Air Compression Technology Limited 04717021 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Management consultancy Digita Accounts Production Advanced 6.30.9574.0 true true 04717021 2023-04-01 2024-03-31 04717021 2024-03-31 04717021 bus:Director1 1 2024-03-31 04717021 bus:OrdinaryShareClass1 2024-03-31 04717021 core:CurrentFinancialInstruments 2024-03-31 04717021 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04717021 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 04717021 core:FurnitureFittingsToolsEquipment 2024-03-31 04717021 core:MotorVehicles 2024-03-31 04717021 bus:SmallEntities 2023-04-01 2024-03-31 04717021 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04717021 bus:AbridgedAccounts 2023-04-01 2024-03-31 04717021 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04717021 bus:RegisteredOffice 2023-04-01 2024-03-31 04717021 bus:Director1 2023-04-01 2024-03-31 04717021 bus:Director1 1 2023-04-01 2024-03-31 04717021 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 04717021 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04717021 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 04717021 core:MotorVehicles 2023-04-01 2024-03-31 04717021 countries:England 2023-04-01 2024-03-31 04717021 2023-03-31 04717021 bus:Director1 1 2023-03-31 04717021 core:FurnitureFittingsToolsEquipment 2023-03-31 04717021 core:MotorVehicles 2023-03-31 04717021 2022-04-01 2023-03-31 04717021 2023-03-31 04717021 bus:OrdinaryShareClass1 2023-03-31 04717021 core:CurrentFinancialInstruments 2023-03-31 04717021 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04717021 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 04717021 core:FurnitureFittingsToolsEquipment 2023-03-31 04717021 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04717021

Air Compression Technology Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

 

Air Compression Technology Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Air Compression Technology Limited

Company Information

Director

Mr Stephen Green

Registered office

2 Moorbank Road
Sandygate
Sheffield
S10 5TR

 

Air Compression Technology Limited

(Registration number: 04717021)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

200,951

42,924

Current assets

 

Debtors

145,204

254,919

Cash at bank and in hand

 

124,223

355,688

 

269,427

610,607

Prepayments and accrued income

 

28,795

10,052

Creditors: Amounts falling due within one year

(351,131)

(200,624)

Net current (liabilities)/assets

 

(52,909)

420,035

Total assets less current liabilities

 

148,042

462,959

Creditors: Amounts falling due after more than one year

(136,372)

(9,556)

Provisions for liabilities

(8,155)

(8,155)

Accruals and deferred income

 

(1,850)

(6,989)

Net assets

 

1,665

438,259

Capital and reserves

 

Called up share capital

5

100

100

Retained earnings

1,565

438,159

Shareholders' funds

 

1,665

438,259

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.

Director's 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 director acknowledges his 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 of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 5 November 2024
 

 

Air Compression Technology Limited

(Registration number: 04717021)
Abridged Balance Sheet as at 31 March 2024

.........................................
Mr Stephen Green
Director

   
     
 

Air Compression Technology Limited

Notes to the Unaudited Abridged 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.

The address of its registered office is:
2 Moorbank Road
Sandygate
Sheffield
S10 5TR
England

These financial statements were authorised for issue by the director on 5 November 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 abridged 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 abridged 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.

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.

Tax

The tax expense for the period comprises 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.

 

Air Compression Technology Limited

Notes to the Unaudited Abridged 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:

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.

Trade 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Air Compression Technology Limited

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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 the director) during the year, was 7 (2023 - 6).

Kevin Course resigned as director on the 8th March 2024

 

Air Compression Technology Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

110,933

27,789

138,722

Additions

842

222,641

223,483

At 31 March 2024

111,775

250,430

362,205

Depreciation

At 1 April 2023

88,851

6,947

95,798

Charge for the year

4,585

60,871

65,456

At 31 March 2024

93,436

67,818

161,254

Carrying amount

At 31 March 2024

18,339

182,612

200,951

At 31 March 2023

22,082

20,842

42,924

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

Related party transactions

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr Stephen Green

Directors Current Account - Interest free and repayable on demand

704

(71,810)

72,647

1,541