AirFire Control Limited Filleted accounts for Companies House (small and micro)

AIRFIRE CONTROL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05895237

AirFire Control Limited

Filleted Unaudited Abridged Financial Statements

31 August 2021

AirFire Control Limited

Abridged Financial Statements

Year Ended 31 August 2021

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

AirFire Control Limited

Abridged Statement of Financial Position

31 August 2021

	2021		2020
Note	£	£	£

Fixed Assets

Tangible assets	5		99,512	101,935

Current Assets

Stocks		1,000	1,000
Debtors	6	4,602,221	4,398,011
Cash at bank and in hand		2,042,919	2,389,967
		------------	------------
		6,646,140	6,788,978

Creditors: amounts falling due within one year	739,233		1,898,400
	------------		------------
Net Current Assets		5,906,907	4,890,578
		------------	------------
Total Assets Less Current Liabilities		6,006,419	4,992,513

Creditors: amounts falling due after more than one year		404,888	–

Provisions

Taxation including deferred tax	( 44,248)	( 44,393)
	------------	------------
Net Assets	5,645,779	5,036,906
	------------	------------

Capital and Reserves

Called up share capital	7	100	100
Profit and loss account		5,645,679	5,036,806
		------------	------------
Shareholders Funds		5,645,779	5,036,906
		------------	------------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 August 2021 in accordance with Section 444(2A) of the Companies Act 2006.

AirFire Control Limited

Abridged Statement of Financial Position (continued)

31 August 2021

These abridged financial statements were approved by the board of directors and authorised for issue on 24 August 2022 , and are signed on behalf of the board by:

Mr W Sas

Director

Company registration number: 05895237

AirFire Control Limited

Notes to the Abridged Financial Statements

Year Ended 31 August 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office and the company's place of business is Unit 1a Midland Court, Midland Way, Barlborough, Derbyshire, S43 4UL.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. All of the members have consented to the preparation of abridged accounts in accordance with Section 444(2A) of the Companies Act 2006.

Revenue recognition

The turnover shown in the profit and loss account represents amounts earned during the year, exclusive of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Plant & machinery	-	20% reducing balance
Fixtures & fittings	-	20% reducing balance
Motor vehciles	-	20% reducing balance

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2020: 10 ).

5. Tangible assets

	£
Cost
At 1 September 2020	151,732
Additions	3,733
Disposals	( 3,225)
	---------
At 31 August 2021	152,240
	---------
Depreciation
At 1 September 2020	49,797
Charge for the year	4,836
Disposals	( 1,905)
	---------
At 31 August 2021	52,728
	---------
Carrying amount
At 31 August 2021	99,512
	---------
At 31 August 2020	101,935
	---------

6. Debtors

Debtors include amounts of £3,435,005 (2020: £3,463,316) falling due after more than one year.

7. Called up share capital

Authorised share capital

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

8. Directors' advances, credits and guarantees

There are no director's advances , credits or guarantees requiring disclosure.