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Registered number: 10556991
Flowtec Air Conditioning Ltd
Financial Statements
For The Year Ended 31 January 2024
Devonports LAS Accountants Ltd
Cumberland House
24 - 28 Baxter Avenue
Southend on Sea
Essex
SS2 6HZ
Financial Statements
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—7
Page 1
Balance Sheet
Registered number: 10556991
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 27,445 2,821
27,445 2,821
CURRENT ASSETS
Debtors 5 165,119 158,930
Cash at bank and in hand 358,547 235,109
523,666 394,039
Creditors: Amounts Falling Due Within One Year 6 (265,546 ) (230,676 )
NET CURRENT ASSETS (LIABILITIES) 258,120 163,363
TOTAL ASSETS LESS CURRENT LIABILITIES 285,565 166,184
Creditors: Amounts Falling Due After More Than One Year 7 (23,077 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,623 ) (536 )
NET ASSETS 256,865 165,648
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 256,765 165,548
SHAREHOLDERS' FUNDS 256,865 165,648
Page 1
Page 2
For the year ending 31 January 2024 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 P J Easton
Director
15/07/2024
The notes on pages 4 to 7 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 February 2022 100 90,973 91,073
Profit for the year and total comprehensive income - 145,825 145,825
Dividends paid - (71,250) (71,250)
As at 31 January 2023 and 1 February 2023 100 165,548 165,648
Profit for the year and total comprehensive income - 162,467 162,467
Dividends paid - (71,250) (71,250)
As at 31 January 2024 100 256,765 256,865
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Flowtec Air Conditioning Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10556991 . The registered office is Cumberland House, 24-28 Baxter Avenue, Southend-on-Sea, Essex, SS2 6HZ.
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:
Plant & Machinery 25% reduincg balance
Motor Vehicles 25% reduincg balance
Computer Equipment 25% reduincg balance
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2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. 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 years 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.
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 assets reflect 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 February 2023 15,280 410 15,690
Additions 32,031 2,057 34,088
Disposals (15,280 ) - (15,280 )
As at 31 January 2024 32,031 2,467 34,498
Depreciation
As at 1 February 2023 12,561 308 12,869
Provided during the period 7,353 72 7,425
Disposals (13,241 ) - (13,241 )
As at 31 January 2024 6,673 380 7,053
Net Book Value
As at 31 January 2024 25,358 2,087 27,445
As at 1 February 2023 2,719 102 2,821
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 126,324 133,088
Sundry debtors 38,795 25,842
165,119 158,930
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 4,530 -
Trade creditors 9,501 25,192
Corporation tax 44,554 34,730
VAT 2,005 5,925
Accruals and deferred income 335 325
Director's loan account 204,621 164,504
265,546 230,676
Page 6
Page 7
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 23,077 -
23,077 -
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,530 -
Later than one year and not later than five years 23,077 -
27,607 -
27,607 -
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 7