ACCOUNTS - Final Accounts preparation

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

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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.

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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.

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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.

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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.

Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

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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	-

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

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