REGISTERED NUMBER: |
Financial Statements for the Period 1 November 2022 to 31 March 2024 |
for |
T-SQUARED VALIDAIR LTD |
REGISTERED NUMBER: |
Financial Statements for the Period 1 November 2022 to 31 March 2024 |
for |
T-SQUARED VALIDAIR LTD |
T-SQUARED VALIDAIR LTD (REGISTERED NUMBER: 02386583) |
Contents of the Financial Statements |
for the Period 1 November 2022 to 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
T-SQUARED VALIDAIR LTD |
Company Information |
for the Period 1 November 2022 to 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
29 Brandon Street |
Hamilton |
ML3 6DA |
T-SQUARED VALIDAIR LTD (REGISTERED NUMBER: 02386583) |
Balance Sheet |
31 March 2024 |
2024 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
T-SQUARED VALIDAIR LTD (REGISTERED NUMBER: 02386583) |
Notes to the Financial Statements |
for the Period 1 November 2022 to 31 March 2024 |
1. | STATUTORY INFORMATION |
T-Squared Validair Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis. |
Turnover and revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. |
Turnover derived from design & qualification of controlled facilities & their equipment, the testing and verification of environmental performance in controlled & clean air facilities, and the servicing & decontamination of these facilities and the equipment contained within them, 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. |
When the outcome of a contract can be estimated reliably and it is probable that the contract will be profitable, turnover and costs are recognised over the period of the contract. |
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. |
When the outcome of a contract cannot be estimated reliably, contract turnover is recognised only to the extent of contract costs that it is probable will be recovered. |
Contract costs include direct costs incurred in securing the contract that can be separately identified and measured reliably, if it is probable that the contract will be obtained. |
T-SQUARED VALIDAIR LTD (REGISTERED NUMBER: 02386583) |
Notes to the Financial Statements - continued |
for the Period 1 November 2022 to 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery etc | - |
At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred. |
T-SQUARED VALIDAIR LTD (REGISTERED NUMBER: 02386583) |
Notes to the Financial Statements - continued |
for the Period 1 November 2022 to 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Basic financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102, in full, to all of its financial instruments. |
Recognition and measurement of financial instruments: |
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. |
Classification of financial instruments: |
Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Trade, group and other debtors: |
Trade, group and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. |
Where the arrangement with a debtor constitutes a financing transaction, the debtor is initially measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument and subsequently measured at amortised cost, using the effective interest method. The effective interest rate is the market rate used to determine initial measurement adjusted to amortise directly attributable transaction costs. |
A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss. |
Cash and cash equivalents: |
Cash and cash equivalents comprise cash at bank and on hand and demand deposits with banks. |
Trade creditors, group and other creditors: |
Trade, group and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled. |
Where the arrangement with a creditor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost, being transaction price less any amounts settled and the cumulative amortisation (using the effective interest method) of any difference between the amount at initial recognition and the maturity amount. The effective interest rate is the rate that discounts estimated future cash payments to the carrying amount of the financial liability. |
Derecognition of financial assets and liabilities: |
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some (but not substantially all) risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires. |
T-SQUARED VALIDAIR LTD (REGISTERED NUMBER: 02386583) |
Notes to the Financial Statements - continued |
for the Period 1 November 2022 to 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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 period 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. |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
T-SQUARED VALIDAIR LTD (REGISTERED NUMBER: 02386583) |
Notes to the Financial Statements - continued |
for the Period 1 November 2022 to 31 March 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 November 2022 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 November 2022 |
Charge for period |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 October 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 November 2022 |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 November 2022 |
Charge for period |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 October 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
T-SQUARED VALIDAIR LTD (REGISTERED NUMBER: 02386583) |
Notes to the Financial Statements - continued |
for the Period 1 November 2022 to 31 March 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2022 |
£ | £ |
Hire purchase contracts |
Other creditors |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
During the period, total dividends of £74,597 were paid to the directors . |
11. | CONTROLLING PARTY |
The controlling party is TSquared Group Ltd. |
The company is a wholly owned subsidiary of TSquared Group Ltd, a UK registered company, which prepares consolidated financial statements and has its registered office at Optimus Building, 2 Robroyston Oval, Nova Technology Park, Glasgow, G33 1AP. |