Blue Mountain Air Conditioning Ltd - Period Ending 2022-11-30
Blue Mountain Air Conditioning Ltd - Period Ending 2022-11-30
Registration number:
Blue Mountain Air Conditioning Ltd
Filleted
for the Year Ended 30 November 2022
Blue Mountain Air Conditioning Ltd
Contents
Company Information |
|
Abridged Balance Sheet |
|
Notes to the Unaudited Abridged Financial Statements |
Blue Mountain Air Conditioning Ltd
Company Information
Director |
Mr P Vaughan |
Registered office |
|
Accountants |
|
Blue Mountain Air Conditioning Ltd
(Registration number: 05974241)
Abridged Balance Sheet as at 30 November 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
- |
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Prepayments and accrued income |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Accruals and deferred income |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1,001 |
1,001 |
|
Share premium reserve |
3,305 |
3,305 |
|
Capital redemption reserve |
117 |
117 |
|
Retained earnings |
558,099 |
351,442 |
|
Shareholders' funds |
562,522 |
355,865 |
Blue Mountain Air Conditioning Ltd
(Registration number: 05974241)
Abridged Balance Sheet as at 30 November 2022
For the financial year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
.........................................
Director
Blue Mountain Air Conditioning Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Blue Mountain Air Conditioning Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2022
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
25% Reducing balance |
Motor vehicles |
25% Reducing balance |
Plant and machinery |
25% Reducing balance |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Blue Mountain Air Conditioning Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2022
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Hire purchase and leasing commitments
Rentals paid under operating leases are charges to profit or lose on a straight line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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 lasses 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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Blue Mountain Air Conditioning Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2022
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
||||
At 1 December 2021 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
- |
( |
- |
( |
At 30 November 2022 |
|
|
|
|
Depreciation |
||||
At 1 December 2021 |
|
|
|
|
Charge for the year |
|
|
|
|
At 30 November 2022 |
|
|
|
|
Carrying amount |
||||
At 30 November 2022 |
|
|
|
|
At 30 November 2021 |
|
|
|
|
Investment properties
2022 |
|
Additions |
|
There has been no valuation of investment property by an independent valuer.
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,000 |
|
1,000 |
|
|
1 |
|
1 |
|
|
|
|
Blue Mountain Air Conditioning Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2022
Related party transactions |
Key management personnel
Relationship: Director
Summary of transactions with key management
Transactions with the director |
2022 |
At 1 December 2021 |
Advances to director |
At 30 November 2022 |
Mr S Hobbs |
|||
Advances and Repayments |
|
( |
( |
2021 |
At 1 December 2020 |
Advances to director |
At 30 November 2021 |
Mr S Hobbs |
|||
Advances and Repayments |
|
( |
|