General Information
Air Conditioning One Ltd is a private company, limited by shares, registered in England and Wales, registration number 08402708, registration address Unit C Bury Close, Higham Ferrers, Northants, NN10 8HQ.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Motor Vehicles |
25% Reducing Balance
|
| Fixtures and Fittings |
50% Reducing Balance
|
| Computer Equipment |
50% Reducing Balance
|
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
|
| 2. |
Average number of employees
Average number of employees during the year was 4 (2024 : 3).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Motor Vehicles |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
| At 01 April 2024 |
78,245 |
|
599 |
|
4,743 |
|
83,587 |
| Additions |
- |
|
27,326 |
|
625 |
|
27,951 |
| Disposals |
- |
|
- |
|
- |
|
- |
| At 31 March 2025 |
78,245 |
|
27,925 |
|
5,368 |
|
111,538 |
| Depreciation |
| At 01 April 2024 |
38,269 |
|
300 |
|
3,985 |
|
42,554 |
| Charge for year |
10,194 |
|
150 |
|
691 |
|
11,035 |
| On disposals |
- |
|
- |
|
- |
|
- |
| At 31 March 2025 |
48,463 |
|
450 |
|
4,676 |
|
53,589 |
| Net book values |
| Closing balance as at 31 March 2025 |
29,782 |
|
27,475 |
|
692 |
|
57,949 |
| Opening balance as at 01 April 2024 |
39,976 |
|
299 |
|
758 |
|
41,033 |
|
| 4. |
Stocks
|
2025
£ |
|
2024
£ |
| Stocks |
352,181 |
|
360,208 |
|
352,181 |
|
360,208 |
|
| 5. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Debtors |
235,715 |
|
227,173 |
| Prepayments & Accrued Income |
11,546 |
|
4,128 |
|
247,261 |
|
231,301 |
|
| 6. |
Debtors: amounts falling due after one year
|
2025
£ |
|
2024
£ |
| Other Debtors |
8,700 |
|
0 |
|
8,700 |
|
0 |
|
| 7. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Creditors |
272,801 |
|
294,031 |
| Corporation Tax |
78,412 |
|
128,016 |
| PAYE & Social Security |
1,820 |
|
1,911 |
| Accrued Expenses |
13,822 |
|
1,203 |
| Other Creditors |
3,674 |
|
4,539 |
| Directors' Current Accounts |
219,098 |
|
209,429 |
| VAT |
35,448 |
|
26,532 |
|
625,075 |
|
665,661 |
|
| 8. |
Creditors: amount falling due after more than one year
|
2025
£ |
|
2024
£ |
| Bank Loans & Overdrafts |
12,500 |
|
22,500 |
|
12,500 |
|
22,500 |
|
| 9. |
Share Capital
Authorised
100 Class A shares of £1.00 each
Allotted, called up and fully paid
|
2025
£ |
|
2024
£ |
|
100
Class A shares of £1.00 each |
100 |
|
100 |
|
100 |
|
100 |
|
| 10. |
Related parties
During the year the company entered into the following transactions with related parties: | Transaction value - income/(expenses) | | Balance owed by/(owed to) |
|---|
| 2025
£ | | 2024
£ | | 2025
£ | | 2024
£ |
|---|
| Rent | 12,000 | | 12,000 | | 0 | | 0 |
|
| 11. |
Bank Loans
The Company received a £50,000 bounce back loan, interest free for the first 12 months. Repayments are due to start in June 2021.
|
4
|