Company registration number:
for the Year Ended
Air Control Industries Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Air Control Industries Limited
(Registration number: 00959711)
Balance Sheet as at 31 March 2024
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2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Provisions |
(10,000) |
(20,000) |
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Deferred tax liabilities |
(22,582) |
(22,130) |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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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
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Air Control Industries Limited
Notes to the Financial Statements
for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Intangible assets |
Website costs |
Total |
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Cost or valuation |
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At 1 April 2023 |
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At 31 March 2024 |
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Amortisation |
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At 1 April 2023 |
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Amortisation charge |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Air Control Industries Limited
Notes to the Financial Statements
for the Year Ended 31 March 2024
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Air Control Industries Limited
Notes to the Financial Statements
for the Year Ended 31 March 2024
Stocks |
2024 |
2023 |
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Work in progress |
109,339 |
146,944 |
Finished goods and goods for resale |
1,832,972 |
1,850,600 |
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Debtors |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Air Control Industries Limited
Notes to the Financial Statements
for the Year Ended 31 March 2024
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
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 £
Air Control Industries Limited
Notes to the Financial Statements
for the Year Ended 31 March 2024
Related party transactions |
Summary of transactions with parent
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is
Audit Report |