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Registered number: 01654120









ACCENT SERVICES (AIR CONDITIONING) LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
COMPANY INFORMATION


Directors
J P S Curry 
G A Felgate 
I Marriott 
I Spencer 
P J Tyler 




Registered number
01654120



Registered office
Unit 17 Shepperton Business Park
Govett Avenue

Sheperton

Middx

United Kingdom

TW17 8BA




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX





 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 10
Statement of comprehensive income
11 - 12
Statement of financial position
12
Statement of changes in equity
13
Notes to the financial statements
14 - 30


 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their Strategic report for the year ended 31 December 2024.

Business review and future developments
 
2024 continued to see good growth in both parts of the business. This allowed the directors to put significant investment into improving the systems and increasing the numbers of staff. The sector (air conditioning) continued to see growth both for legal (Category A, B ratings) and operational (return to work) factors and the company performed well in the opinion of the directors, meeting or exceeding most targets set in the company’s budget.
The company opened a Manchester office in the year and continued to develop the Bristol office.
The directors expect 2025 to be another successful year including the opening of a dedicated training centre for its engineers.
Principal risks and uncertainties


Risk
Inherent risk assessment 
Residual risk assessment
Change since 2023
Managed/Mitigated
Oversight responsibility
1
Difficulty in attracting, engaging and retaining talent
High
High
Unchanged
The company runs a top quartile pay and benefits scheme. The company takes on a number of apprentices and trainees and develops them internally.
CEO & Contracts
Director
2
Undetected/
unrestricted cyber attack
High
High
Unchanged
The company uses an external IT provider.
CEO
3
Adverse economic climate (including NI rises leading to lower employment)
High
High
Increasing
Monthly monitoring of economic environment and costs.
CEO, CFO & Associate Director-Purchasing

4
Significant bad debt 
High
High
Unchanged
The company requires credit limits for all its customers and operates an extensive level of review. 
CEO & CFO


 
Page 1

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 

Risk
Inherent risk assessment 
Residual risk assessment
Change since 2023
Managed/Mitigated
Oversight responsibility
5
Fraud
High
Medium
Unchanged
Various authorisation
systems all requiring CEO involvement.
CEO & CFO
6
Significant operational disruption
High
Medium
Lowering
Pandemic risk reduced.
CEO & CFO
7
Margin pressure
Medium
Medium
Worsening
Margins are reviewed and discussed monthly at both the Board and holding company level.
CEO, Associate
Director - Sales &
Contracts Director 
8
Stakeholder preception
Medium
Low
Unchanged
Regular services and direct customer and staff contact is originated by the CEO.
CEO
9
Health and Safety
Medium
Medium
Unchanged
The day to day H&S responsibility is a principal function of a Board Director with regular reviews both by the CEO and the Board as a whole.
Health and Safety Director, CEO


Page 2

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Key performance indicators
 
The Company’s turnover increased to £19,511,763 (2023 - £17,024,026) an increase of 15%.
The Company’s gross profit increased by 13%
 (2023 - 28%).
All suppliers were paid to company terms, with all early payment rebates being taken from those suppliers that offered an early settlement scheme.
Because of the annual nature of some big orders the Company looks to maintain a divisional backlog between 2.5 and 4 months throughout the year. Below 2.5 we need to source more work, above 4 we may struggle to meet customer expectations on delivery. These parameters were met for 2024.
The Company delivered a positive Orders to Sales ratio for the year.
The Company’s cash position remained strong and within the parameters agreed between the shareholders and management. 
Both the Company's profit before tax and profit after tax exceeded the 20% return on capital employed key performance indicator set by the shareholders.

Directors' statement of compliance with duty to promote the success of the Company (section 172 statement)
The directors recognise their duty to act in good faith to benefit the company’s stakeholders. The directors make decisions to promote the ongoing success of the company.  When making decisions the directors consider the impact upon stakeholders as follows:
Employees: We communicate regularly through in person meetings and regular reviews with different levels of management.  We engage in extensive levels of staff training, both in house and external, on the job and offsite and in person and digitally.  We provide employees with high quality equipment, vehicles and systems.  We provide a strong pay and benefits package including free access to a company provided holiday home.
Customers: We provide a differentiated service. Not only based on the skills of the engineers but the total offering from onboarding to finalisation, including all the associated paperwork and certificates they may require.
Community: We are mindful of our local community and routinely provide both funds and staff voluntary hours to local charities. We also provide financial support to staff members doing sponsored charity activities.
Subcontractors: We ensure all subcontractors are properly accredited and have the appropriate insurance in place. We monitor the quality of the work provided and pay them promptly.
Suppliers: We develop long term relationships with selected providers where we look to be a preferred provider for them with ongoing sales referrals.
Shareholders: We have strong financial processes including monthly management reporting and prudent cash management. Surplus funds are returned to the shareholders.

