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Company registration number: 00959711

Air Control Industries Limited

Filleted Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Air Control Industries Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 10

 

Air Control Industries Limited

(Registration number: 00959711)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

110

5,508

Tangible assets

5

331,099

281,399

 

331,209

286,907

Current assets

 

Stocks

6

1,942,311

1,997,544

Debtors

7

1,730,473

1,798,031

Cash at bank and in hand

 

800,563

992,225

 

4,473,347

4,787,800

Creditors: Amounts falling due within one year

8

(1,267,771)

(1,487,942)

Net current assets

 

3,205,576

3,299,858

Total assets less current liabilities

 

3,536,785

3,586,765

Provisions for liabilities

 

Provisions

 

(10,000)

(20,000)

Deferred tax liabilities

 

(22,582)

(22,130)

Provisions for liabilities

(32,582)

(42,130)

Net assets

 

3,504,203

3,544,635

Capital and reserves

 

Called up share capital

16,183

16,183

Share premium reserve

127,625

127,625

Capital redemption reserve

10,114

10,114

Profit and loss account

3,350,281

3,390,713

Total equity

 

3,504,203

3,544,635

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

 

Air Control Industries Limited

(Registration number: 00959711)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 3 October 2024 and signed on its behalf by:
 


K A Da Silva
Company secretary and director


A Nield
Director

 
 

Air Control Industries Limited

Notes to the 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 & Wales.

The address of its registered office is:
Weycroft Avenue
Millwey Rise Industrial Estate
Axminster
Devon
EX13 5HU

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 are presented in Sterling (£) and have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Turnover recognition

Turnover represents amounts receivable for goods and services net of VAT. Turnover is recognised when the goods are despatched. Income generated from services is recognised once the services are completed.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the
closing rates at the balance sheet date. All exchange differences are included in the profit and loss
account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 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.

 

Air Control Industries Limited

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

Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible assets

Tangible assets are stated in the statement of financial position 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 of tangible assets

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

Plant and machinery

3 to 10 years straight line

Fixtures, fittings and equipment

2 to 10 years straight line

Motor Vehicles

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

Computer software

4 years straight line

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Income from fixed asset investments is recorded within income from shares in group undertakings when received.

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.

 

Air Control Industries Limited

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

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Other debtors and loans receivable are initially recognised at fair value net of transaction costs and are subsequently measure at amortised cost using the effective interest method less provision for impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Other financial liabilities, including loans, are measured initially at fair value net of transaction costs, and are measure subsequently at amortised cost using the effective interest method.

Other creditors are initially recognised at fair value net of transaction costs and are subsequently measure at amortised cost using the effective interest method.

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Share premium reserve includes any premiums received on the issue of share capital. Transaction costs associated with the issuing of shares are deducted from the share premium.

Profit and loss reserve includes all current and prior period profits and losses.

Capital redemption reserve records the nominal value of shares repurchased by the company.

 

Air Control Industries Limited

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

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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

Dividends distributed to the company’s shareholders are recognised in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 53 (2023 - 51).

4

Intangible assets

Website costs
£

Total
£

Cost or valuation

At 1 April 2023

42,575

42,575

At 31 March 2024

42,575

42,575

Amortisation

At 1 April 2023

37,067

37,067

Amortisation charge

5,398

5,398

At 31 March 2024

42,465

42,465

Carrying amount

At 31 March 2024

110

110

At 31 March 2023

5,508

5,508

 

Air Control Industries Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 April 2023

353,823

32,585

656,341

1,042,749

Additions

20,345

-

118,184

138,529

At 31 March 2024

374,168

32,585

774,525

1,181,278

Depreciation

At 1 April 2023

217,417

25,734

518,199

761,350

Charge for the year

33,972

969

53,888

88,829

At 31 March 2024

251,389

26,703

572,087

850,179

Carrying amount

At 31 March 2024

122,779

5,882

202,438

331,099

At 31 March 2023

136,406

6,851

138,142

281,399

 

Air Control Industries Limited

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

6

Stocks

2024
£

2023
£

Work in progress

109,339

146,944

Finished goods and goods for resale

1,832,972

1,850,600

1,942,311

1,997,544

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

1,353,452

1,466,374

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

244,152

232,220

Prepayments

 

87,749

84,359

Other debtors

 

45,120

15,078

   

1,730,473

1,798,031

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

813,193

1,106,197

Taxation and social security

133,008

122,676

Accruals and deferred income

248,224

182,389

Other creditors

73,346

76,680

1,267,771

1,487,942

 

Air Control Industries Limited

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

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

172,393

68,284

Later than one year and not later than five years

668,961

650,000

Later than five years

94,792

257,292

936,146

975,576

The amount of non-cancellable operating lease payments recognised as an expense during the year was £169,108 (2023 - £168,284).

10

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 £936,146 (2023 - £1,075,576). This is in relation to operating leases for the rental of property and motor vehicles. The total commitment is due to be paid over the following periods: £172,393 (2023 - £168,284) within one year and £668,961 (2023 - £650,000) in two to five years and £94,792 (2022 - £257,292) in over five years.

 

Air Control Industries Limited

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

11

Related party transactions

Summary of transactions with parent

The company has taken exemption from disclosing transactions and balances with its parent company on the grounds that it is a wholly owned subsidiary.
 

12

Parent and ultimate parent undertaking

The company's immediate parent is P&LT Holdings Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is P&LT Holdings Limited. These financial statements are available upon request from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

 The ultimate controlling party is Air Control Industries Eot Trustee Limited.

13

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 10 October 2024 was Joseph Doggrell BSc (Hons) FCA, who signed for and on behalf of Albert Goodman LLP.