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REGISTERED NUMBER: 02386583 (England and Wales)















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: A Simpson
D Callan
M McFarlane





SECRETARY: M McFarlane





REGISTERED OFFICE: Dunns 4 Bowes Business Park
Lambton Park
Chester Le Street
County Durham
DH3 4AN





REGISTERED NUMBER: 02386583 (England and Wales)





AUDITORS: Sharles Audit Limited
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 5 235,311 217,889

CURRENT ASSETS
Debtors 6 382,423 400,696
Cash at bank and in hand 726,715 526,266
1,109,138 926,962
CREDITORS
Amounts falling due within one year 7 524,399 546,090
NET CURRENT ASSETS 584,739 380,872
TOTAL ASSETS LESS CURRENT
LIABILITIES

820,050

598,761

CREDITORS
Amounts falling due after more than one
year

8

-

(4,896

)

PROVISIONS FOR LIABILITIES (48,184 ) (45,619 )
NET ASSETS 771,866 548,246

CAPITAL AND RESERVES
Called up share capital 300 100
Retained earnings 771,566 548,146
SHAREHOLDERS' FUNDS 771,866 548,246

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2024 and were signed on its behalf by:





A Simpson - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - Straight line over 7 years, Straight line over 3 years and Straight line over 4 years

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 22 (2022 - 19 ) .

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 561,093
Additions 131,140
Disposals (50,383 )
At 31 March 2024 641,850
DEPRECIATION
At 1 November 2022 343,204
Charge for period 92,006
Eliminated on disposal (28,671 )
At 31 March 2024 406,539
NET BOOK VALUE
At 31 March 2024 235,311
At 31 October 2022 217,889

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 34,740
Disposals (34,740 )
At 31 March 2024 -
DEPRECIATION
At 1 November 2022 6,514
Charge for period 6,514
Eliminated on disposal (13,028 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 October 2022 28,226

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Trade debtors 367,429 362,589
Other debtors 14,994 38,107
382,423 400,696

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 - 3,258
Trade creditors 80,684 155,788
Taxation and social security 195,961 157,694
Other creditors 247,754 229,350
524,399 546,090

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2022
£    £   
Hire purchase contracts - 4,696
Other creditors - 200
- 4,896

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Keith Edwards (Senior Statutory Auditor)
for and on behalf of Sharles Audit Limited

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.