This report was approved by the board on                                                      and signed on its behalf.


J P S Curry
Director

Page 3

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.
 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of not less than twelve months from the date of approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Results and dividends

The profit for the year, after taxation, amounted to £1,040,974 (2023 - £1,204,591).

Dividends of £370,440 (2023 - £123,480) were paid by the company during the year.
 

Page 4

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Directors

The directors who served during the year were:

J A H Curry (resigned 20 October 2024)
J P S Curry 
G A Felgate 
I Marriott 
I Spencer 
P J Tyler 

Matters covered in the Strategic report

The company has chosen in accordance with section 414C of Companies Act 2006 to set out the following information, which would otherwise be required within the Directors' report, within the Strategic report: financial risk management and future developments.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no subsequent events that require disclosure or adjustments to the financial statements.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 25 April 2025 and signed on its behalf.
 





J P S Curry
Director

Page 5

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCENT SERVICES (AIR CONDITIONING) LIMITED
 

Opinion


We have audited the financial statements of Accent Services (Air Conditioning) Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCENT SERVICES (AIR CONDITIONING) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 7

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCENT SERVICES (AIR CONDITIONING) LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
 
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows:
 
°Companies Act 2006.
°FRS102.
°Employment legislation.
°Tax legislation.
 
We assessed the extent of compliance with the laws and regulations identified above through making inquiries of directors and other management; and
Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of noncompliance throughout the audit.
 
Page 8

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCENT SERVICES (AIR CONDITIONING) LIMITED (CONTINUED)


We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
 
Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions;
Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and
Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.

The areas that we identified as being susceptible to misstatement through fraud were:
 
Management bias in the estimates and judgements made;
Management override of controls; and
Posting of unusual journals or transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 9

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCENT SERVICES (AIR CONDITIONING) LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Elliot S J Arwas (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Uxbridge
Middlesex
UB8 2FX

29 April 2025
Page 10

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
19,511,763
17,024,026

Cost of sales
  
(12,522,179)
(10,837,540)

Gross profit
  
6,989,584
6,186,486

Administrative expenses
  
(5,434,774)
(4,706,124)

Operating profit
 5 
1,554,810
1,480,362

Revaluation of investments
  
(287,212)
27,143

Income from fixed assets investments
  
-
10,240

Profit on sale of investments
  
-
108,343

Interest receivable and similar income
 9 
16,331
-

Interest payable and similar expenses
 10 
(16,510)
(12,588)

Profit before tax
  
1,267,419
1,613,500

Tax on profit
 11 
(226,445)
(408,909)

Profit for the financial year
  
1,040,974
1,204,591

Total comprehensive income for the year
  
1,040,974
1,204,591

The notes on pages 14 to 30 form part of these financial statements.

Page 11

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
1,050,386
720,764

Investments
 14 
351,208
389,020

  
1,401,594
1,109,784

Current assets
  

Stocks
 15 
137,196
197,436

Debtors: amounts falling due within one year
 16 
3,887,433
4,116,224

Cash at bank and in hand
 17 
2,651,178
2,559,177

  
6,675,807
6,872,837

Creditors: amounts falling due within one year
 18 
(3,176,851)
(3,672,288)

Net current assets
  
 
 
3,498,956
 
 
3,200,549

Total assets less current liabilities
  
4,900,550
4,310,333

Creditors: amounts falling due after more than one year
 19 
(105,244)
(124,968)

Provisions for liabilities
  

Deferred tax
 22 
(98,720)
(159,313)

  
 
 
(98,720)
 
 
(159,313)

Net assets
  
4,696,586
4,026,052


Capital and reserves
  

Called up share capital 
 23 
8,820
8,820

Share premium account
 24 
121,680
121,680

Revaluation reserve
 24 
(195,052)
27,143

Profit and loss account
 24 
4,761,138
3,868,409

  
4,696,586
4,026,052


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 April 2025.


J P S Curry
Director

The notes on pages 14 to 30 form part of these financial statements.

