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Registered number: 01499501
Airtech Air Conditioning Services Limited
Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 01499501
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 48,304 68,037
Investments 5 100 100
48,404 68,137
CURRENT ASSETS
Stocks 6 126,471 48,376
Debtors 7 426,058 328,544
Cash at bank and in hand 46,467 239,183
598,996 616,103
Creditors: Amounts Falling Due Within One Year 8 (510,481 ) (499,243 )
NET CURRENT ASSETS (LIABILITIES) 88,515 116,860
TOTAL ASSETS LESS CURRENT LIABILITIES 136,919 184,997
NET ASSETS 136,919 184,997
CAPITAL AND RESERVES
Called up share capital 9 10,000 10,000
Profit and Loss Account 126,919 174,997
SHAREHOLDERS' FUNDS 136,919 184,997
Page 1
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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 A F Musgrave
Director
20 March 2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Airtech Air Conditioning Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01499501 . The registered office is Cresta House, Imberhorne Lane, East Grinstead, West Sussex, RH19 1QX.
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% straight line
Fixtures & Fittings 10% straight line
Computer Equipment 25% straight line
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.
2.5. Cash and Cash Equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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2.6. Financial Instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
2.7. Interest Receivable
Interest income is recognised in profit or loss using the effective interest method.
2.8. 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.
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2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.  Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
2.10. Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
2.11. Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
2.12. Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 19 (2023: 19)
19 19
4. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 July 2023 117,845
Additions 645
As at 30 June 2024 118,490
Depreciation
As at 1 July 2023 49,808
Provided during the period 20,378
As at 30 June 2024 70,186
Net Book Value
As at 30 June 2024 48,304
As at 1 July 2023 68,037
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5. Investments
Subsidiaries
£
Cost
As at 1 July 2023 100
As at 30 June 2024 100
Provision
As at 1 July 2023 -
As at 30 June 2024 -
Net Book Value
As at 30 June 2024 100
As at 1 July 2023 100
6. Stocks
2024 2023
£ £
Stock 27,721 48,376
Work in progress 98,750 -
126,471 48,376
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 387,671 252,588
Amounts owed by group undertakings 16,866 19,367
Other debtors 21,521 56,589
426,058 328,544
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 313,180 311,935
Other creditors 49,794 80,896
Taxation and social security 147,507 106,412
510,481 499,243
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9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
8,500 Ordinary Shares of £ 1.00 each 8,500 8,500
500 Ordinary A shares of £ 1.00 each 500 500
500 Ordinary B shares of £ 1.00 each 500 500
500 Ordinary C shares of £ 1.00 each 500 500
10,000 10,000
10. Pension Commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £23,200 (2023 - £21,673).
Contributions totalling £NIL (2023 - £3,788) were payable to the fund at the balance sheet date and are included in creditors.
11. Directors Advances, Credits and Guarantees
Included in other creditors due within one year are loans from the directors amounting to £(15,164) (2023 - £(16,237)).
12. Related Party Disclosures
Included in other debtors is an amount of £16,866 (2023 - £19,367) due from Airtech (Services & Maintenance) Limited, a company under common control.
During the year management charges totalling £405,000 (2023 - £330,000) were received from Airtech (Services & Maintenance) Limited. 
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