road
Aldershot
Hampshire
GU11 3JD
Bankers
National Westminster Bank PLC
Guildford High Street Branch
151 High Street
Guildford
Surrey
GU1 3AH
Registered office
3 Brooke Forest
Fairlands
Guildford
Surrey
GU3 3JH
Registered number
05263635
Creative Air Conditioning Services Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Creative Air Conditioning Services Limited for the year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Creative Air Conditioning Services Limited for the year ended 31 October 2023 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity 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, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/ en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Creative Air Conditioning Services Limited, as a body, in accordance with the terms of our engagement letter dated 23 January 2023. Our work has been undertaken solely to prepare for your approval the accounts of Creative Air Conditioning Services Limited and state those matters that we have agreed to state to the Board of Directors of Creative Air Conditioning Services 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 Creative Air Conditioning Services Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Creative Air Conditioning Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Creative Air Conditioning Services Limited. You consider that Creative Air Conditioning Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Creative Air Conditioning Services 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 accounts.
Keith Graham
Chartered Accountants
Suite 2, Wesley Chambers
Queens Road
Aldershot
Hampshire
GU11 3JD
4 March 2024
Creative Air Conditioning Services Limited
Registered number: 05263635
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 28,734 43,302
Current assets
Debtors 4 26,027 35,447
Cash at bank and in hand 5,422 6,276
31,449 41,723
Creditors: amounts falling due within one year 5 (28,667) (39,232)
Net current assets 2,782 2,491
Total assets less current liabilities 31,516 45,793
Creditors: amounts falling due after more than one year 6 (23,195) (28,633)
Provisions for liabilities (7,184) (9,526)
Net assets 1,137 7,634
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,135 7,632
Shareholder's funds 1,137 7,634
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr P Gaff
Director
Approved by the board on 4 March 2024
Creative Air Conditioning Services Limited
Notes to the Accounts
for the year ended 31 October 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.
Grants
Grant income is recognised when the company is entitled to the receipt. Grants receivable are shown in profit or loss account as part of turnover and any assoicated costs are shown in the profit and loss account according to their nature.
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:
Plant and machinery 20% Straight Line
Motor Vehicles 25% Straight Line
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.
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.
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.
Leased assets
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 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2022 4,277 64,609 68,886
Additions 1,872 610 2,482
Disposals (1,110) - (1,110)
At 31 October 2023 5,039 65,219 70,258
Depreciation
At 1 November 2022 1,589 23,995 25,584
Charge for the year 1,008 15,433 16,441
On disposals (501) - (501)
At 31 October 2023 2,096 39,428 41,524
Net book value
At 31 October 2023 2,943 25,791 28,734
At 31 October 2022 2,688 40,614 43,302
4 Debtors 2023 2022
£ £
Trade debtors 8,557 12,342
Other debtors 17,470 23,105
26,027 35,447
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,912 10,304
Obligations under finance lease and hire purchase contracts 2,384 2,384
Trade creditors - 793
Taxation and social security costs 17,639 6,600
Other creditors 3,732 19,151
28,667 39,232
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 8,350 11,404
Obligations under finance lease and hire purchase contracts 14,845 17,229
23,195 28,633
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 13,262 18,175
The loan is a Bounce Back Loan from National Westminster Bank plc and is guaranteed by the UK Government. The loan has a fixed rate of interest at 2.5% and the interest due in the first 12 months will be covered by a Business Interruption Payment.
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr P Gaff
Director's current account (11,705) 70,001 (48,312) 9,984
(11,705) 70,001 (48,312) 9,984
This is disclosed within Other debtors in note 4.
9 Other information
Creative Air Conditioning Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
3 Brooke Forest
Fairlands
Guildford
Surrey
GU3 3JH
These accounts are presented in Sterling, the functional currency.
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