Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29false72023-03-01No description of principal activity8truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05363394 2023-03-01 2024-02-29 05363394 2022-03-01 2023-02-28 05363394 2024-02-29 05363394 2023-02-28 05363394 c:Director1 2023-03-01 2024-02-29 05363394 d:MotorVehicles 2023-03-01 2024-02-29 05363394 d:MotorVehicles 2024-02-29 05363394 d:MotorVehicles 2023-02-28 05363394 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 05363394 d:FurnitureFittings 2023-03-01 2024-02-29 05363394 d:FurnitureFittings 2024-02-29 05363394 d:FurnitureFittings 2023-02-28 05363394 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 05363394 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 05363394 d:Goodwill 2024-02-29 05363394 d:Goodwill 2023-02-28 05363394 d:CurrentFinancialInstruments 2024-02-29 05363394 d:CurrentFinancialInstruments 2023-02-28 05363394 d:Non-currentFinancialInstruments 2024-02-29 05363394 d:Non-currentFinancialInstruments 2023-02-28 05363394 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 05363394 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 05363394 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 05363394 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 05363394 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-02-29 05363394 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 05363394 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-02-29 05363394 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-02-28 05363394 d:ShareCapital 2024-02-29 05363394 d:ShareCapital 2023-02-28 05363394 d:RetainedEarningsAccumulatedLosses 2024-02-29 05363394 d:RetainedEarningsAccumulatedLosses 2023-02-28 05363394 c:FRS102 2023-03-01 2024-02-29 05363394 c:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 05363394 c:FullAccounts 2023-03-01 2024-02-29 05363394 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 05363394 d:HirePurchaseContracts d:WithinOneYear 2024-02-29 05363394 d:HirePurchaseContracts d:WithinOneYear 2023-02-28 05363394 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-02-29 05363394 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-02-28 05363394 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 05363394










SKYLINE AIR CONDITIONING SERVICES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
SKYLINE AIR CONDITIONING SERVICES LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SKYLINE AIR CONDITIONING SERVICES LIMITED
FOR THE YEAR ENDED 29 FEBRUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Skyline Air Conditioning Services Limited for the year ended 29 February 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Skyline Air Conditioning Services Limited, as a body, in accordance with the terms of our engagement letter dated 16th July 2013Our work has been undertaken solely to prepare for your approval the financial statements of Skyline Air Conditioning Services Limited and state those matters that we have agreed to state to the Board of Directors of Skyline Air Conditioning Services Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Skyline Air Conditioning Services Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Skyline Air Conditioning Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Skyline Air Conditioning Services Limited. You consider that Skyline Air Conditioning Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Skyline Air Conditioning Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MWS
 
Chartered Accountants
  
Kingsridge House
601 London Road
Westcliff on Sea
Essex
SS0 9PE
28 August 2024
Page 1

 
SKYLINE AIR CONDITIONING SERVICES LIMITED
REGISTERED NUMBER: 05363394

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
87,597
111,157

  
87,597
111,157

Current assets
  

Stocks
  
8,813
18,145

Debtors: amounts falling due within one year
 6 
225,033
209,482

Cash at bank and in hand
 7 
114,915
34,790

  
348,761
262,417

Creditors: amounts falling due within one year
 8 
(233,799)
(130,903)

Net current assets
  
 
 
114,962
 
 
131,514

Total assets less current liabilities
  
202,559
242,671

Creditors: amounts falling due after more than one year
 9 
(131,341)
(156,944)

Provisions for liabilities
  

Deferred tax
  
(21,336)
(21,547)

  
 
 
(21,336)
 
 
(21,547)

Net assets
  
49,882
64,180


Capital and reserves
  

Called up share capital 
  
20
20

Profit and loss account
  
49,862
64,160

  
49,882
64,180


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

Page 2

 
SKYLINE AIR CONDITIONING SERVICES LIMITED
REGISTERED NUMBER: 05363394

BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2024.




