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COMPANY REGISTRATION NUMBER: 07022322
T & S Air Conditioning Limited
Filleted Unaudited Financial Statements
30 September 2023
T & S Air Conditioning Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
53,374
36,700
Current assets
Stocks
4,000
4,000
Debtors
6
388,534
224,305
Cash at bank and in hand
107,411
275,522
---------
---------
499,945
503,827
Creditors: amounts falling due within one year
7
218,712
329,896
---------
---------
Net current assets
281,233
173,931
---------
---------
Total assets less current liabilities
334,607
210,631
Provisions
Taxation including deferred tax
11,705
6,973
---------
---------
Net assets
322,902
203,658
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
322,802
203,558
---------
---------
Shareholders funds
322,902
203,658
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
T & S Air Conditioning Limited
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 2 September 2024 , and are signed on behalf of the board by:
Mr K Turnbull
Mr M I Scott
Director
Director
Company registration number: 07022322
T & S Air Conditioning Limited
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 1 Telford House, Warwick Road, Carlisle, Cumbria, CA1 2BT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 11 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
Cost
At 1 October 2022
4,461
82,453
2,081
88,995
Additions
34,650
34,650
Disposals
( 1,249)
( 1,249)
-------
---------
-------
---------
At 30 September 2023
4,461
117,103
832
122,396
-------
---------
-------
---------
Depreciation
At 1 October 2022
3,667
47,102
1,526
52,295
Charge for the year
199
17,500
277
17,976
Disposals
( 1,249)
( 1,249)
-------
---------
-------
---------
At 30 September 2023
3,866
64,602
554
69,022
-------
---------
-------
---------
Carrying amount
At 30 September 2023
595
52,501
278
53,374
-------
---------
-------
---------
At 30 September 2022
794
35,351
555
36,700
-------
---------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
373,735
217,199
Other debtors
14,799
7,106
---------
---------
388,534
224,305
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
167,684
123,522
Corporation tax
49,278
48,821
Social security and other taxes
27,069
Other creditors
1,750
130,484
---------
---------
218,712
329,896
---------
---------
8. Related party transactions
The company was under the control of Mr K Turnbull and Mr M I Scott throughout the current and previous year. Mr Turnbull and Mr Scott are the only directors and majority shareholders, and together with family members hold all of the issued share capital. During the year dividends of £ 68,168 (2022 - £89,032) were paid Messrs Turnbull & Scott. On the balance sheet date the company owed £Nil to Messrs Turnbull & Scott (2022 - £128,984) and this is included in Other creditors.