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Registered number: 10723695
City Air Conditioning Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Brisan Accountancy Ltd
Canada House, First Floor, 20/20 Business Park
Maidstone
Kent
ME16 0LS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 10723695
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 24,783 24,889
Tangible Assets 5 72,520 94,758
97,303 119,647
CURRENT ASSETS
Stocks 6 - 19,123
Debtors 7 786,490 791,174
Cash at bank and in hand 272,348 338,240
1,058,838 1,148,537
Creditors: Amounts Falling Due Within One Year 8 (525,911 ) (490,504 )
NET CURRENT ASSETS (LIABILITIES) 532,927 658,033
TOTAL ASSETS LESS CURRENT LIABILITIES 630,230 777,680
Creditors: Amounts Falling Due After More Than One Year 9 (29,211 ) (44,074 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 11 (17,570 ) (21,428 )
NET ASSETS 583,449 712,178
CAPITAL AND RESERVES
Called up share capital 12 200 200
Profit and Loss Account 583,249 711,978
SHAREHOLDERS' FUNDS 583,449 712,178
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Thomas Egan
Director
Mr James Kitchen
Director
9 July 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
City Air Conditioning Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10723695 . The registered office is 4 Gamma House , Culpeper Close , Medway City Estate, Rochester, Kent , ME2 4HU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances. 
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract and includes retentions. 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are cryptocurrencies and are recorded under the revaluation model and reviewed for impairment on an annual basis.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 15% Straight line
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
Computer Equipment 25% Reducing balance
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 6)
12 6
4. Intangible Assets
Other
£
Cost or Valuation
As at 1 April 2023 24,889
Revaluations (106 )
As at 31 March 2024 24,783
Net Book Value
As at 31 March 2024 24,783
As at 1 April 2023 24,889
5. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 4,780 70,092 32,630 10,235 117,737
Additions - 605 1,951 1,873 4,429
Disposals - - (1,941 ) (1,823 ) (3,764 )
As at 31 March 2024 4,780 70,697 32,640 10,285 118,402
...CONTINUED
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Page 5
Depreciation
As at 1 April 2023 616 12,430 7,106 2,827 22,979
Provided during the period 717 14,428 6,356 1,813 23,314
Disposals - - (277 ) (134 ) (411 )
As at 31 March 2024 1,333 26,858 13,185 4,506 45,882
Net Book Value
As at 31 March 2024 3,447 43,839 19,455 5,779 72,520
As at 1 April 2023 4,164 57,662 25,524 7,408 94,758
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 25,917 34,557
6. Stocks
2024 2023
£ £
Work in progress - 19,123
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 558,612 419,544
Prepayments and accrued income 22,900 330,861
Other debtors 56,519 2,147
VAT 25,807 38,622
Amounts owed by participating interests 122,652 -
786,490 791,174
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 5,422 5,422
Trade creditors 374,622 293,988
Bank loans and overdrafts 9,660 9,962
Corporation tax 30,585 43,770
Other taxes and social security 38,723 31,664
Other creditors 61,311 38,661
Accruals and deferred income - 64,301
Directors' loan accounts 5,588 2,736
525,911 490,504
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 16,639 22,061
Bank loans 12,572 22,013
29,211 44,074
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,422 5,422
Later than one year and not later than five years 16,639 22,061
22,061 27,483
22,061 27,483
11. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 17,570 21,428
12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
13. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 25,248 56,268
Later than one year and not later than five years 82,056 100,992
Later than five years - 6,312
107,304 163,572
14. Directors Advances, Credits and Guarantees
Included within creditors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Thomas Egan 2,509 47,757 50,609 - 5,361
Mr James Kitchen 227 284,065 284,065 - 227
The above loan is unsecured, interest free, repayable on demand and ranks equally with other unsecured creditors of the company.
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15. Related Party Transactions
City Contractors LimitedA company under common controlAt the year end City Contractors Ltd owed City Air Conditioning Ltd £5,210.

City Contractors Limited

A company under common control

At the year end City Contractors Ltd owed City Air Conditioning Ltd £5,210.

City Facilities LtdA company under common controlAt the year end City Facilities Ltd owed City Air Conditioning Ltd £22,441.77.

City Facilities Ltd

A company under common control

At the year end City Facilities Ltd owed City Air Conditioning Ltd £22,441.77.

City Mechanical LtdA company under common controlAt the year end City Mechanical Ltd owed City Air Conditioing Ltd £95,000.

City Mechanical Ltd

A company under common control

At the year end City Mechanical Ltd owed City Air Conditioing Ltd £95,000.

16. Ultimate Controlling Party
The company's ultimate controlling party is Mr J Kitchen and Mr T Egan by virtue of their equal ownership of 100% of the issued share capital in the company.
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