IRIS Accounts Production v24.2.0.383 SC535880 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC5358802022-12-31SC5358802023-12-31SC5358802023-01-012023-12-31SC5358802021-12-31SC5358802022-01-012022-12-31SC5358802022-12-31SC535880ns14:PoundSterling2023-01-012023-12-31SC535880ns10:Director12023-01-012023-12-31SC535880ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC535880ns10:SmallEntities2023-01-012023-12-31SC535880ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31SC535880ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC535880ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC535880ns10:FullAccounts2023-01-012023-12-31SC535880ns5:CurrentFinancialInstruments2023-12-31SC535880ns5:CurrentFinancialInstruments2022-12-31SC535880ns5:ShareCapital2023-12-31SC535880ns5:ShareCapital2022-12-31SC535880ns5:RetainedEarningsAccumulatedLosses2023-12-31SC535880ns5:RetainedEarningsAccumulatedLosses2022-12-31SC535880ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC535880ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31
REGISTERED NUMBER: SC535880















EDC AIR COMPRESSORS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






EDC AIR COMPRESSORS LIMITED (REGISTERED NUMBER: SC535880)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


EDC AIR COMPRESSORS LIMITED (REGISTERED NUMBER: SC535880)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
CALLED UP SHARE CAPITAL NOT PAID - 98


CURRENT ASSETS
Stocks 93,818 63,492
Debtors 4 124,099 140,943
Cash at bank 155,014 63,710
372,931 268,145
CREDITORS
Amounts falling due within one year 5 714,475 634,266
NET CURRENT LIABILITIES (341,544 ) (366,121 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(341,544

)

(366,023

)

CAPITAL AND RESERVES
Called up share capital 98 98
Retained earnings (341,642 ) (366,121 )
(341,544 ) (366,023 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

EDC AIR COMPRESSORS LIMITED (REGISTERED NUMBER: SC535880)

BALANCE SHEET - continued
31 DECEMBER 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2024 and were signed on its behalf by:





N M Brown - Director


EDC AIR COMPRESSORS LIMITED (REGISTERED NUMBER: SC535880)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

EDC Air Compressors Limited is a private company, limited by shares, registered in Scotland. The company's registered office is 45 Kilpatrick Drive, Riverfront, Erskine, Renfrewshire, Scotland, PA8 7AF.

The presentation currency of the financial statements is Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from this standard. The financial statements have been prepared under the historical cost convention.

Going concern
The company has experienced losses and reports a net deficit on its balance sheet. The company is dependent on support from its directors and related companies. The directors believe this will continue therefore the financial statements have been prepared on a going concern basis.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements.

The directors consider there are no such significant judgements.

Turnover
Turnover represents the invoice value of services and goods rendered, excluding value added tax. The company's policy is to recognise a sale when all the risks and rewards in connection with the services and goods have been passed to the purchaser.

Stocks
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

Debt instruments like other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

EDC AIR COMPRESSORS LIMITED (REGISTERED NUMBER: SC535880)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Taxation
Taxation represents the sum of tax currently payable and deferred tax. 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.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 105,656 90,157
Other debtors 18,443 50,786
124,099 140,943

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 602,764 354,562
Taxation and social security 9,227 10,127
Other creditors 102,484 269,577
714,475 634,266

EDC AIR COMPRESSORS LIMITED (REGISTERED NUMBER: SC535880)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. ULTIMATE CONTROLLING PARTY

The company is a subsidiary of TQI AC (Scotland) Limited. The registered office of TQI AC (Scotland) Limited is Caledonia House, 89 Seaward Street, Glasgow, Scotland, G41 1HJ.