Air Tech D.S. Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02882623 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

AIR TECH D.S. LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J D Hembrough

Mrs J P Hembrough

J W Watts

SECRETARY:

Mrs J P Hembrough

REGISTERED OFFICE:

1st Floor, Commerce House

1 Raven Road

South Woodford

London

E18 1HB

REGISTERED NUMBER:

02882623 (England and Wales)

FIXED ASSETS

Property, plant and equipment

4

116,135

184,103

CURRENT ASSETS

Inventories

540,000

450,000

Debtors

5

2,971,035

2,476,737

Cash at bank

318,604

660,029

3,829,639

3,586,766

CREDITORS

Amounts falling due within one year

6

2,245,712

2,238,337

NET CURRENT ASSETS

1,583,927

1,348,429

TOTAL ASSETS LESS CURRENT LIABILITIES

1,700,062

1,532,532

PROVISIONS FOR LIABILITIES

-

2,650

NET ASSETS

1,700,062

1,529,882

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

1,699,062

1,528,882

SHAREHOLDERS' FUNDS

1,700,062

1,529,882

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 12 October 2023 and were signed on its behalf by:

Mrs J P Hembrough - Director

1.	STATUTORY INFORMATION

Air Tech DS Limited is a private company, limited by shares, registered in England & Wales. The company's registered number is 02882623 and registered office address is 1 Raven Road, South Woodford, London, E18 1HB.

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

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

20% on cost

Plant and machinery etc

-

33% on cost

Stocks

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

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which includes trade and other debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that as a result of one or more events that occurred after an initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and preference shares classed as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire

Equity Instruments

Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.

Research and development

Expenditure on research and development is accounted for in the year to which it relates if it can be measured reliably at the year end date.

Hire purchase and leasing commitments

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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2022 - 39 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2022

197,182

425,619

622,801

Additions

-

4,900

4,900

At 31 March 2023

197,182

430,519

627,701

DEPRECIATION

At 1 April 2022

121,374

317,324

438,698

Charge for year

39,436

33,432

72,868

At 31 March 2023

160,810

350,756

511,566

NET BOOK VALUE

At 31 March 2023

36,372

79,763

116,135

At 31 March 2022

75,808

108,295

184,103

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

57,565

67,714

Amounts recoverable on contract

2,690,673

2,151,404

Other debtors

222,797

257,619

2,971,035

2,476,737

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

1,621,022

1,575,892

Taxation and social security

337,510

262,223

Other creditors

287,180

400,222

2,245,712

2,238,337

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023

2022

£

£

J D Hembrough

Balance outstanding at start of year

10,000

-

Amounts advanced

66,066

10,000

Amounts repaid

(137,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(60,934

)

10,000

Mrs J P Hembrough

Balance outstanding at start of year

9,882

(36

)

Amounts advanced

85,163

9,918

Amounts repaid

(141,974

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(46,929

)

9,882