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REGISTERED NUMBER: NI071545 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

SOURCE AIRCONDITIONING &
ELECTRICALSERVICES (NI) LIMITED

SOURCE AIRCONDITIONING &
ELECTRICALSERVICES (NI) LIMITED (REGISTERED NUMBER: NI071545)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 4


SOURCE AIRCONDITIONING &
ELECTRICALSERVICES (NI) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: N D McClintock



REGISTERED OFFICE: Unit A3 Valley Business Centre
Church Road
Newtownabbey
Co. Antrim
BT36 7LS



REGISTERED NUMBER: NI071545 (Northern Ireland)



ACCOUNTANTS: Baker Tilly Mooney Moore
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG



BANKERS: First Trust Bank
35 University Road
Belfast
Antrim
BT7 1ND



SOLICITORS: Shean Dickson Merrick
Washington House
14-16 High Street
Belfast
Co. Antrim
BT1 2BS

SOURCE AIRCONDITIONING &
ELECTRICALSERVICES (NI) LIMITED (REGISTERED NUMBER: NI071545)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £   
CURRENT ASSETS
Stocks 20,000 10,000
Debtors 4 921,051 430,789
Cash at bank and in hand 431,659 809,406
1,372,710 1,250,195
CREDITORS
Amounts falling due within one year 5 252,802 187,355
NET CURRENT ASSETS 1,119,908 1,062,840
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,119,908

1,062,840

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 1,119,708 1,062,640
SHAREHOLDERS' FUNDS 1,119,908 1,062,840

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Comprehensive Income has not been delivered.

The financial statements were authorised for issue by the director and authorised for issue on 10 October 2024 and were signed by:




N D McClintock - Director


SOURCE AIRCONDITIONING &
ELECTRICALSERVICES (NI) LIMITED (REGISTERED NUMBER: NI071545)

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


1. STATUTORY INFORMATION

Source AirConditioning & ElectricalServices (NI) Limited is a private company, limited by shares , registered in Northern Ireland. 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. ACCOUNTING POLICIES

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

Significant judgements and estimates
In preparing these financial statements the directors have made the following judgements:

Consider the recoverability of trade debtors and the need for impairment provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable will be provided against in the relevant period.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

Taxation
Taxation for the year 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.


SOURCE AIRCONDITIONING &
ELECTRICALSERVICES (NI) LIMITED (REGISTERED NUMBER: NI071545)

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


2. ACCOUNTING POLICIES - continued
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 year 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 18 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 338,193 340,967
Amounts owed by group undertakings 528,250 -
Other debtors 34,605 65,915
Tax - 10,637
Prepayments and accrued income 20,003 13,270
921,051 430,789

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade creditors 106,917 81,504
Taxation and social security 112,150 78,443
Other creditors 33,735 27,408
252,802 187,355