1 November 2023 v2025.43.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP056007532023-11-012024-10-31056007532024-10-31056007532023-10-3105600753core:WithinOneYear2024-10-3105600753core:WithinOneYear2023-10-3105600753core:AfterOneYear2024-10-3105600753core:AfterOneYear2023-10-3105600753core:ShareCapital2024-10-3105600753core:ShareCapital2023-10-3105600753core:RetainedEarningsAccumulatedLosses2024-10-3105600753core:RetainedEarningsAccumulatedLosses2023-10-3105600753bus:Director12023-11-012024-10-3105600753bus:Director22023-11-012024-10-3105600753bus:RegisteredOffice2023-11-012024-10-3105600753core:NetGoodwill2023-11-012024-10-3105600753core:PlantMachinery2023-11-012024-10-3105600753core:MotorVehicles2023-11-012024-10-3105600753core:OfficeEquipment2023-11-012024-10-31056007532022-11-012023-10-3105600753core:NetGoodwill2024-10-3105600753core:PlantMachinery2023-11-0105600753core:PlantMachinery2024-10-3105600753core:PlantMachinery2023-10-310560075312023-11-012024-10-3105600753countries:EnglandWales2023-11-012024-10-3105600753bus:AuditExemptWithAccountantsReport2023-11-012024-10-3105600753bus:PrivateLimitedCompanyLtd2023-11-012024-10-3105600753bus:SmallEntities2023-11-012024-10-3105600753bus:FullAccounts2023-11-012024-10-31
Company registration number:
05600753
Tcl Air Conditioning Ltd
Unaudited Filleted Financial Statements for the year ended
31 October 2024
Tcl Air Conditioning Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Tcl Air Conditioning Ltd
Year ended
31 October 2024
As described on the statement of financial position, the Board of Directors of
Tcl Air Conditioning Ltd
are responsible for the preparation of the
financial statements
for the year ended
31 October 2024
, which comprise the income statement, statement of total comprehensive income, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Crick Heitman Ltd
Chartered accountants
55 Staines Road West
Sunbury-on-Thames
Middlesex
TW16 7AH
United Kingdom
Date:
8 July 2025
Tcl Air Conditioning Ltd
Statement of Financial Position
31 October 2024
20242023
Note££
Fixed assets    
Tangible assets 6
125,419
 
142,208
 
Current assets    
Debtors 7
162,681
 
207,842
 
Cash at bank and in hand
173,793
 
185,926
 
336,474
 
393,768
 
Creditors: amounts falling due within one year 8
(292,524
)
(386,165
)
Net current assets
43,950
 
7,603
 
Total assets less current liabilities 169,369   149,811  
Creditors: amounts falling due after more than one year 9
(108,602
)
(109,021
)
Provisions for liabilities
(1,744
)
(3,447
)
Net assets
59,023
 
37,343
 
Capital and reserves    
Called up share capital
1,000
 
1,000
 
Profit and loss account
58,023
 
36,343
 
Shareholders funds
59,023
 
37,343
 
For the year ending
31 October 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
8 July 2025
, and are signed on behalf of the board by:
Mr M Cowley
Ms T Kovacs
DirectorDirector
Company registration number:
05600753
Tcl Air Conditioning Ltd
Notes to the Financial Statements
Year ended
31 October 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
55 Staines Road West
,
Sunbury-On-Thames
,
Middlesex
,
TW16 7AH
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
At rates between 20% and 33% straight line
Motor vehicles
At rates between 20% and 33% straight line
Office equipment
At rates between 20% and 33% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
12
(2023:
15.00
).

5 Intangible assets

Goodwill
£
Cost  
At
1 November 2023
and
31 October 2024
66,800
 
Amortisation  
At
1 November 2023
and
31 October 2024
66,800
 
Carrying amount  
At
31 October 2024
-  
At 31 October 2023 -  

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 November 2023
228,454
 
Additions
51,187
 
Disposals
(53,241
)
At
31 October 2024
226,400
 
Depreciation  
At
1 November 2023
86,246
 
Charge
38,295
 
Disposals
(23,560
)
At
31 October 2024
100,981
 
Carrying amount  
At
31 October 2024
125,419
 
At 31 October 2023
142,208
 
The net carrying amount of fixed assets, which are held under finance leases is as follows:
2024 £118,249 (2023 £126,903).
The depreciation charge of fixed assets, which are held under finance leases is as follows:
2024 £31,775 (2023 £14,098).

7 Debtors

20242023
££
Trade debtors
136,789
 
179,907
 
Other debtors
25,892
 
27,935
 
162,681
 
207,842
 

8 Creditors: amounts falling due within one year

20242023
££
Trade creditors
58,956
 
65,755
 
Taxation and social security
133,446
 
143,675
 
Other creditors
100,122
 
176,735
 
292,524
 
386,165
 

9 Creditors: amounts falling due after more than one year

20242023
££
Other creditors
108,602
 
109,021
 

10 Controlling party

The ultimate controlling party is TCL Air Conditioning Trustee Ltd, a company that is registered in England.
On 27 February 2023, 75% of the company's share capital was purchased by the TCL Air Conditioning Employee Ownership Trust.
TCL Air Conditioning Trustee Ltd on behalf of the TCL Air Conditioning Employee Ownership Trust, owns 75% of the issued share capital of the company. The trust holds the shares for the benefit of the company's employees. The company funds the trust out of its distributable profits taking into account its working capital requirements to enable the trust to discharge its liability in respect of the acquisition of the company. It is considered that the company does not have de factor control of the trust and therefore the assets and liabilities of the trust are not included in the company's financial statements. The payments to the trust are written off to the company's reserves.