Air Tech Innovations Limited 10136621 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Conveyor Handling Systems Digita Accounts Production Advanced 6.30.9574.0 true 10136621 2023-04-01 2024-03-31 10136621 2024-03-31 10136621 core:CapitalRedemptionReserve 2024-03-31 10136621 core:RetainedEarningsAccumulatedLosses 2024-03-31 10136621 core:ShareCapital 2024-03-31 10136621 core:CurrentFinancialInstruments 2024-03-31 10136621 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 10136621 core:Non-currentFinancialInstruments 2024-03-31 10136621 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 10136621 core:OtherResidualIntangibleAssets 2024-03-31 10136621 core:FurnitureFittingsToolsEquipment 2024-03-31 10136621 core:LandBuildings 2024-03-31 10136621 core:OtherPropertyPlantEquipment 2024-03-31 10136621 bus:SmallEntities 2023-04-01 2024-03-31 10136621 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10136621 bus:FullAccounts 2023-04-01 2024-03-31 10136621 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10136621 bus:RegisteredOffice 2023-04-01 2024-03-31 10136621 bus:Director1 2023-04-01 2024-03-31 10136621 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10136621 core:IntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 10136621 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 10136621 core:FurnitureFittings 2023-04-01 2024-03-31 10136621 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 10136621 core:LandBuildings 2023-04-01 2024-03-31 10136621 core:LeaseholdImprovements 2023-04-01 2024-03-31 10136621 core:MotorCars 2023-04-01 2024-03-31 10136621 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 10136621 core:PlantMachinery 2023-04-01 2024-03-31 10136621 countries:EnglandWales 2023-04-01 2024-03-31 10136621 2023-03-31 10136621 core:OtherResidualIntangibleAssets 2023-03-31 10136621 core:FurnitureFittingsToolsEquipment 2023-03-31 10136621 core:LandBuildings 2023-03-31 10136621 core:OtherPropertyPlantEquipment 2023-03-31 10136621 2022-04-01 2023-03-31 10136621 2023-03-31 10136621 core:CapitalRedemptionReserve 2023-03-31 10136621 core:RetainedEarningsAccumulatedLosses 2023-03-31 10136621 core:ShareCapital 2023-03-31 10136621 core:CurrentFinancialInstruments 2023-03-31 10136621 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 10136621 core:Non-currentFinancialInstruments 2023-03-31 10136621 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 10136621 core:OtherResidualIntangibleAssets 2023-03-31 10136621 core:FurnitureFittingsToolsEquipment 2023-03-31 10136621 core:LandBuildings 2023-03-31 10136621 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 10136621

Air Tech Innovations Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Air Tech Innovations Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Air Tech Innovations Limited

(Registration number: 10136621)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

68,138

83,922

Tangible assets

5

5,097

29,984

 

73,235

113,906

Current assets

 

Stocks

47,963

547,963

Debtors

6

954,592

803,682

Cash at bank and in hand

 

33,561

1,933

 

1,036,116

1,353,578

Creditors: Amounts falling due within one year

7

(741,697)

(935,070)

Net current assets

 

294,419

418,508

Total assets less current liabilities

 

367,654

532,414

Creditors: Amounts falling due after more than one year

7

(176,162)

(341,548)

Provisions for liabilities

(746)

(2,615)

Net assets

 

190,746

188,251

Capital and reserves

 

Called up share capital

500

500

Capital redemption reserve

500

500

Profit and loss account

189,746

187,251

Shareholders' funds

 

190,746

188,251

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.

 

Air Tech Innovations Limited

(Registration number: 10136621)
Balance Sheet as at 31 March 2024

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the Board on 18 October 2024 and signed on its behalf by:
 

.........................................
Mr S Hamilton
Director

 

Air Tech Innovations Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

The principal place of business is:
3 Hattersley Court
Ormskirk
L39 2AY

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Revenue recognition

Turnover 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. Turnover 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.

Government grants

Government Grants are recognised using the accrual model. Grants which relate to revenue shall be recognised in other operating income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

Any amounts outstanding at the year end will be included within other debtors.

 

Air Tech Innovations Limited

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

Tax

The tax expense for the period comprises current and deferred tax.

The current 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 difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Improvements to leasehold

straight line over 10 years

Fixtures, fittings and computer equipment

25% reducing balance/straight line over 3 years

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Capitalised research and development

straight line over 10 years

Stocks

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 14).

 

Air Tech Innovations Limited

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

4

Intangible assets

Capitalised research and development
 £

Total
£

Cost or valuation

At 1 April 2023

157,843

157,843

At 31 March 2024

157,843

157,843

Amortisation

At 1 April 2023

73,921

73,921

Amortisation charge

15,784

15,784

At 31 March 2024

89,705

89,705

Carrying amount

At 31 March 2024

68,138

68,138

At 31 March 2023

83,922

83,922

 

Air Tech Innovations Limited

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

5

Tangible assets

Improvements to leasehold
£

Fixtures, fittings and computer equipment
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 April 2023

32,658

36,798

13,322

82,778

Additions

-

1,303

-

1,303

Disposals

(32,658)

(31,246)

(10,000)

(73,904)

At 31 March 2024

-

6,855

3,322

10,177

Depreciation

At 1 April 2023

19,951

24,934

7,909

52,794

Charge for the year

7,867

5,679

1,353

14,899

Eliminated on disposal

(27,818)

(26,871)

(7,924)

(62,613)

At 31 March 2024

-

3,742

1,338

5,080

Carrying amount

At 31 March 2024

-

3,113

1,984

5,097

At 31 March 2023

12,707

11,864

5,413

29,984

6

Debtors

2024
£

2023
£

Trade debtors

65,757

431,437

Amounts owed by group undertakings and participating interests

850,292

314,057

Other debtors

38,543

58,188

Total current trade and other debtors

954,592

803,682

 

Air Tech Innovations Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans

136,762

136,762

Trade creditors

 

314,733

476,000

Amounts owed to participating interests

 

35,093

35,093

Taxation and social security

 

106,159

186,815

Other creditors

 

148,950

100,400

 

741,697

935,070

Creditors: amounts falling due after more than one year

2024
£

2023
£

Loans

176,162

296,294

Loans due in less than and more than one year are secured by the following:
Debentures over the company's assets, The CBIL Scheme guarantee and a personal guarantee by the director.