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Registered number: 07279867
Loughborough Air Conditioning Limited
Financial Statements
For The Year Ended 31 August 2024
Cound & Co LLP
Chartered Accountants
1 Princes Court Royal Way
Loughborough
LE11 5XR
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07279867
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 37,180 50,118
37,180 50,118
CURRENT ASSETS
Debtors 6 87,235 45,795
Cash at bank and in hand 170,507 198,181
257,742 243,976
Creditors: Amounts Falling Due Within One Year 7 (82,226 ) (54,567 )
NET CURRENT ASSETS (LIABILITIES) 175,516 189,409
TOTAL ASSETS LESS CURRENT LIABILITIES 212,696 239,527
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,891 ) (9,262 )
NET ASSETS 205,805 230,265
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 205,705 230,165
SHAREHOLDERS' FUNDS 205,805 230,265
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Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J A Dring-Morris
Director
25th November 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Loughborough Air Conditioning Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07279867 . The registered office is 243 Derby Road, Loughborough, Leicestershire, LE11 5HJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10 years straight line
Plant & Machinery 4 years straight line
Motor Vehicles 25% reducing balance
Fixtures & Fittings 4 years straight line
2.5. Taxation
Taxation expense represents the sum of the tax currently payable and deferred tax.

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences to the extent that it is considered a net liability may crystallise.

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3. Average Number of Employees
Average number of employees, including directors, during the year was 7 (2023: 7)
7 7
4. Intangible Assets
Goodwill
£
Cost
As at 1 September 2023 32,500
As at 31 August 2024 32,500
Amortisation
As at 1 September 2023 32,500
As at 31 August 2024 32,500
Net Book Value
As at 31 August 2024 -
As at 1 September 2023 -
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 September 2023 39,469 19,223 91,954 27,017 177,663
Additions - - - 2,150 2,150
As at 31 August 2024 39,469 19,223 91,954 29,167 179,813
Depreciation
As at 1 September 2023 38,100 13,910 51,978 23,557 127,545
Provided during the period 458 2,222 9,995 2,413 15,088
As at 31 August 2024 38,558 16,132 61,973 25,970 142,633
Net Book Value
As at 31 August 2024 911 3,091 29,981 3,197 37,180
As at 1 September 2023 1,369 5,313 39,976 3,460 50,118
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 83,708 42,310
Prepayments and accrued income 3,527 3,485
87,235 45,795
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 53,394 36,170
Corporation tax 717 2,614
Other taxes and social security 4,115 2,767
VAT 16,880 4,050
Other creditors 1,440 731
Accruals and deferred income 4,667 7,222
Directors' loan accounts 1,013 1,013
82,226 54,567
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Related Party Transactions
The company rents office and workshop space from the shareholders. The amount paid in the year was £9,600 (2023: £9,600).
The Company paid dividends to the directors in the year of £17,000 (2023: £27,600).
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