REGISTERED NUMBER: SC145391 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

FOR

Atlas Air Conditioning Ltd.

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

DIRECTORS:

S J Head

S A Leiper

REGISTERED OFFICE:

Pavilion 2

3 Dava Street

Glasgow

G51 2JA

REGISTERED NUMBER:

SC145391 (Scotland)

ACCOUNTANTS:

Burgoyne Carey

Chartered Accountants

Pavilion 2

3 Dava Street

Broomloan Road

Glasgow

G51 2JA

FIXED ASSETS

Tangible assets

4

375,110

301,393

Investments

5

162,640

162,640

537,750

464,033

CURRENT ASSETS

Stocks

778,537

1,459,713

Debtors

6

893,817

762,838

Cash at bank and in hand

915,155

938,091

2,587,509

3,160,642

CREDITORS

Amounts falling due within one year

7

1,251,672

1,937,477

NET CURRENT ASSETS

1,335,837

1,223,165

TOTAL ASSETS LESS CURRENT LIABILITIES

1,873,587

1,687,198

CREDITORS

Amounts falling due after more than one year

8

(185,275

)

(238,091

)

PROVISIONS FOR LIABILITIES

(60,270

)

(158,348

)

NET ASSETS

1,628,042

1,290,759

CAPITAL AND RESERVES

Called up share capital

6,000

6,000

Retained earnings

1,622,042

1,284,759

SHAREHOLDERS' FUNDS

1,628,042

1,290,759

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2026 and were signed on its behalf by:

S J Head - Director

1.	STATUTORY INFORMATION

Atlas Air Conditioning Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover represents amounts invoiced for air conditioning installation and maintenance during the year, exclusive of Value Added Tax.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on cost

Computer equipment

-

25% on reducing balance

STOCKS

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HIRE PURCHASE AND LEASING COMMITMENTS

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company makes payments on behalf of the the employees into a money purchase pension scheme.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2024 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 August 2024

133,310

-

544,293

26,723

704,326

Additions

-

12,197

217,919

-

230,116

Disposals

-

-

(99,672

)

-

(99,672

)

At 31 July 2025

133,310

12,197

662,540

26,723

834,770

DEPRECIATION

At 1 August 2024

117,610

-

258,601

26,722

402,933

Charge for year

7,400

2,197

97,042

-

106,639

Eliminated on disposal

-

-

(49,912

)

-

(49,912

)

At 31 July 2025

125,010

2,197

305,731

26,722

459,660

NET BOOK VALUE

At 31 July 2025

8,300

10,000

356,809

1

375,110

At 31 July 2024

15,700

-

285,692

1

301,393

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 August 2024

33,000

517,593

550,593

Additions

-

217,919

217,919

Disposals

-

(92,972

)

(92,972

)

At 31 July 2025

33,000

642,540

675,540

DEPRECIATION

At 1 August 2024

17,300

245,902

263,202

Charge for year

7,400

91,042

98,442

Eliminated on disposal

-

(43,212

)

(43,212

)

At 31 July 2025

24,700

293,732

318,432

NET BOOK VALUE

At 31 July 2025

8,300

348,808

357,108

At 31 July 2024

15,700

271,691

287,391

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2025

2024

£

£

Other

162,640

162,640

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

669,706

468,721

Other debtors

4,353

65,397

Directors' current accounts

195,619

141,256

VAT

8,867

72,192

Prepayments

15,272

15,272

893,817

762,838

Included in trade debtors above is £166,272 owed by companies controlled by the directors of the company.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

27,000

36,000

Atlas Air Conditioning SSAS

(22,785

)

(22,785

)

Hire purchase contracts

124,498

136,254

Trade creditors

927,461

1,546,827

Tax

153,385

194,290

Social security and other taxes

10,995

34,686

Other creditors

20,397

1,264

NEST Pensions

4,181

4,401

Accrued expenses

6,540

6,540

1,251,672

1,937,477

Included in trade creditors above is an amount of £281,397 due to companies controlled by the directors of the company.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 1-2 years

-

27,000

Hire purchase contracts

185,275

211,091

185,275

238,091

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

309,773

347,345

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2025 and 31 July 2024:

2025

2024

£

£

S A Leiper

Balance outstanding at start of year

141,256

154,673

Amounts advanced

54,363

-

Amounts repaid

-

(13,417

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

195,619

141,256

11.	RELATED PARTY DISCLOSURES

There is an outstanding loan to the directors of £195,619 which is being repaid over a period of 10 years. Interest is being charged on this loan at the market rate.

Included in turnover are sales to related companies of £348,933.The balances due from these companies is disclosed in Note 8.

The company purchased goods and services from related parties totalling £713,978. The balances due to these companies is disclosed at Note 9.