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Company No: 04514029 (England and Wales)

AIR SUPPLY LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

AIR SUPPLY LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

AIR SUPPLY LIMITED

COMPANY INFORMATION

For the financial year ended 31 August 2024
AIR SUPPLY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 August 2024
DIRECTORS George Jackson Wright
Jack Wright
SECRETARY Emma Louise Wright
REGISTERED OFFICE Unit 6b Harrier Court Airfield Business Park
Elvington
York
YO41 4EA
United Kingdom
COMPANY NUMBER 04514029 (England and Wales)
ACCOUNTANT Morrell Middleton Auditors Ltd
Chartered Certified Accountants
Wellington House
Aviator Court
York
YO30 4UZ
AIR SUPPLY LIMITED

BALANCE SHEET

As at 31 August 2024
AIR SUPPLY LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 75,000 100,000
Tangible assets 4 679,105 717,235
754,105 817,235
Current assets
Stocks 5 500,000 500,000
Debtors 6 777,638 959,173
Cash at bank and in hand 1,406,777 814,131
2,684,415 2,273,304
Creditors: amounts falling due within one year 7 ( 473,549) ( 463,889)
Net current assets 2,210,866 1,809,415
Total assets less current liabilities 2,964,971 2,626,650
Provision for liabilities 8, 9 ( 59,540) ( 68,925)
Net assets 2,905,431 2,557,725
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 2,905,331 2,557,625
Total shareholders' funds 2,905,431 2,557,725

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

Directors' responsibilities:

The financial statements of Air Supply Limited (registered number: 04514029) were approved and authorised for issue by the Board of Directors on 17 April 2025. They were signed on its behalf by:

George Jackson Wright
Director
AIR SUPPLY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
AIR SUPPLY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Air Supply Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 6b Harrier Court Airfield Business Park, Elvington, York, YO41 4EA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 3 years straight line
15 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 9

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 September 2023 500,000 500,000
At 31 August 2024 500,000 500,000
Accumulated amortisation
At 01 September 2023 400,000 400,000
Charge for the financial year 25,000 25,000
At 31 August 2024 425,000 425,000
Net book value
At 31 August 2024 75,000 75,000
At 31 August 2023 100,000 100,000

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 September 2023 431,667 672,160 1,103,827
Additions 0 17,206 17,206
Disposals 0 ( 12,734) ( 12,734)
At 31 August 2024 431,667 676,632 1,108,299
Accumulated depreciation
At 01 September 2023 0 386,592 386,592
Charge for the financial year 0 55,336 55,336
Disposals 0 ( 12,734) ( 12,734)
At 31 August 2024 0 429,194 429,194
Net book value
At 31 August 2024 431,667 247,438 679,105
At 31 August 2023 431,667 285,568 717,235

5. Stocks

2024 2023
£ £
Stocks 500,000 500,000

6. Debtors

2024 2023
£ £
Trade debtors 446,690 423,248
Other debtors 330,948 535,925
777,638 959,173

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 136,085 149,245
Taxation and social security 297,242 262,842
Other creditors 40,222 51,802
473,549 463,889

8. Provision for liabilities

2024 2023
£ £
Deferred tax 59,540 68,925
Deferred taxation Total
£ £
At 01 September 2023 68,925 68,925
Credited to the Statement of Income and Retained Earnings ( 9,385) ( 9,385)
At 31 August 2024 59,540 59,540

Deferred tax

2024 2023
£ £
Accelerated capital allowances 59,540 68,925
Provision for deferred tax 59,540 68,925

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 68,925) ( 49,640)
Credited/(charged) to the Statement of Income and Retained Earnings 9,385 ( 19,285)
At the end of financial year ( 59,540) ( 68,925)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
49 A ordinary shares of £ 1.00 each 49 49
51 B ordinary shares of £ 1.00 each 51 51
100 100