Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
COMPANY INFORMATION
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
CONTENTS
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Strategic report for the year ended 31 December 2024.
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
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
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.
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors who served during the year were:
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.
There have been no subsequent events that require disclosure or adjustments to the financial statements.
The auditors, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCENT SERVICES (AIR CONDITIONING) LIMITED
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 policies. The 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).
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.
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.
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCENT SERVICES (AIR CONDITIONING) LIMITED (CONTINUED)
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 Report. Our 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.
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.
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.
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCENT SERVICES (AIR CONDITIONING) LIMITED (CONTINUED)
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:
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCENT SERVICES (AIR CONDITIONING) LIMITED (CONTINUED)
The areas that we identified as being susceptible to misstatement through fraud were: 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.
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCENT SERVICES (AIR CONDITIONING) LIMITED (CONTINUED)
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 2006. Our 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Middlesex
UB8 2FX
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 30 form part of these financial statements.
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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.
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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.
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (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:
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.
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
There are no significant factors that may affect future tax charges.
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
13.Tangible fixed assets (continued)
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Share premium account
Revaluation reserve
Profit and loss account
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).
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ACCENT SERVICES (AIR CONDITIONING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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