Company registration number 01668880 (England and Wales)
AIRTECH (SERVICE & MAINTENANCE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
AIRTECH (SERVICE & MAINTENANCE) LIMITED
COMPANY INFORMATION
Directors
Ms P F Musgrave
Mr A F Musgrave
Mrs I D Musgrave
Mr P J Musgrave
Company number
01668880
Registered office
Cresta House
Imberhorne Lane
East Grinstead
West Sussex
RH 19 1QX
Accountants
Bryden Johnson Limited
1-4 Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
AIRTECH (SERVICE & MAINTENANCE) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
AIRTECH (SERVICE & MAINTENANCE) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,713,821
2,598,084
Current assets
Stocks
73,800
49,010
Debtors
5
415,796
775,587
Cash at bank and in hand
763,364
358,048
1,252,960
1,182,645
Creditors: amounts falling due within one year
6
(812,069)
(770,818)
Net current assets
440,891
411,827
Total assets less current liabilities
3,154,712
3,009,911
Provisions for liabilities
(383,229)
(275,624)
Net assets
2,771,483
2,734,287
Capital and reserves
Called up share capital
7
10,000
10,000
Revaluation reserve
8
937,548
1,005,513
Profit and loss reserves
1,823,935
1,718,774
Total equity
2,771,483
2,734,287
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 year ended 31 December 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 year 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.
AIRTECH (SERVICE & MAINTENANCE) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 April 2024 and are signed on its behalf by:
Mr A F Musgrave
Director
Company registration number 01668880 (England and Wales)
AIRTECH (SERVICE & MAINTENANCE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Airtech (Service & Maintenance) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cresta House, Imberhorne Lane, East Grinstead, West Sussex, RH 19 1QX.
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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 goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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:
Land and buildings Freehold
No depreciation provided
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% straight line
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.
Freehold land and assets are not depreciated on the basis that repairs expenditure is incurred to maintain the condition of the asset, which is at least equivalent to what depreciation would have been.
Although this accounting policy is in accordance with FRS 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been changed cannot be separately identified or quantified.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
AIRTECH (SERVICE & MAINTENANCE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
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.
AIRTECH (SERVICE & MAINTENANCE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.8
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
37
36
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
5,000
Amortisation and impairment
At 1 January 2023 and 31 December 2023
5,000
Carrying amount
At 31 December 2023
At 31 December 2022
AIRTECH (SERVICE & MAINTENANCE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Land and buildings Freehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 January 2023
2,200,000
168,646
690,884
3,059,530
Additions
15,779
166,949
182,728
Disposals
(26,549)
(26,549)
At 31 December 2023
2,200,000
184,425
831,284
3,215,709
Depreciation and impairment
At 1 January 2023
167,662
293,784
461,446
Depreciation charged in the year
2,346
52,645
54,991
Eliminated in respect of disposals
(14,549)
(14,549)
At 31 December 2023
170,008
331,880
501,888
Carrying amount
At 31 December 2023
2,200,000
14,417
499,404
2,713,821
At 31 December 2022
2,200,000
984
397,100
2,598,084
The initial cost of the Land and buildings was £981,987.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
381,685
506,193
Other debtors
6,258
1,700
Prepayments and accrued income
27,853
7,653
415,796
515,546
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
260,041
Total debtors
415,796
775,587
AIRTECH (SERVICE & MAINTENANCE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
139,183
186,620
Corporation tax
11,726
41,007
Other taxation and social security
123,950
121,549
Deferred income
459,672
393,124
Other creditors
71,079
17,752
Accruals
6,459
10,766
812,069
770,818
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
9,000
9,000
9,000
9,000
Ordinary shares A of £1 each
500
500
500
500
Ordinary shares B of £1 each
500
500
500
500
10,000
10,000
10,000
10,000
8
Revaluation reserve
2023
2022
£
£
At the beginning of the year
1,005,513
368,013
Revaluation surplus arising in the year
850,000
Deferred tax on revaluation of tangible assets
(67,965)
(212,500)
At the end of the year
937,548
1,005,513
9
Related party transactions
Included within other creditors is a balance of £45,331 (2022: £260,041 debtor balance) due to Airtech Air Conditioning Services Limited, a company under common control.
During the year, goods & services totalling £330,000 (2022: £330,000) were acquired from Airtech Air Conditioning Services Limited.
10
Directors' transactions
Included within other creditors due within one year is a directors' loan account balance of £15,656 (2022: £11,754).
11
Prior period adjustment
AIRTECH (SERVICE & MAINTENANCE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Prior period adjustment
(Continued)
- 8 -
Reconciliation of changes in equity
1 January
31 December
2022
2022
£
£
Adjustments to prior year
Deferred income adjustment
-
(104,736)
Equity as previously reported
2,100,525
2,839,023
Equity as adjusted
2,100,525
2,734,287
Analysis of the effect upon equity
Profit and loss reserves
-
(104,736)
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Deferred income adjustment
(104,736)
Profit as previously reported
269,930
Profit as adjusted
165,194
Notes to reconciliation
The prior year income has been restated to reflect the correction of an error, in relation to the accounting for maintenance contracts.
The error, which was identified during the course of the current year accounts preparation, amounted to £104,736 and related to overstated income.
Measures have been implemented to mitigate the risk of such an error occurring again.
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