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Registration number: 06464424

Air Projects Limited

Filleted Financial Statements

for the Year Ended 30 September 2023

 

Air Projects Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Air Projects Limited

Company Information

Directors

A J Wheal

M L Wheeler

Registered office

4 Swanbridge Industrial Park
Black Croft Road
Witham
Essex
CM8 3YN

Auditors

Clement Rabjohns Limited
Registered Auditors and Chartered Accountants
111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Air Projects Limited

(Registration number: 06464424)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

18,158

57,010

Current assets

 

Stocks

5

2,184

2,750

Debtors

6

1,087,992

469,382

Cash at bank and in hand

 

73,948

153,548

 

1,164,124

625,680

Creditors: Amounts falling due within one year

7

(294,631)

(134,633)

Net current assets

 

869,493

491,047

Total assets less current liabilities

 

887,651

548,057

Provisions for liabilities

(12,573)

(5,285)

Net assets

 

875,078

542,772

Capital and reserves

 

Called up share capital

20

20

Retained earnings

875,058

542,752

Shareholders' funds

 

875,078

542,772

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

.........................................
M L Wheeler
Director

 

Air Projects Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
4 Swanbridge Industrial Park
Black Croft Road
Witham
Essex
CM8 3YN
United Kingdom

These financial statements were authorised for issue by the Board on 30 July 2024.

2

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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

 

Air Projects Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 30 July 2024 was Philip Parsons FCA, who signed for and on behalf of Clement Rabjohns Limited.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

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

Improvements to property

Straight line over 20 years

Fixtures and fittings

25% on cost

Motor vehicles

25% on cost

 

Air Projects Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 13).

 

Air Projects Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Property improvements
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

40,737

63,804

46,983

151,524

Additions

-

12,321

-

12,321

Disposals

(40,737)

-

-

(40,737)

At 30 September 2023

-

76,125

46,983

123,108

Depreciation

At 1 October 2022

4,867

55,963

33,684

94,514

Charge for the year

2,037

5,973

9,330

17,340

Eliminated on disposal

(6,904)

-

-

(6,904)

At 30 September 2023

-

61,936

43,014

104,950

Carrying amount

At 30 September 2023

-

14,189

3,969

18,158

At 30 September 2022

35,870

7,841

13,299

57,010

Included within the net book value of land and buildings above is £Nil (2022 - £35,870) in respect of long leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Raw materials and consumables

2,184

2,000

Work in progress

-

750

2,184

2,750

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

433,257

246,262

Amounts owed by related parties

10

622,709

223,120

Prepayments

 

32,026

-

   

1,087,992

469,382

 

Air Projects Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

-

3,953

Trade creditors

 

131,227

42,329

Taxation and social security

 

92,169

81,109

Accruals and deferred income

 

66,895

-

Other creditors

 

4,340

7,242

 

294,631

134,633

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £0 (2022 - £3,953).

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

-

3,953

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

31,143

27,810

Later than one year and not later than five years

102,429

94,905

Later than five years

-

17,333

133,572

140,048

The amount of non-cancellable operating lease payments recognised as an expense during the year was £37,670 (2022 - £14,803).

 

Air Projects Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

10

Related party transactions

Transactions with directors

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

Mrs M J Sutton

Interest charged at HMRC approved rate

94,492

88,867

(183,359)

-

11

Parent and ultimate parent undertaking

The company's immediate parent is EA-RS Group Limited, incorporated in the United Kingdom.

 The ultimate parent is ES-RS Fire Engineering Group Limited, incorporated in the United Kingdom.

  These financial statements are available upon request from 4 Swanbridge Industrial Park, Black Croft Road, Witham, Essex, CM8 3YN