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REGISTERED NUMBER: 01169376 (England and Wales)















AIRQUICK (NEWARK) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023






AIRQUICK (NEWARK) LIMITED (REGISTERED NUMBER: 01169376)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


AIRQUICK (NEWARK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: K C Hiscock
J J Hiscock
Mrs E A Wrigglesworth
R Parsons
A Eskriett





SECRETARY: J J Hiscock





REGISTERED OFFICE: Brunel Business Park
Jessop Close
Newark
Nottinghamshire
NG24 2AG





REGISTERED NUMBER: 01169376 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
14 London Road
Newark
Nottinghamshire
NG24 1TW

AIRQUICK (NEWARK) LIMITED (REGISTERED NUMBER: 01169376)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 951,190 917,772

CURRENT ASSETS
Stocks 5 241,999 930,922
Debtors 6 2,109,924 3,329,956
Cash in hand (206,572 ) (191,290 )
2,145,351 4,069,588
CREDITORS
Amounts falling due within one year 7 1,019,895 1,703,790
NET CURRENT ASSETS 1,125,456 2,365,798
TOTAL ASSETS LESS CURRENT LIABILITIES 2,076,646 3,283,570

CREDITORS
Amounts falling due after more than one year 8 (162,379 ) (149,367 )

PROVISIONS FOR LIABILITIES - (67,609 )
NET ASSETS 1,914,267 3,066,594

CAPITAL AND RESERVES
Called up share capital 10 8,880 8,880
Capital redemption reserve 3,120 3,120
Retained earnings 1,902,267 3,054,594
SHAREHOLDERS' FUNDS 1,914,267 3,066,594

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:




K C Hiscock - Director


AIRQUICK (NEWARK) LIMITED (REGISTERED NUMBER: 01169376)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Airquick (Newark) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when the significant risks and rewards have passed to the customer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and that the costs incurred, or to be incurred, in respect of the transaction can be measured reliably.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2 % on cost (buildings only)
Plant and machinery etc - 25% on reducing balance and 10% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks and work in progress are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


AIRQUICK (NEWARK) LIMITED (REGISTERED NUMBER: 01169376)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2022 - 47 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 December 2022 727,449 753,238 1,480,687
Additions - 162,327 162,327
Disposals - (46,496 ) (46,496 )
At 30 November 2023 727,449 869,069 1,596,518
DEPRECIATION
At 1 December 2022 168,903 394,012 562,915
Charge for year 27,056 93,412 120,468
Eliminated on disposal - (38,055 ) (38,055 )
At 30 November 2023 195,959 449,369 645,328
NET BOOK VALUE
At 30 November 2023 531,490 419,700 951,190
At 30 November 2022 558,546 359,226 917,772


5. STOCKS
2023 2022
£    £   
Work-in-progress 135,315 766,409
Goods for resale 106,684 164,513
241,999 930,922

AIRQUICK (NEWARK) LIMITED (REGISTERED NUMBER: 01169376)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,015,285 3,205,082
Other debtors 94,639 124,874
2,109,924 3,329,956

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 15,691 15,691
Hire purchase contracts 84,738 64,390
Trade creditors 384,526 1,136,837
Taxation and social security 308,849 104,348
Other creditors 226,091 382,524
1,019,895 1,703,790

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 27,590 40,370
Hire purchase contracts 134,789 108,997
162,379 149,367

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 43,281 56,061
Hire purchase contracts 219,527 173,387
262,808 229,448

The bank loans are secured on the freehold property and the hire purchase contracts are secured upon the assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
8,880 Ordinary £1 8,880 8,880

AIRQUICK (NEWARK) LIMITED (REGISTERED NUMBER: 01169376)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

11. OTHER FINANCIAL COMMITMENTS

The company had commitments due as follows;

30.11.2330.11.22
££
Within one year8,5256,596
Between one and two years9,300-
Between two and five years- -
17,8256,596