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Registered number: 01874794
Air Tools & Compressors Limited
Financial Statements
For The Year Ended 30 June 2024
Cound & Co LLP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01874794
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,343 5,643
4,343 5,643
CURRENT ASSETS
Stocks 5 5,220 5,200
Debtors 6 24,238 27,127
Cash at bank and in hand 269 269
29,727 32,596
Creditors: Amounts Falling Due Within One Year 7 (32,253 ) (39,048 )
NET CURRENT ASSETS (LIABILITIES) (2,526 ) (6,452 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,817 (809 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (825 ) (1,073 )
NET ASSETS/(LIABILITIES) 992 (1,882 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 892 (1,982 )
SHAREHOLDERS' FUNDS 992 (1,882)
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Page 2
For the year ending 30 June 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 P Adkin
Director
23rd October 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
Air Tools & Compressors Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01874794 . The registered office is 1 Princes Court, Royal Way, Loughborough, Leicestershire, LE11 5XR.
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:
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 15% reducing balance
2.4. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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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.

3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2023 12,144 8,100 5,682 25,926
As at 30 June 2024 12,144 8,100 5,682 25,926
Depreciation
As at 1 July 2023 11,448 3,558 5,277 20,283
Provided during the period 104 1,135 61 1,300
As at 30 June 2024 11,552 4,693 5,338 21,583
Net Book Value
As at 30 June 2024 592 3,407 344 4,343
As at 1 July 2023 696 4,542 405 5,643
5. Stocks
2024 2023
£ £
Stocks and consumables 1,120 1,100
Compressors for resale 4,100 4,100
5,220 5,200
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 22,397 25,031
Prepayments and accrued income 1,841 2,096
24,238 27,127
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 13,285 23,356
Bank loans and overdrafts 8,499 4,607
Corporation tax 3,996 4,375
Other taxes and social security 3,537 3,009
Accruals and deferred income 2,270 2,035
Directors' loan accounts 666 1,666
32,253 39,048
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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