Page 12

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2024
8,820
121,680
27,143
3,868,409
4,026,052


Comprehensive income for the year

Profit for the year
-
-
-
1,040,974
1,040,974

Transfer of revaluation
-
-
(222,195)
222,195
-
Total comprehensive income for the year
-
-
(222,195)
1,263,169
1,040,974


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(370,440)
(370,440)


Total transactions with owners
-
-
-
(370,440)
(370,440)


At 31 December 2024
8,820
121,680
(195,052)
4,761,138
4,696,586



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
8,820
121,680
-
2,814,441
2,944,941


Comprehensive income for the year

Profit for the year
-
-
-
1,204,591
1,204,591

Transfer of revaluation
-
-
27,143
(27,143)
-
Total comprehensive income for the year
-
-
27,143
1,177,448
1,204,591


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(123,480)
(123,480)


Total transactions with owners
-
-
-
(123,480)
(123,480)


At 31 December 2023
8,820
121,680
27,143
3,868,409
4,026,052


The notes on pages 14 to 30 form part of these financial statements.

Page 13

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Accent Services (Air Conditioning) Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is Unit 17 Shepperton Business Park, Govett Avenue, Sheperton, Middx, United Kingdom, TW17 8BA.
The principal activity of the company continued to be that of providing specialist services relating to the design, installation and service support for all air conditioning equipment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
 
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes
and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues:
Interest income/expense and net gains/losses for financial instruments not measured at fair
value; basis of determining fair values; details of collateral, loan defaults or breaches, details of
hedges, hedging fair value changes recognised in profit or loss and in other comprehensive
income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss,
reconciliation of opening and closing number and weighted average exercise price of share
options, how the fair value of options granted was measured, measurement and carrying amount
of liabilities for cash-settled share-based payments, explanation of modifications to
arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Accent
Holdings Limited. These consolidated financial statements are available from its registered office,
Field Lodge, Steventon, Hampshire, RG25 3AY.

Page 14

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of not less than twelve months from the date of approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover represents amounts receivable for services net of VAT and trade discounts. Revenue is recognised when the company has performed its contractual obligations and a right to consideration has been obtained through its performance.
Revenue from maintenance contracts is recognised on completion of the visit. Revenue from service and repair work is recognised on completion of the work. Revenue from installations is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is normally set as part of the overall project plan agreed with the client. 

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 15

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Land and buildings Leasehold
-
Straight line over the life of the lease
Plant and machinery
-
20% and 25% straight line basis
Motor vehicles
-
30% reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

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.

 
2.13

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.

Page 17

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are charged as an expense to the Statement of comprehensive income.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.

 
2.16

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.

Page 18

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
1. Determine whether there are indicators of impairment of trade debtors. Factors taken into consideration in reaching such a decision include the ageing of trade debtors.
2. Sales rebate provisions are made during the year based on the rebate agreements in place. Provisions are accrued during the year using the company's estimate of product sales during the rebate period. As the rebate is based on actual product sales, this can vary from the company's estimate.


4.


Turnover

An analysis of the company's turnover is as follows:


2024
2023
£
£

Turnover analysed by class of business


Installations
10,190,684
9,435,126

Maintenance and repairs
9,321,079
7,588,900

19,511,763
17,024,026

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Depreciation of tangible fixed assets
294,864
250,950

Profit on disposal of tangible fixed assets
(15,299)
(13,615)

Operating lease charges
121,257
99,361

Page 19

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,935
14,500


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
5,859,622
4,687,279

Social security costs
582,394
474,968

Cost of defined contribution scheme
154,344
113,407

6,596,360
5,275,654


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Direct
44
37



Administrator
57
47

101
84

Page 20

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
668,282
441,423

Company contributions to defined contribution pension schemes
16,263
48,534

684,545
489,957


During the year retirement benefits were accruing to 4 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £283,515 (2023 - £192,554).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,953 (2023 - £7,532).


9.


Interest receivable

2024
2023
£
£


Interest receivable on corporation tax
16,331
-

16,331
-


10.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
16,510
12,588

16,510
12,588

Page 21

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
348,469
357,235

Adjustments in respect of previous years
(61,431)
-


Total current tax
287,038
357,235

Deferred tax


Origination and reversal of timing differences
(60,593)
51,674

Total deferred tax
(60,593)
51,674


Tax on profit
226,445
408,909
Page 22

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,267,419
1,613,500


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
316,855
379,173

Effects of:


Tax effect of expenses that are not deductible in determining taxable profit
83,807
8,434

Capital allowances for year in excess of depreciation
(10,582)
21,635

Permanent capital allowances differing to depreciation
-
(15,928)

Depreciation on assets not qualifying for tax allowances
(7,024)
(6,379)

