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REGISTERED NUMBER: 05600753 (England and Wales)










Unaudited Financial Statements for the Year Ended 31 October 2023

for

TCL Air Conditioning Ltd

TCL Air Conditioning Ltd (Registered number: 05600753)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TCL Air Conditioning Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Ms T Kovacs
M Cowley





SECRETARY:





REGISTERED OFFICE: 55 Staines Road West
Sunbury-on-Thames
Middlesex
TW16 7AH





REGISTERED NUMBER: 05600753 (England and Wales)





ACCOUNTANTS: Crick Heitman Ltd
Chartered Accountants
55 Staines Road West
Sunbury-on-Thames
Middlesex
TW16 7AH

TCL Air Conditioning Ltd (Registered number: 05600753)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 142,208 8,765
142,208 8,765

CURRENT ASSETS
Debtors 6 207,842 269,108
Cash at bank 185,926 443,793
393,768 712,901
CREDITORS
Amounts falling due within one year 7 474,504 290,428
NET CURRENT (LIABILITIES)/ASSETS (80,736 ) 422,473
TOTAL ASSETS LESS CURRENT
LIABILITIES

61,472

431,238

CREDITORS
Amounts falling due after more than one
year

8

(20,682

)

-

PROVISIONS FOR LIABILITIES (3,447 ) (1,665 )
NET ASSETS 37,343 429,573

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 36,343 428,573
SHAREHOLDERS' FUNDS 37,343 429,573

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing 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.

TCL Air Conditioning Ltd (Registered number: 05600753)

Balance Sheet - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2024 and were signed on its behalf by:




Ms T Kovacs - Director



M Cowley - Director


TCL Air Conditioning Ltd (Registered number: 05600753)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

TCL Air Conditioning Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost, 25% on cost, 20% on cost and 10% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

TCL Air Conditioning Ltd (Registered number: 05600753)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 66,800
AMORTISATION
At 1 November 2022
and 31 October 2023 66,800
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022 145,550
Additions 153,306
Disposals (70,402 )
At 31 October 2023 228,454
DEPRECIATION
At 1 November 2022 136,785
Charge for year 17,918
Eliminated on disposal (68,457 )
At 31 October 2023 86,246
NET BOOK VALUE
At 31 October 2023 142,208
At 31 October 2022 8,765

TCL Air Conditioning Ltd (Registered number: 05600753)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and
machinery
etc
£   
COST
Additions 141,001
At 31 October 2023 141,001
DEPRECIATION
Charge for year 14,098
At 31 October 2023 14,098
NET BOOK VALUE
At 31 October 2023 126,903

6. DEBTORS
31.10.23 31.10.22
£    £   
Amounts falling due within one year:
Trade debtors 179,907 230,278
Other debtors 24,935 35,830
204,842 266,108

Amounts falling due after more than one year:
Other debtors 3,000 3,000

Aggregate amounts 207,842 269,108

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Finance leases 109,021 -
Trade creditors 65,756 91,186
Taxation and social security 143,675 170,705
Other creditors 156,052 28,537
474,504 290,428

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Finance leases 20,682 -

TCL Air Conditioning Ltd (Registered number: 05600753)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £12,000 (2022 - £132,000) were paid to the directors .

The dividends of £12,000 were paid on 29 November 2022.

On 27 February 2023, 75% of the company's share capital was purchased by the TCL Air Conditioning Employee Ownership Trust.

During the year payments to the TCL Air Conditioning Employee Ownership Trust amounted to £648,500.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is TCL Air Conditioning Trustee Ltd, a company that is registered in England.

11. EMPLOYEE SHARE OWNERSHIP

TCL Air Conditioning Trustee Ltd on behalf of the TCL Air Conditioning Employee Ownership Trust, owns 75% of the issued share capital of the company.

The trust holds the shares for the benefit of the company's employees.

The company funds the trust out of its distributable profits taking into account its working capital requirements to enable the trust to discharge its liability in respect of the acquisition of the company.

It is considered that the company does not have de factor control of the trust and therefore the assets and liabilities of the trust are not included in the company's financial statements. The payments to the trust are written off to the company's reserves.