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Registered number: 08714899 DUAL-AIR LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
DUAL-AIR LIMITED REGISTERED NUMBER: 08714899 BALANCE SHEET AS AT 31 OCTOBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 35,393 |  | -
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 349,719 |  | 335,603 |
Cash at bank and in hand |  | 24,539 |  | 17,429 |
|  | 374,258 |  | 353,032 |
Creditors: amounts falling due within one year | 6 | (181,319) |  | (218,148) |
Net current assets |  |  | 192,939 |  | 134,884
Total assets less current liabilities |  |  | 228,332 |  | 134,884
Creditors: amounts falling due after more than one year | 7 |  | (46,066) |  | (18,333)
Provisions for liabilities |  |  |  |  |
Deferred tax | 8 |  | (8,848) |  | -
Net assets |  |  | 173,418 |  | 116,551
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 2 |  | 2
Profit and loss account |  |  | 173,416 |  | 116,549
|  |  | 173,418 |  | 116,551
Page 1
DUAL-AIR LIMITED REGISTERED NUMBER: 08714899 BALANCE SHEET (CONTINUED) AS AT 31 OCTOBER 2024 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 September 2025.
J Rose
Director
The notes on pages 3 to 7 form part of these financial statements. Page 2
DUAL-AIR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
1. | General information
Dual-Air Limited is a private company limited by shares, incorporated in England and Wales (registration number: 08714899). It's registered office is Unit 8a Pennyhill Lane, Thurcroft, Rotherham, England, S66 9BQ. The principle activity throughout the year continued to be that of plumbing, heating and air-con installation. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The Company's functional and presentation currency is pounds sterling. The following principal accounting policies have been applied:
| 2.2 | 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. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 3
DUAL-AIR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 2.Accounting policies (continued)
| 2.3 | Current and deferred taxation
Tax is recognised in the Statement of Income and Retained Earnings. The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet 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 Balance Sheet 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.
| 2.4 | 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows. Depreciation rates used are:
|  |  |  | Motor vehicles | - | 25% | Straight Line
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 Income and Retained Earnings. Page 4
DUAL-AIR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 2.Accounting policies (continued)
| 2.5 | Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade receivables and payables, 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, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
Page 5
DUAL-AIR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
4. | Tangible fixed assets
|  | Motor vehicles
|  | £
| Cost or valuation |
| At 1 November 2023 | 16,991
| Additions | 36,146
| At 31 October 2024 | 53,137
| Depreciation |
| At 1 November 2023 | 16,991
| Charge for the year on financed assets | 753
| At 31 October 2024 | 17,744
| Net book value |
| At 31 October 2024 | 35,393
| At 31 October 2023 | -
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Motor vehicles | 35,393 | -
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 136,129 | 203,378
| Other debtors | 210,248 | 132,225
| Prepayments and accrued income | 3,342 | -
|  | 349,719 | 335,603
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DUAL-AIR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 10,287 | 10,000
| Trade creditors | 76,982 | 109,070
| Corporation tax | 31,742 | 48,825
| Obligations under finance lease and hire purchase contracts | 5,732 | -
| Other creditors | 54,576 | 49,553
| Accruals and deferred income | 2,000 | 700
|  | 181,319 | 218,148
7. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 8,777 | 18,333
| Net obligations under finance leases and hire purchase contracts | 37,289 | -
|  | 46,066 | 18,333
8. | Deferred taxation
|  | 2024
|  | £
| Charged to profit or loss | 8,848
| At end of year | 8,848
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | 8,848 | -
Page 7