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Registered number: 13755440
Airnow Technology Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13755440
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 47,694 21,445
47,694 21,445
CURRENT ASSETS
Debtors 5 1,904,154 1,187,878
Cash at bank and in hand 366,241 66,698
2,270,395 1,254,576
Creditors: Amounts Falling Due Within One Year 6 (1,988,075 ) (1,058,993 )
NET CURRENT ASSETS (LIABILITIES) 282,320 195,583
TOTAL ASSETS LESS CURRENT LIABILITIES 330,014 217,028
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,361 ) (4,503 )
NET ASSETS 324,653 212,525
CAPITAL AND RESERVES
Called up share capital 7 190 190
Capital redemption reserve 10 10
Profit and Loss Account 324,453 212,325
SHAREHOLDERS' FUNDS 324,653 212,525
Page 1
Page 2
For the 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.
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.
The financial statements were approved by the board of directors on 23 September 2024 and were signed on its behalf by:
Mr C Adams
Director
23 September 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
Airnow Technology Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13755440 . The registered office is Century Offices 2175 Century Way, Thorpe Park, Leeds, West Yorkshire, LS15 8ZB.
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. 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:
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
Computer Equipment 20-33.33% Reducing Balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 20 (2023: 7)
20 7
Page 3
Page 4
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 18,000 - 10,542 28,542
Additions 36,708 3,275 2,143 42,126
As at 31 March 2024 54,708 3,275 12,685 70,668
Depreciation
As at 1 April 2023 4,500 - 2,597 7,097
Provided during the period 12,552 655 2,670 15,877
As at 31 March 2024 17,052 655 5,267 22,974
Net Book Value
As at 31 March 2024 37,656 2,620 7,418 47,694
As at 1 April 2023 13,500 - 7,945 21,445
5. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Trade debtors 1,896,536 1,112,385
Other debtors 3,693 75,493
1,900,229 1,187,878
Due after more than one year
Other debtors 3,925 -
1,904,154 1,187,878
6. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Trade creditors 1,405,733 657,424
Amounts owed to group undertakings 11,412 -
Other creditors 247,677 195,436
Taxation and social security 323,253 206,133
1,988,075 1,058,993
7. Share Capital
31 March 2024 31 March 2023
Allotted, called up and fully paid £ £
1,900 Ordinary Shares of £ 0.10 each 190 190
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8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Joshua Mitchell 14,547 14,000 (59,250 ) - (30,703 )
Mr Charles Adams 47,398 14,000 (61,424 ) - (26 )
Mr Brett Ward 13,547 14,000 (43,026 ) - (15,478 )
The above loan is unsecured, interest free and repayable on demand.
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