Air Technical Services Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04374520 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Air Technical Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A J Rossides

Mrs D J Rossides

SECRETARY:

Mr A J Rossides

REGISTERED OFFICE:

Lewis House

Great Chesterford Court

Great Chesterford

Essex

CB10 1PF

BUSINESS ADDRESS:

Unit 85

Hillgrove Business Park

Nazeing Road

Nazeing

Essex

EN9 2HB

REGISTERED NUMBER:

04374520 (England and Wales)

FIXED ASSETS

Tangible assets

5

38,484

49,017

CURRENT ASSETS

Stocks

4,302

4,182

Debtors

6

93,437

72,511

Cash at bank

74,994

45,832

172,733

122,525

CREDITORS

Amounts falling due within one year

7

173,274

141,727

NET CURRENT LIABILITIES

(541

)

(19,202

)

TOTAL ASSETS LESS CURRENT LIABILITIES

37,943

29,815

CREDITORS

Amounts falling due after more than one year

8

(14,240

)

(19,269

)

PROVISIONS FOR LIABILITIES

(9,010

)

(9,313

)

NET ASSETS

14,693

1,233

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

14,593

1,133

14,693

1,233

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 15 November 2023 and were signed on its behalf by:

Mr A J Rossides - Director

Mrs D J Rossides - Director

1.	STATUTORY INFORMATION

Air Technical Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going concern

The Directors have assessed the current and future effects of COVID-19 on the Company. The Company has been able to continue to trade during the pandemic, on this basis, the Directors consider it appropriate to prepare the financial statements on a going concern basis.

Turnover

Turnover 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 the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Stocks

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

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, 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.

Debt instruments are subsequently measured at amortised cost.

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

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.

Government grants

Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

90,836

Additions

2,298

At 31 March 2023

93,134

DEPRECIATION

At 1 April 2022

41,819

Charge for year

12,831

At 31 March 2023

54,650

NET BOOK VALUE

At 31 March 2023

38,484

At 31 March 2022

49,017

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

84,722

59,809

Other debtors

8,715

12,702

93,437

72,511

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

5,110

5,482

Trade creditors

8,416

14,855

Taxation and social security

45,695

22,516

Other creditors

114,053

98,874

173,274

141,727

Included within other creditors disclosed above is a balance of £245 (2022 - £2,300) in relation to accruals, a balance of £257 (2022 - £nil) in relation to Pension contribution, and a balance of £113,551 (2022 - £96,574) in relation to directors loan accounts.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

14,240

19,269

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

3,000

12,000

Between one and five years

-

3,000

3,000

15,000