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Registered number: 04607635
Air & Power Services Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
MKL Accountants Limited
Chartered Certified Accountants
Herston Cross House
230 High Street
Swanage
Dorset
BH19 2PQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04607635
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 14,231 15,128
14,231 15,128
CURRENT ASSETS
Debtors 5 37,569 30,581
Cash at bank and in hand 38,491 62,043
76,060 92,624
Creditors: Amounts Falling Due Within One Year 6 (20,055 ) (29,500 )
NET CURRENT ASSETS (LIABILITIES) 56,005 63,124
TOTAL ASSETS LESS CURRENT LIABILITIES 70,236 78,252
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,405 ) (1,405 )
NET ASSETS 68,831 76,847
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 68,731 76,747
SHAREHOLDERS' FUNDS 68,831 76,847
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jeremy Bland
Director
06/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Air & Power Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04607635 . The registered office is 6 Organford Road, Holton Heath, Poole, Dorset, BH16 6JY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold No depreciation is applicable
Plant & Machinery 25% Reducing Balance Method
Motor Vehicles 25% Reducing Balance Method
Computer Equipment 25% Reducing Balance Method
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
...CONTINUED
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2.4. Taxation - continued
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 7,733 5,513 14,245 708 28,199
Additions - 965 - 304 1,269
As at 31 December 2023 7,733 6,478 14,245 1,012 29,468
...CONTINUED
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Page 5
Depreciation
As at 1 January 2023 - 2,953 9,738 380 13,071
Provided during the period - 881 1,127 158 2,166
As at 31 December 2023 - 3,834 10,865 538 15,237
Net Book Value
As at 31 December 2023 7,733 2,644 3,380 474 14,231
As at 1 January 2023 7,733 2,560 4,507 328 15,128
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 37,289 30,352
Prepayments and accrued income 280 229
37,569 30,581
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 3,366 6,339
Corporation tax 5,184 7,874
Other taxes and social security 177 -
VAT 864 2,391
Other creditors 1,821 4,292
Cash accounting 5,654 -
Credit card account 107 1,737
Director's loan account 2,882 6,867
20,055 29,500
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
8. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 29,000 24,000
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