Company registration number 07437592 (England and Wales)
CYCLONE VENTILATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CYCLONE VENTILATION LIMITED
COMPANY INFORMATION
Directors
Mr Richard White
Mr Christopher White
Company number
07437592
Registered office
Unit 5 Ashfield Close
Whitehall Road Industrial Estate
Leeds
West Yorkshire
LS12 5JB
Accountants
Beldenn Limited
Townend House
8 Springwell Court
Leeds
West Yorkshire
England
LS12 1AL
CYCLONE VENTILATION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CYCLONE VENTILATION LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
123,295
2,735
Current assets
Stocks
8,242
10,899
Debtors
4
170,317
323,846
Cash at bank and in hand
432,564
465,945
611,123
800,690
Creditors: amounts falling due within one year
5
(439,858)
(504,907)
Net current assets
171,265
295,783
Total assets less current liabilities
294,560
298,518
Creditors: amounts falling due after more than one year
6
(39,583)
(64,583)
Net assets
254,977
233,935
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
254,877
233,835
Total equity
254,977
233,935
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CYCLONE VENTILATION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 June 2024 and are signed on its behalf by:
Mr Richard White
Mr Christopher White
Director
Director
Company registration number 07437592 (England and Wales)
CYCLONE VENTILATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Cyclone Ventilation Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5 Ashfield Close, Whitehall Road Industrial Estate, Leeds, West Yorkshire, LS12 5JB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
25% on cost
Plant and equipment
25% on cost
Fixtures and fittings
25% on cost
Computers
25% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
CYCLONE VENTILATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.6
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
11
CYCLONE VENTILATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
12,709
29,378
2,657
10,125
62,654
117,523
Additions
162,060
162,060
Disposals
(62,654)
(62,654)
At 31 December 2023
12,709
29,378
2,657
10,125
162,060
216,929
Depreciation and impairment
At 1 January 2023
12,709
29,378
2,657
7,390
62,654
114,788
Depreciation charged in the year
985
40,515
41,500
Eliminated in respect of disposals
(62,654)
(62,654)
At 31 December 2023
12,709
29,378
2,657
8,375
40,515
93,634
Carrying amount
At 31 December 2023
1,750
121,545
123,295
At 31 December 2022
2,735
2,735
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
169,287
309,988
Other debtors
1,030
13,858
170,317
323,846
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
25,000
25,000
Trade creditors
74,585
120,336
Corporation tax
24,124
69,303
Other taxation and social security
33,287
6,836
Other creditors
282,862
283,432
439,858
504,907
CYCLONE VENTILATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
39,583
64,583