General Information
Norton Air Conditioning Ltd is a private company, limited by shares, registered in England and Wales, registration number 09495130, registration address 65 Peach Street, Wokingham, Berkshire, United Kingdom, RG40 1XP.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102.1A 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 company continues to experience good demand for its services and the director considers it to be well placed to manage its business risks successfully. The director has confirmed his continuing financial support of the company and does not intend to seek repayment of the amounts due to him for a period of at least twelve months from the date of approval of these financial statements. Accordingly, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and continues to adopt the going concern basis of accounting in preparing these financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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 companys liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
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
|
| Plant and Machinery |
25% Reducing Balance
|
| Computer Equipment |
25% 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.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average number of employees
Average number of employees during the year was 4 (2025 : 4).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Computer Equipment |
|
Motor Vehicles |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
| At 01 April 2025 |
1,006 |
|
3,589 |
|
59,919 |
|
64,514 |
| Additions |
1,242 |
|
1,082 |
|
36,907 |
|
39,231 |
| Disposals |
- |
|
- |
|
- |
|
- |
| At 31 March 2026 |
2,248 |
|
4,671 |
|
96,826 |
|
103,745 |
| Depreciation |
| At 01 April 2025 |
752 |
|
3,172 |
|
55,190 |
|
59,114 |
| Charge for year |
123 |
|
154 |
|
1,384 |
|
1,661 |
| On disposals |
- |
|
- |
|
- |
|
- |
| At 31 March 2026 |
875 |
|
3,326 |
|
56,574 |
|
60,775 |
| Net book values |
| Closing balance as at 31 March 2026 |
1,373 |
|
1,345 |
|
40,252 |
|
42,970 |
| Opening balance as at 01 April 2025 |
254 |
|
417 |
|
4,729 |
|
5,400 |
The net book value of Motor Vehicles includes £ 40,252 (2025 £4,729) in respect of assets leased under finance leases or hire purchase contracts.
|
| 4. |
Stocks
|
2026
£ |
|
2025
£ |
| Stocks |
3,987 |
|
4,522 |
|
3,987 |
|
4,522 |
|
| 5. |
Debtors: amounts falling due within one year
|
2026
£ |
|
2025
£ |
| Trade Debtors |
17,132 |
|
108,731 |
| Prepayments & Accrued Income |
4,410 |
|
2,152 |
| Other Debtors |
270 |
|
270 |
| Amounts Recoverable on Contract |
- |
|
6,165 |
| Taxation Recoverable |
26,793 |
|
7,856 |
|
48,605 |
|
125,174 |
|
| 6. |
Creditors: amount falling due within one year
|
2026
£ |
|
2025
£ |
| Trade Creditors |
16,278 |
|
48,037 |
| Bank Loans |
2,121 |
|
8,357 |
| Hire Purchase - less than 1 year |
3,782 |
|
- |
| Social Security and Other Tax |
3,731 |
|
17,130 |
| Deferred Income |
9,418 |
|
- |
| Other Creditors |
3,463 |
|
24,806 |
| Pension Liability |
1,529 |
|
1,443 |
| Directors' Current Accounts |
28,081 |
|
31,581 |
|
68,403 |
|
131,354 |
|
| 7. |
Creditors: amount falling due after more than one year
|
2026
£ |
|
2025
£ |
| Bank Loans - 1-2 years |
- |
|
2,121 |
| Hire Purchase - 1-5 years |
31,696 |
|
- |
|
31,696 |
|
2,121 |
|
| 8. |
Provisions for liabilities
|
2026
£ |
|
2025
£ |
| Deferred Tax |
6,855 |
|
1,026 |
|
6,855 |
|
1,026 |
|
| 9. |
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
|
4
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