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REGISTERED NUMBER: SC145391 (Scotland)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

Atlas Air Conditioning Ltd.

Atlas Air Conditioning Ltd. (Registered number: SC145391)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


Atlas Air Conditioning Ltd.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: S J Head
S A Leiper





REGISTERED OFFICE: Pavilion 2
3 Dava Street
Glasgow
G51 2JA





REGISTERED NUMBER: SC145391 (Scotland)





ACCOUNTANTS: Burgoyne Carey
Chartered Accountants
Pavilion 2
3 Dava Street
Broomloan Road
Glasgow
G51 2JA

Atlas Air Conditioning Ltd. (Registered number: SC145391)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 301,393 209,951
Investments 5 162,640 162,640
464,033 372,591

CURRENT ASSETS
Stocks 1,459,713 1,147,190
Debtors 6 762,838 323,281
Cash at bank and in hand 938,091 506,805
3,160,642 1,977,276
CREDITORS
Amounts falling due within one year 7 1,937,477 1,278,705
NET CURRENT ASSETS 1,223,165 698,571
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,687,198

1,071,162

CREDITORS
Amounts falling due after more than one
year

8

(238,091

)

(254,247

)

PROVISIONS FOR LIABILITIES (158,348 ) (52,488 )
NET ASSETS 1,290,759 764,427

CAPITAL AND RESERVES
Called up share capital 6,000 6,000
Retained earnings 1,284,759 758,427
SHAREHOLDERS' FUNDS 1,290,759 764,427

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 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.

Atlas Air Conditioning Ltd. (Registered number: SC145391)

BALANCE SHEET - continued
31 JULY 2024


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 9 January 2025 and were signed on its behalf by:





S J Head - Director


Atlas Air Conditioning Ltd. (Registered number: SC145391)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

Atlas Air Conditioning Ltd. is a private company, limited by shares , registered in Scotland. 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.

TURNOVER
Turnover represents amounts invoiced for air conditioning installation and maintenance during the year, exclusive of Value Added Tax.

TANGIBLE FIXED ASSETS
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.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 25% on reducing balance

STOCKS
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Atlas Air Conditioning Ltd. (Registered number: SC145391)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued

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 makes payments on behalf of the the employees into a money purchase pension scheme.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 24 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2023 133,310 387,062 26,723 547,095
Additions - 176,231 - 176,231
Disposals - (19,000 ) - (19,000 )
At 31 July 2024 133,310 544,293 26,723 704,326
DEPRECIATION
At 1 August 2023 107,710 202,712 26,722 337,144
Charge for year 9,900 74,889 - 84,789
Eliminated on disposal - (19,000 ) - (19,000 )
At 31 July 2024 117,610 258,601 26,722 402,933
NET BOOK VALUE
At 31 July 2024 15,700 285,692 1 301,393
At 31 July 2023 25,600 184,350 1 209,951

Atlas Air Conditioning Ltd. (Registered number: SC145391)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 August 2023 33,000 380,362 413,362
Additions - 156,231 156,231
Disposals - (19,000 ) (19,000 )
At 31 July 2024 33,000 517,593 550,593
DEPRECIATION
At 1 August 2023 7,400 196,013 203,413
Charge for year 9,900 68,889 78,789
Eliminated on disposal - (19,000 ) (19,000 )
At 31 July 2024 17,300 245,902 263,202
NET BOOK VALUE
At 31 July 2024 15,700 271,691 287,391
At 31 July 2023 25,600 184,349 209,949

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2024 2023
£    £   
Other 162,640 162,640

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 468,721 131,768
Other debtors 65,397 -
Directors' current accounts 141,256 154,673
VAT 72,192 31,895
Prepayments 15,272 4,945
762,838 323,281

Atlas Air Conditioning Ltd. (Registered number: SC145391)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 36,000 36,000
Atlas Air Conditioning SSAS (22,785 ) (22,785 )
Hire purchase contracts 136,254 110,275
Trade creditors 1,546,827 1,050,566
Tax 194,290 48,380
Social security and other taxes 34,686 15,950
Other creditors 1,264 30,109
NEST Pensions 4,401 4,570
Accrued expenses 6,540 5,640
1,937,477 1,278,705

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 27,000 36,000
Bank loans - 2-5 years - 27,000
Hire purchase contracts 211,091 191,247
238,091 254,247

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 347,345 301,522

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2024 and 31 July 2023:

2024 2023
£    £   
S A Leiper
Balance outstanding at start of year 154,673 113,170
Amounts advanced - 58,103
Amounts repaid (13,417 ) (16,600 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 141,256 154,673

11. RELATED PARTY DISCLOSURES

There is an outstanding loan to the directors of £141,256 which is being repaid over a period of 10 years. Interest is being charged on this loan at the market rate.

Included in turnover are sales to related companies of £190,918.