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Registration number: 02157358

Air Technology Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Air Technology Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Air Technology Limited

Company Information

Directors

N. E. Goerick

E. C. Harding

I. Moore

R. Coulson

Company secretary

J. Harding

Registered office

Unit 1
Oaks Industrial Estate
Festival Drive
Loughborough
Leicestershire
LE11 5XN

Accountants

Robert Whowell & Partners LLP
Chartered AccountantsWestwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Air Technology Limited

(Registration number: 02157358)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

224,464

232,743

Current assets

 

Stocks

5

152,524

91,534

Debtors

6

173,036

388,843

Cash at bank and in hand

 

581,629

569,420

 

907,189

1,049,797

Creditors: Amounts falling due within one year

7

(164,346)

(336,981)

Net current assets

 

742,843

712,816

Total assets less current liabilities

 

967,307

945,559

Provisions for liabilities

(56,116)

(58,186)

Net assets

 

911,191

887,373

Capital and reserves

 

Called up share capital

8

800

800

Revaluation reserve

30,311

39,106

Retained earnings

880,080

847,467

Shareholders' funds

 

911,191

887,373

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

 

Air Technology Limited

(Registration number: 02157358)
Balance Sheet as at 31 December 2024

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 and 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 16 April 2025 and signed on its behalf by:
 

.........................................
E. C. Harding
Director

 

Air Technology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Unit 1
Oaks Industrial Estate
Festival Drive
Loughborough
Leicestershire
LE11 5XN

These financial statements were authorised for issue by the Board on 16 April 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).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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 provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

 

Air Technology Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.

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 or revaluation, 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 over their estimated useful lives.

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

The depreciation rates and methods used are as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Fittings, plant and equipment

10% reducing balance

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.

 

Air Technology Limited

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

Trade debtors

Trade debtors are amounts due from customers for 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 debtors.

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.

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 the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 the profit and loss account 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.

 

Air Technology Limited

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

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 13 (2023 - 12).

4

Tangible assets

Motor vehicles
 £

Fittings, plant and equipment
£

Total
£

Cost or valuation

At 1 January 2024

79,997

319,387

399,384

Additions

20,495

2,600

23,095

At 31 December 2024

100,492

321,987

422,479

Depreciation

At 1 January 2024

32,677

133,964

166,641

Charge for the year

12,683

18,691

31,374

At 31 December 2024

45,360

152,655

198,015

Carrying amount

At 31 December 2024

55,132

169,332

224,464

At 31 December 2023

47,320

185,423

232,743

 

Air Technology Limited

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

Revaluation

The fair value of the company's fixed assets was revalued on 31 December 2016. An independent valuer was not involved. The directors belive that the current valutation has not materially changed.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £152,914 (2023 - £152,399).

5

Stocks

2024
£

2023
£

Raw materials and consumables

152,524

91,534

6

Debtors

Current

2024
£

2023
£

Trade debtors

151,610

372,571

Prepayments

21,246

16,092

Other debtors

180

180

 

173,036

388,843

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

48,165

65,881

Taxation and social security

56,445

109,794

Accruals and deferred income

6,330

27,828

Other creditors

53,406

133,478

164,346

336,981

 

Air Technology Limited

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

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

720

720

720

720

A Ordinary shares of £1 each

80

80

80

80

 

800

800

800

800

9

Related party transactions

Summary of transactions with other related parties

During the year the directors and members of their close family received dividends amounting to £40,000 (2023 - £120,000).