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Registration number: 2711708

Mechanical Air Supplies Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Mechanical Air Supplies Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Mechanical Air Supplies Limited

Company Information

Directors

K Miller

L Dolbeau

Registered office

Salatin House
19 Cedar Road
Sutton
England
SM2 5DA

Accountants

Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Mechanical Air Supplies Limited

(Registration number: 2711708)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Non-current assets

 

Property, plant and equipment

4

221,175

214,551

Investments

5

1,487,400

1,487,400

 

1,708,575

1,701,951

Current assets

 

Inventories

6

855,244

725,892

Receivables

7

2,711,744

2,109,332

Cash at bank and in hand

 

365,117

647,930

 

3,932,105

3,483,154

Payables: Amounts falling due within one year

8

(3,049,068)

(2,858,316)

Net current assets

 

883,037

624,838

Total assets less current liabilities

 

2,591,612

2,326,789

Payables: Amounts falling due after more than one year

8

(524,393)

(633,974)

Provisions for liabilities

(54,686)

(52,879)

Net assets

 

2,012,533

1,639,936

Equity

 

Called up share capital

13

107

107

Retained earnings

2,012,426

1,639,829

Shareholders' funds

 

2,012,533

1,639,936

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

 

Mechanical Air Supplies Limited

(Registration number: 2711708)
Statement of Financial Position as at 31 March 2024 (continued)

The financial statements of Mechanical Air Supplies Limited were approved and authorised for issue by the Board on 27 August 2024 and signed on its behalf by:
 

.........................................

L Dolbeau
Director

 

Mechanical Air Supplies Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

1

General information

Mechanical Air Supplies Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Group accounts not prepared

The company has taken advantage of the exemption not to prepare group accounts in Section 399 Companies Act 2006 on the grounds that it qualifies as a small company..

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

 

Mechanical Air Supplies Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing differenc

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% and 20% on cost on a straight line basis

Fixtures and fittings

10% on cost on a straight line basis

Motor vehicles

20% on cost on a straight line basis

Computer equipment

33% on cost on a straight line basis

Short leasehold premises

10% on cost on a straight line basis

 

Mechanical Air Supplies Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Receivables

Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Payables are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Mechanical Air Supplies Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Mechanical Air Supplies Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 40 (2023 - 39).

4

Property, plant and equipment

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

7,996

318,829

232,997

559,822

Additions

-

2,399

81,170

83,569

At 31 March 2024

7,996

321,228

314,167

643,391

Depreciation

At 1 April 2023

6,395

197,453

141,423

345,271

Charge for the year

800

18,635

57,510

76,945

At 31 March 2024

7,195

216,088

198,933

422,216

Carrying amount

At 31 March 2024

801

105,140

115,234

221,175

At 31 March 2023

1,601

121,376

91,574

214,551

Included within the net book value of land and buildings above is £801 (2023 - £1,601) in respect of short leasehold land and buildings.
 

5

Investments

2024
£

2023
£

Investments in subsidiaries

1,487,400

1,487,400

 

Mechanical Air Supplies Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024 (continued)

5

Investments (continued)

Subsidiaries

£

Cost or valuation

At 1 April 2023

1,487,400

Provision

Carrying amount

At 31 March 2024

1,487,400

At 31 March 2023

1,487,400

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

M.A.S. Property Limited

Salatin House, 19 Cedar Road, Sutton SM2 5DA

England and Wales

Ordinary

100%

100%

Subsidiary undertakings

M.A.S. Property Limited

The principal activity of M.A.S. Property Limited is property investment.

6

Inventories

2024
£

2023
£

Other inventories

855,244

725,892

 

Mechanical Air Supplies Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024 (continued)

7

Receivables

2024
£

2023
£

Trade receivables

2,548,066

1,962,094

Other receivables

163,678

147,238

2,711,744

2,109,332

8

Payables

Payables: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

894,524

1,043,630

Trade payables

 

1,742,406

1,519,277

Social security and other taxes

 

271,886

221,484

Other payables

 

3,804

3,316

Accruals

 

10,000

20,350

Income tax liability

126,448

50,259

 

3,049,068

2,858,316

Due after one year

 

Loans and borrowings

11

524,393

633,974

 

Mechanical Air Supplies Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024 (continued)

9

Provisions for liabilities

Deferred tax
£

Total
£

At 1 April 2023

52,880

52,880

Additional provisions

1,806

1,806

At 31 March 2024

54,686

54,686

10

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

203,757

203,757

Later than one year and not later than five years

798,916

798,916

Later than five years

704,187

704,187

1,706,860

1,706,860

The amount of non-cancellable operating lease payments recognised as an expense during the year was £169,536 (2023 - £169,536).

11

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

442,391

544,369

Hire purchase contracts

82,002

89,605

524,393

633,974

2024
£

2023
£

Current loans and borrowings

Bank borrowings

94,645

94,645

Hire purchase contracts

72,188

62,794

Other borrowings

727,691

886,191

894,524

1,043,630

 

Mechanical Air Supplies Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024 (continued)

12

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £0.46 (2023 - £2.7599) per each Ordinary A shares

 

3,000

 

24,000

         

13

Share capital and reserves

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.001 each

100,000

100

100,000

100

Ordinary A shares of £0.001 each

6,522

7

6,522

7

 

106,522

107

106,522

107