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Registration number: 09145628

Air Concept Refrigeration Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Air Concept Refrigeration Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Air Concept Refrigeration Ltd

Company Information

Directors

Mr Jason Robert Thomas

Miss Keeley Marlow

Company secretary

Miss Keeley Marlow

Registered office

75 Newtown Road
Newbury
Berkshire
RG14 7DD

Accountants

Opus Accounting Limited
Chartered Certified Accountants
Lindenmuth House
37 Greenham Business Park
Greenham
Thatcham
Berkshire
RG19 6HW

 

Air Concept Refrigeration Ltd

(Registration number: 09145628)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

104,559

105,340

Investment property

5

580,000

515,000

 

684,559

620,340

Current assets

 

Stocks

6

5,000

6,500

Debtors

7

945,161

164,538

Cash at bank and in hand

 

1,038,106

1,251,939

 

1,988,267

1,422,977

Creditors: Amounts falling due within one year

8

(523,756)

(341,941)

Net current assets

 

1,464,511

1,081,036

Total assets less current liabilities

 

2,149,070

1,701,376

Provisions for liabilities

(38,790)

(26,335)

Net assets

 

2,110,280

1,675,041

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

2,110,180

1,674,941

Shareholders' funds

 

2,110,280

1,675,041

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 March 2025 and signed on its behalf by:
 

 

Air Concept Refrigeration Ltd

(Registration number: 09145628)
Balance Sheet as at 31 July 2024 (continued)

.........................................
Mr Jason Robert Thomas
Director

 

Air Concept Refrigeration Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
75 Newtown Road
Newbury
Berkshire
RG14 7DD
England

These financial statements were authorised for issue by the Board on 6 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Air Concept Refrigeration Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% on straight line basis

Motor vehicles

25% on straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Air Concept Refrigeration Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 10).

 

Air Concept Refrigeration Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

7,417

229,202

236,619

Additions

8,347

89,009

97,356

Disposals

-

(110,687)

(110,687)

At 31 July 2024

15,764

207,524

223,288

Depreciation

At 1 August 2023

6,168

125,111

131,279

Charge for the year

2,582

44,383

46,965

Eliminated on disposal

-

(59,515)

(59,515)

At 31 July 2024

8,750

109,979

118,729

Carrying amount

At 31 July 2024

7,014

97,545

104,559

At 31 July 2023

1,249

104,091

105,340

5

Investment properties

2024
£

At 1 August

515,000

Fair value adjustments

65,000

At 31 July

580,000

The investment property was valued by the directors as at 31 July 2023. The basis of valuation was a knowledge of the local market from following the market to identify investment opportunities.

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Other inventories

5,000

6,500

 

Air Concept Refrigeration Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

7

Debtors

Current

2024
£

2023
£

Trade debtors

142,695

154,251

Other debtors

802,466

10,287

 

945,161

164,538

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

335,746

198,597

Taxation and social security

163,301

114,065

Accruals and deferred income

23,901

28,620

Other creditors

808

659

523,756

341,941

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Air Concept Refrigeration Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

10

Related party transactions

Transactions with directors

2024

At 1 August 2023
£

Advances to director
£

At 31 July 2024
£

Miss Keeley Marlow

Loan

-

750,000

750,000

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,140

19,935

Contributions paid to money purchase schemes

120,000

120,000

145,140

139,935