Company registration number 02693852 (England and Wales)
AIRMASTER AIRCONDITIONING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
AIRMASTER AIRCONDITIONING LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
AIRMASTER AIRCONDITIONING LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
179,272
148,445
Current assets
Stocks
5
131,663
3,657
Debtors
6
1,580,905
1,158,591
Cash at bank and in hand
1,883,592
644,779
3,596,160
1,807,027
Creditors: amounts falling due within one year
7
(2,148,254)
(758,261)
Net current assets
1,447,906
1,048,766
Total assets less current liabilities
1,627,178
1,197,211
Creditors: amounts falling due after more than one year
8
(93,419)
(95,586)
Provisions for liabilities
(44,800)
(37,100)
Net assets
1,488,959
1,064,525
Capital and reserves
Called up share capital
1,130
1,130
Share premium account
32,130
32,130
Capital redemption reserve
50
50
Profit and loss reserves
1,455,649
1,031,215
Total equity
1,488,959
1,064,525

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 21 November 2024 and are signed on its behalf by:
A M England
Director
Company registration number 02693852 (England and Wales)
AIRMASTER AIRCONDITIONING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2022
1,130
32,130
50
953,403
986,713
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
522,256
522,256
Contributions to Airmaster Employee Ownership Trust
-
-
0
-
(444,444)
(444,444)
Balance at 31 March 2023
1,130
32,130
50
1,031,215
1,064,525
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
-
1,202,212
1,202,212
Contributions to Airmaster Employee Ownership Trust
-
-
0
-
(777,778)
(777,778)
Balance at 31 March 2024
1,130
32,130
50
1,455,649
1,488,959
AIRMASTER AIRCONDITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Airmaster Airconditioning Limited is a private company, limited by shares and incorporated in England and Wales. The registered office is Wetherby House, Park Hill, Swallownest, Sheffield, S26 4UN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured using the method disclosed in note 2, Judgements and key sources of estimation uncertainty. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
equal instalments over the period of the lease
Plant and machinery
15% reducing balance
Fixtures, fittings and equipment
10% - 20% reducing balance
Plant and machinery
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

AIRMASTER AIRCONDITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Stocks

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

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

AIRMASTER AIRCONDITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets' fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

AIRMASTER AIRCONDITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 6 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Construction contracts

Revenue from the installation of air conditioning systems is treated as a construction contract, in line with FRS102 s23. Revenue is recognised in line with the applications raised to date which are based on the valuation by the site and project managers.

The directors believe this is the truest reflection of the stage of completion given the application amount is agreed with the customer based on the agreed stage of completed work.

 

Amounts due, not yet invoiced, are included in gross amounts owed by contract customers, see 6. There are no customers that are invoiced in advance of the stage of completion.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
44
41
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
235,622
294,328
529,950
Additions
-
0
99,741
99,741
Disposals
-
0
(62,122)
(62,122)
At 31 March 2024
235,622
331,947
567,569
Depreciation and impairment
At 1 April 2023
235,622
145,883
381,505
Depreciation charged in the year
-
0
54,660
54,660
Eliminated in respect of disposals
-
0
(47,868)
(47,868)
At 31 March 2024
235,622
152,675
388,297
Carrying amount
At 31 March 2024
-
0
179,272
179,272
At 31 March 2023
-
0
148,445
148,445
AIRMASTER AIRCONDITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Tangible fixed assets
(Continued)
- 7 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and machinery
127,517
106,763
127,517
106,763
Depreciation charge for the year in respect of leased assets
42,505
35,588
5
Stocks
2024
2023
£
£
Raw materials and consumables
2,140
3,657
Contract work in progress
129,523
-
0
131,663
3,657
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
808,091
893,784
Gross amounts owed by contract customers
662,613
153,537
Other debtors
59,133
71,370
Prepayments and accrued income
51,068
39,900
1,580,905
1,158,591
AIRMASTER AIRCONDITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,087
9,870
Obligations under finance leases
39,851
33,126
Trade creditors
1,011,097
451,649
Corporation tax
401,202
109,549
Other taxation and social security
48,125
37,864
Other creditors
80,512
15,380
Accruals and deferred income
557,380
100,823
2,148,254
758,261

Obligations under finance leases are secured by a fixed charge over the assets which are financed.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
15,646
25,724
Obligations under finance leases
77,773
69,862
93,419
95,586

Obligations under finance leases are secured by a fixed charge over the assets which are financed.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Adam Shield
Statutory Auditor:
Hart Shaw LLP
Date of audit report:
28 November 2024
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Total commitment
346,150
346,814
2024-03-312023-04-01false28 November 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMrs L A PogsonG D CampbellMr A M EnglandA J BensonR O BlackwoodMrs L A Pogsonfalsefalse026938522023-04-012024-03-31026938522024-03-31026938522023-03-3102693852core:LandBuildings2024-03-3102693852core:OtherPropertyPlantEquipment2024-03-3102693852core:LandBuildings2023-03-3102693852core:OtherPropertyPlantEquipment2023-03-3102693852core:Non-currentFinancialInstruments2024-03-3102693852core:Non-currentFinancialInstruments2023-03-3102693852core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3102693852core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3102693852core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3102693852core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3102693852core:CurrentFinancialInstruments2024-03-3102693852core:CurrentFinancialInstruments2023-03-3102693852core:ShareCapital2024-03-3102693852core:ShareCapital2023-03-3102693852core:SharePremium2024-03-3102693852core:SharePremium2023-03-3102693852core:CapitalRedemptionReserve2024-03-3102693852core:CapitalRedemptionReserve2023-03-3102693852core:RetainedEarningsAccumulatedLosses2024-03-3102693852core:RetainedEarningsAccumulatedLosses2023-03-3102693852core:ShareCapital2022-03-3102693852core:SharePremium2022-03-3102693852core:CapitalRedemptionReserve2022-03-3102693852core:RetainedEarningsAccumulatedLosses2022-03-31026938522022-03-3102693852bus:Director22023-04-012024-03-3102693852core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31026938522022-04-012023-03-3102693852core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3102693852core:SharePremium12022-04-012023-03-3102693852core:SharePremium22023-04-012024-03-3102693852core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-012024-03-3102693852core:PlantMachinery2023-04-012024-03-3102693852core:FurnitureFittings2023-04-012024-03-3102693852core:MotorVehicles2023-04-012024-03-3102693852core:LandBuildings2023-03-3102693852core:OtherPropertyPlantEquipment2023-03-31026938522023-03-3102693852core:LandBuildings2023-04-012024-03-3102693852core:OtherPropertyPlantEquipment2023-04-012024-03-3102693852core:MotorVehicles2024-03-3102693852core:MotorVehicles2023-03-3102693852bus:PrivateLimitedCompanyLtd2023-04-012024-03-3102693852bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3102693852bus:FRS1022023-04-012024-03-3102693852bus:Audited2023-04-012024-03-3102693852bus:Director12023-04-012024-03-3102693852bus:Director32023-04-012024-03-3102693852bus:Director42023-04-012024-03-3102693852bus:Director52023-04-012024-03-3102693852bus:CompanySecretary12023-04-012024-03-3102693852bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP