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Registered number: 07866102
Controlled Air Systems (Leicester) Ltd
Financial Statements
For The Year Ended 30 November 2023
Lyfe Accountants Limited
1815 Melton Road
Rearsby
Leicester
LE7 4YS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07866102
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 66,323 60,957
66,323 60,957
CURRENT ASSETS
Stocks 5 15,000 15,000
Debtors 6 185,290 65,902
Cash at bank and in hand 82,075 180,243
282,365 261,145
Creditors: Amounts Falling Due Within One Year 7 (136,652 ) (101,790 )
NET CURRENT ASSETS (LIABILITIES) 145,713 159,355
TOTAL ASSETS LESS CURRENT LIABILITIES 212,036 220,312
NET ASSETS 212,036 220,312
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 211,936 220,212
SHAREHOLDERS' FUNDS 212,036 220,312
Page 1
Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Steven Laadik
Director
20/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Controlled Air Systems (Leicester) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07866102 . The registered office is The Old Barn, 1815 Melton Road, Rearsby, Leicestershire, LE7 4YS.
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. 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. 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.
2.3. 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% on reducing balance
Plant & Machinery 15% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment 33% on reducing balance
2.4. 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.
2.5. 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 year 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 asset reflects 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.
...CONTINUED
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Page 4
2.5. Taxation - continued
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2022: 9)
9 9
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 December 2022 8,170 101,390 35,225 2,220
Additions - 16,431 - -
As at 30 November 2023 8,170 117,821 35,225 2,220
Depreciation
As at 1 December 2022 4,545 58,281 23,555 993
Provided during the period 544 7,698 2,917 184
As at 30 November 2023 5,089 65,979 26,472 1,177
Net Book Value
As at 30 November 2023 3,081 51,842 8,753 1,043
As at 1 December 2022 3,625 43,109 11,670 1,227
Computer Equipment Total
£ £
Cost
As at 1 December 2022 4,341 151,346
Additions 586 17,017
As at 30 November 2023 4,927 168,363
Depreciation
As at 1 December 2022 3,015 90,389
Provided during the period 308 11,651
As at 30 November 2023 3,323 102,040
Net Book Value
As at 30 November 2023 1,604 66,323
As at 1 December 2022 1,326 60,957
5. Stocks
2023 2022
£ £
Work in progress 15,000 15,000
Page 4
Page 5
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 170,790 54,420
Prepayments and accrued income 12,083 11,482
Net wages 2,417 -
185,290 65,902
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 47,753 19,005
Bank loans and overdrafts 31,667 41,667
Corporation tax 15,330 10,700
Other taxes and social security 6,658 4,710
VAT 35,196 24,706
Net wages - 370
Director's loan account 48 632
136,652 101,790
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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