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Registered Number: 08402708
England and Wales

 

 

 

AIR CONDITIONING ONE LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
Directors Matthew Tarr
CMAP Investment Limited
Registered Number 08402708
Registered Office 35a London Road
Raunds
Northants
NN9 6EH
Accountants Emma Vannan
2 Cartrill Gardens
Cartrill Street
Raunds
NN9 6XQ
1
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 March 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Emma Vannan
31 March 2024



Emma Vannan

2 Cartrill Gardens
Cartrill Street
Raunds
NN9 6XQ
04 November 2024
2
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 41,033    33,531 
41,033    33,531 
Current assets      
Stocks 4 360,208    297,679 
Debtors: amounts falling due within one year 5 231,301    352,058 
Cash at bank and in hand 266,019    44,062 
857,528    693,799 
Creditors: amount falling due within one year 6 (665,661)   (584,430)
Net current assets 191,867    109,369 
 
Total assets less current liabilities 232,900    142,900 
Creditors: amount falling due after more than one year 7 (22,500)   (32,500)
Net assets 210,400    110,400 
 

Capital and reserves
     
Called up share capital 8 100    100 
Profit and loss account 210,300    110,300 
Shareholders' funds 210,400    110,400 
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 04 November 2024 and were signed on its behalf by:


-------------------------------
Matthew Tarr
Director
3
General Information
Air Conditioning One Ltd is a private company, limited by shares, registered in England and Wales, registration number 08402708, registration address 35a London Road, Raunds, Northants, NN9 6EH.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 50% Reducing Balance
Computer Equipment 50% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 4 (2023 : 3).
3.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 April 2023 56,746      4,743    61,489 
Additions 21,499    599      22,098 
Disposals      
At 31 March 2024 78,245    599    4,743    83,587 
Depreciation
At 01 April 2023 24,731      3,227    27,958 
Charge for year 13,538    300    758    14,596 
On disposals      
At 31 March 2024 38,269    300    3,985    42,554 
Net book values
Closing balance as at 31 March 2024 39,976    299    758    41,033 
Opening balance as at 01 April 2023 32,015      1,516    33,531 


4.

Stocks

2024
£
  2023
£
Stocks 360,208    297,679 
360,208    297,679 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 227,173    348,472 
Prepayments & Accrued Income 4,128    3,586 
231,301    352,058 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 294,031    282,769 
Corporation Tax 128,016    62,510 
PAYE & Social Security 1,911    2,416 
Accrued Expenses 1,203    7,683 
Other Creditors 4,539    1,882 
Directors' Current Accounts 209,429    191,171 
VAT 26,532    35,999 
665,661    584,430 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 22,500    32,500 
22,500    32,500 

8.

Share Capital

Authorised
100 Class A shares of £1.00 each
Allotted, called up and fully paid
2024
£
  2023
£
100 Class A shares of £1.00 each 100    100 
100    100 

9.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2024
£
 2023
£
 2024
£
 2023
£
Rent12,000 12,000 
10.

Bank Loans

The Company received a £50,000 bounce back loan, interest free for the first 12 months. Repayments are due to start in June 2021. 
4