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Registered number: 13750692
2F Air Conditioning Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Sapphire House,
Cristal Business Centre, Knightsdale Road
Ipswich
Suffolk
IP1 4JJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13750692
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 132,076 68,093
132,076 68,093
CURRENT ASSETS
Stocks 5 14,524 27,542
Debtors 6 188,787 96,628
Cash at bank and in hand 329,274 142,660
532,585 266,830
Creditors: Amounts Falling Due Within One Year 7 (179,642 ) (124,031 )
NET CURRENT ASSETS (LIABILITIES) 352,943 142,799
TOTAL ASSETS LESS CURRENT LIABILITIES 485,019 210,892
Creditors: Amounts Falling Due After More Than One Year 8 (100,000 ) (100,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (33,019 ) (12,938 )
NET ASSETS 352,000 97,954
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 351,999 97,953
SHAREHOLDERS' FUNDS 352,000 97,954
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 Wayne Jackson
Director
9th August 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
2F Air Conditioning Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13750692 . The registered office is Sapphire House Cristal Business Centre, 47 Knightsdale Road, Ipswich, Suffolk, IP1 4JJ.
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:
Plant & Machinery 20% Redusing balance basis
Motor Vehicles 20% Reducing balance basis
Fixtures & Fittings 20% Reducing balance basis
Computer Equipment 20% Reducing balance basis
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.
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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 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2022: 6)
6 6
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 December 2022 - 83,980 570 566 85,116
Additions 465 92,932 - 3,604 97,001
As at 30 November 2023 465 176,912 570 4,170 182,117
Depreciation
As at 1 December 2022 - 16,796 114 113 17,023
Provided during the period 93 32,023 91 811 33,018
As at 30 November 2023 93 48,819 205 924 50,041
...CONTINUED
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Net Book Value
As at 30 November 2023 372 128,093 365 3,246 132,076
As at 1 December 2022 - 67,184 456 453 68,093
5. Stocks
2023 2022
as restated
£ £
Work in progress 14,524 27,542
6. Debtors
2023 2022
as restated
£ £
Due within one year
Trade debtors 167,027 79,606
Other debtors 21,760 17,022
188,787 96,628
7. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Trade creditors 42,363 75,655
Other creditors 44,300 31,949
Taxation and social security 92,979 16,427
179,642 124,031
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
as restated
£ £
Other creditors 100,000 100,000
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9. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 1 1
10. Transition to FRS 102
The prior year adjustment relates to the inclusion of deferrred taxation from the transition from FRS 105 to FRS 102.
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