D J Walton
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
SKYLINE AIR CONDITIONING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Skyline Air Conditioning Services Limited is a private company limited by shares and incorporated in England. Its registered office is  Kingsridge House, 601 London Road, Westcliff-On-Sea, Essex, SS0 9PE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
SKYLINE AIR CONDITIONING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
SKYLINE AIR CONDITIONING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance basis
Fixtures and fittings
-
25% straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
SKYLINE AIR CONDITIONING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 7).


4.


Intangible assets






Goodwill

£



Cost


At 1 March 2023
15,000



At 29 February 2024

15,000



Amortisation


At 1 March 2023
15,000



At 29 February 2024

15,000



Net book value



At 29 February 2024
-



At 28 February 2023
-



Page 7

 
SKYLINE AIR CONDITIONING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Tangible fixed assets







Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 March 2023
158,492
14,730
173,222


Additions
1,322
4,419
5,741


Disposals
(830)
-
(830)



At 29 February 2024

158,984
19,149
178,133



Depreciation


At 1 March 2023
51,893
10,172
62,065


Charge for the year on owned assets
26,720
1,760
28,480


Disposals
(9)
-
(9)



At 29 February 2024

78,604
11,932
90,536



Net book value



At 29 February 2024
80,380
7,217
87,597



At 28 February 2023
106,599
4,558
111,157

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:






6.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
138,608
126,019

Other debtors
85,038
83,463

Prepayments and accrued income
1,387
-

225,033
209,482


Page 8

 
SKYLINE AIR CONDITIONING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
114,915
34,790

114,915
34,790



8.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
9,543
9,150

Trade creditors
144,815
83,059

Corporation tax
33,731
4,444

Other taxation and social security
25,308
15,716

Obligations under finance lease and hire purchase contracts
16,060
17,416

Other creditors
4,342
1,118

233,799
130,903


The following liabilities were secured:

29 February
28 February
2024
2023
£
£



Hire Purchase
16,060
17,416

16,060
17,416

Details of security provided:

The hire purchases are secured against the vehicles they relate to.

Page 9

 
SKYLINE AIR CONDITIONING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
53,821
57,991

Other loans
30,522
35,896

Net obligations under finance leases and hire purchase contracts
46,998
63,057

131,341
156,944


The following liabilities were secured:

29 February
28 February
2024
2023
£
£



Hire Purchase
46,998
63,057

46,998
63,057

Details of security provided:

The hire purchases are secured against the vehicles the relate to.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

29 February
28 February
2024
2023
£
£


Repayable by instalments
47,481
39,847

47,481
39,847

Amounts due are to be repaid in monthly installments. For one loan the interest rate is 2.5%, for the other loan the interest rate is 6.46%

Page 10

 
SKYLINE AIR CONDITIONING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
9,543
9,150


9,543
9,150


Amounts falling due 2-5 years

Bank loans
13,974
17,746

Other loans
22,888
35,896


36,862
53,642

Amounts falling due after more than 5 years

Bank loans
39,847
40,244

Other loans
7,634
-

47,481
40,244

93,886
103,036



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

29 February
28 February
2024
2023
£
£


Within one year
16,060
17,416

Between 1-5 years
46,998
63,057

63,058
80,473

Page 11

 
SKYLINE AIR CONDITIONING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

12.


Related party transactions

Skyline Equity Holdings Limited became the parent company after the year end and Skyline Mechanical  Limited became fellow subsidiary.
During the year transactions were made between the company and Skyline Air Conditioning Serivces Limited, a connected company, of which the director is the same. Transactions and balances at the year end were as follows:


29 February
28 February
2024
2023
£
£

Sales
44,899
117,755
Debtor/(Creditor)
98,024
65,947
Management charges
100,000
90,000
242,923
273,702


13.


Controlling party

The ultimate controlling party is Skyline Equity Holdings Limited.
The company is exempt from producing consolidated accounts as the group is classed as a small group under the section 399(2) of the companies act 2006


Page 12