Adjustments in respect of prior years
(61,431)
-

Short-term timing difference leading to an increase in taxation
-
26,294

Deferred tax in respect of revaluation reserve
(92,102)
-

Other timing differences
(3,078)
(4,320)

Total tax charge for the year
226,445
408,909


Factors that may affect future tax charges

There are no significant factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends paid
370,440
123,480

370,440
123,480

Page 23

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost


At 1 January 2024
234,651
330,969
1,215,660
1,781,280


Additions
16,562
98,922
546,347
661,831


Disposals
-
-
(189,839)
(189,839)



At 31 December 2024

251,213
429,891
1,572,168
2,253,272



Depreciation


At 1 January 2024
101,163
306,673
652,680
1,060,516


Charge for the year 
28,096
14,590
252,178
294,864


Disposals
-
-
(152,494)
(152,494)



At 31 December 2024

129,259
321,263
752,364
1,202,886



Net book value



At 31 December 2024
121,954
108,628
819,804
1,050,386



At 31 December 2023
133,488
24,296
562,980
720,764

Page 24

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           13.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
367,430
349,763

367,430
349,763


14.


Fixed asset investments





Listed investments

£



Valuation


At 1 January 2024
389,020


Additions
249,400


Revaluations
(287,212)



At 31 December 2024
351,208





15.


Stocks

2024
2023
£
£

Raw materials and consumables
137,196
197,436

137,196
197,436


Page 25

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Debtors

2024
2023
£
£


Trade debtors
3,622,719
3,900,223

Prepayments and accrued income
264,714
216,001

3,887,433
4,116,224



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,651,178
2,559,177

2,651,178
2,559,177



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,347,146
2,026,292

Amounts owed to group undertakings
-
84,000

Corporation tax
75,019
207,641

Other taxation and social security
477,738
169,071

Obligations under finance lease and hire purchase contracts
149,508
142,022

Other creditors
27,238
21,386

Accruals and deferred income
1,100,202
1,021,876

3,176,851
3,672,288


The finance leases and hire purchase contracts are secured by charges over the assets financed.

Page 26

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Obligations under finance leases and hire purchase contracts
105,244
124,968

105,244
124,968


The finance leases and hire purchase contracts are secured by charges over the assets financed.


20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
149,508
142,022

In one to five years
105,244
124,968

254,752
266,990

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Page 27

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets that are debt instruments measured at amortised cost
3,622,719
3,900,223

Financial assets measured at fair value through profit or loss
351,208
389,020

3,973,927
4,289,243


Financial liabilities


Financial liabilities measured at amortised cost
1,629,136
2,398,668


Financial assets that are debt instruments measured at amortised cost comprise trade debtors.
Financial assets measured at fair value through profit or loss comprise listed investments.
Financial liabilities measured at amortised cost comprise amounts owed to group undertakings, trade creditors, other creditors and obligations under finance lease and hire purchase contracts.


22.


Deferred taxation




2024


£






At beginning of year
(159,313)


Credited to the Statement of comprehensive income
60,593



At end of year
(98,720)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(170,711)
(135,224)

Pension liability
6,974
2,996

Investment revaluation
65,017
(27,085)

(98,720)
(159,313)

Page 28

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



8,820 Ordinary shares of £1 each
8,820
8,820

The company has one class of ordinary shares which carry no right to fixed income.



24.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Revaluation reserve

Revaluation reserve represents revaluation reserves on investments net of deferred tax.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


25.


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 represents contributions payable to the fund and amounted to £154,344 (2023 - £113,407). The pension fund balance outstanding at the reporting date was £27,238 (2023 - £21,386).


26.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
92,290
65,822

Later than 1 year and not later than 5 years
138,573
76,863

230,863
142,685

Page 29

 
ACCENT SERVICES (AIR CONDITIONING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

27.


Related party transactions

The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
 
At the year end, the company had a balance of £9,933 (2023 - £4,978) due from Symtrex Ltd, a related party by virtue of a common director. The balance is included within trade debtors. 


28.


Ultimate parent undertaking and controlling party

The immediate and ultimate parent undertaking is Accent Holdings Limited, a company incorporated in England and Wales.  Its registered office address is Field Lodge, Steventon,  Hampshire, RG25 3AY.
The company is included in the consolidated accounts of Accent Holdings Limited which is the largest and smallest consolidated accounts the company is included within. The accounts of Accent Holdings Limited are available from its registered office.
The ultimate controlling party is the J A H Curry Discretionary Trust.

 
Page 30