Registration number:
Nexus Airconditioning Services Ltd
for the Period from 1 September 2022 to 31 July 2023
Nexus Airconditioning Services Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Nexus Airconditioning Services Ltd
Company Information
Director |
Mr M Bukes |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Nexus Airconditioning Services Ltd
for the Period Ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Nexus Airconditioning Services Ltd for the period ended 31 July 2023 as set out on pages 3 to 10 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 of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the Board of Directors of Nexus Airconditioning Services Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Nexus Airconditioning Services Ltd and state those matters that we have agreed to state to the Board of Directors of Nexus Airconditioning Services Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nexus Airconditioning Services Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Nexus Airconditioning Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Nexus Airconditioning Services Ltd. You consider that Nexus Airconditioning Services Ltd 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 accounts of Nexus Airconditioning Services Ltd. 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.
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Chartered Accountants
Quarrywood Court
Livingston
West Lothian
EH54 6AX
Nexus Airconditioning Services Ltd
(Registration number: SC513152)
Balance Sheet as at 31 July 2023
Note |
2023 |
2022 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(21,786) |
(17,513) |
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Shareholders' deficit |
(21,686) |
(17,413) |
For the financial period ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Nexus Airconditioning Services Ltd
(Registration number: SC513152)
Balance Sheet as at 31 July 2023
Approved and authorised by the
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Nexus Airconditioning Services Ltd
Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 July 2023
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
The principal place of business is:
29 Ossian Drive
Murieston
Livingston
West Lothian
EH54 9HL
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The company ceased trading on 30 April 2023 and the financial statements have been prepared on a basis other than the going concern basis. This basis includes, where applicable, writing the company's assets down to net realisable value and making provisions in respect of contracts that have become onerous at the balance sheet date. No provision has been made for the future costs of terminating the business unless such costs were committed to at the reporting date.
Nexus Airconditioning Services Ltd
Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 July 2023
The presentation currency of the financial statements is the Pound Sterling (£).
Going concern
The director has concluded that the company is not a going concern and, as disclosed within the basis of preparation accounting policy above, the financial statement have been prepared on a basis other than the going concern basis as the company ceased trading on 30 April 2023.
Revenue recognition
Turnover comprises the fair value of the consideration derived from the installation, maintenance and repair of airconditioning systems. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
Tax
The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.
Nexus Airconditioning Services Ltd
Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 July 2023
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
25% straight line |
Motor vehicles |
25% straight line |
Other tangible assets |
25% straight line |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including the director) during the period was
Nexus Airconditioning Services Ltd
Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 July 2023
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 September 2022 |
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Disposals |
( |
( |
( |
( |
At 31 July 2023 |
- |
- |
- |
- |
Depreciation |
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At 1 September 2022 |
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Eliminated on disposal |
( |
( |
( |
( |
At 31 July 2023 |
- |
- |
- |
- |
Carrying amount |
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At 31 July 2023 |
- |
- |
- |
- |
Debtors |
2023 |
2022 |
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Trade debtors |
- |
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Other debtors |
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Nexus Airconditioning Services Ltd
Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 July 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
- |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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The bank loan is supported by a 100% guarantee from the UK Government.
Nexus Airconditioning Services Ltd
Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 July 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Related party transactions |
During the year, the director advanced loans totalling £1,566 to the company. At the year end, the balance due to the director was £22,050 (2022 - £20,484). This loan is unsecured, interest free and has no fixed repayment terms.