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Registration number: 05588173

Compressed Air Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Compressed Air Solutions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Compressed Air Solutions Limited

Company Information

Directors

Mr M T Scott

Miss L M Blockley

Company secretary

Miss L M Blockley

Registered office

Unit 5A Arkwright Hill Farm
Lutterworth Road
Cosby
Leicestershire
LE9 1RH

Accountants

Wychbury Greaves
Station House
Station Road
Rugeley
Staffordshire
WS15 3HA

 

Compressed Air Solutions Limited

(Registration number: 05588173)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

201,954

124,706

Current assets

 

Stocks

394,421

319,091

Debtors

840,962

807,646

Cash at bank and in hand

 

869,809

1,396,118

 

2,105,192

2,522,855

Creditors: Amounts falling due within one year

(856,488)

(1,156,572)

Net current assets

 

1,248,704

1,366,283

Total assets less current liabilities

 

1,450,658

1,490,989

Provisions for liabilities

(20,308)

(1,655)

Net assets

 

1,430,350

1,489,334

Capital and reserves

 

Called up share capital

5

1,000

1,000

Share premium reserve

39,000

39,000

Retained earnings

1,390,350

1,449,334

Shareholders' funds

 

1,430,350

1,489,334

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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Compressed Air Solutions Limited

(Registration number: 05588173)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 5 August 2024 and signed on its behalf by:
 

.........................................
Miss L M Blockley
Company secretary and director

 

Compressed Air Solutions 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:
Unit 5A Arkwright Hill Farm
Lutterworth Road
Cosby
Leicestershire
LE9 1RH

These financial statements were authorised for issue by the Board on 5 August 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

 

Compressed Air Solutions Limited

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

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

Property improvements

25% reducing balance

Plant & machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33.33% straight line

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.

Stocks

Stocks 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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Compressed Air Solutions Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2023 - 24).

 

Compressed Air Solutions Limited

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

4

Tangible assets

Property improvements
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

13,425

59,785

8,914

219,018

301,142

Additions

-

6,739

770

120,040

127,549

Disposals

-

-

-

(13,500)

(13,500)

At 31 March 2024

13,425

66,524

9,684

325,558

415,191

Depreciation

At 1 April 2023

12,858

45,698

2,971

114,909

176,436

Charge for the year

142

4,505

3,228

41,103

48,978

Eliminated on disposal

-

-

-

(12,177)

(12,177)

At 31 March 2024

13,000

50,203

6,199

143,835

213,237

Carrying amount

At 31 March 2024

425

16,321

3,485

181,723

201,954

At 31 March 2023

567

14,087

5,943

104,109

124,706

5

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       

6

Dividends

2024

2023

£

£

Final dividend of £102.00 (2023 - £240.00) per ordinary share

102,000

240,000

 

 
 

Compressed Air Solutions Limited

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

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £9,887 (2023 - £16,527).

8

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr M T Scott & Miss L M Blockley

(105,119)

327,275

(102,000)

120,156

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr M T Scott & Miss L M Blockley

(71,099)

205,980

(240,000)

(105,119)