General Information
Air Supply (North East) Limited is a private company, limited by shares, registered in England and Wales, registration number 08456071, registration address Unit 44, Hutton Close, Crowther Ind. Estate, NE38 0AH.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
As with most businesses the company has been impacted by the Coronavirus (Covid-19). This has had an impact on operations, customers, suppliers and staff. The Company is taking the steps it can to protect the future of the business and although the total impact is still uncertain the director believes that it is appropriate to prepare the accounts on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied
and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have
transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the
reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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:
| Land and Buildings |
Nil Reducing Balance |
| Plant and Machinery |
15% Reducing Balance
|
| Motor Vehicles |
25% Reducing Balance
|
| Fixtures and Fittings |
15% 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. 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 7 (2022 : 7).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Land and Buildings |
|
Plant and Machinery |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 April 2022 |
120,358 |
|
21,867 |
|
115,511 |
|
21,975 |
|
279,711 |
| Additions |
- |
|
1,101 |
|
54,222 |
|
150 |
|
55,473 |
| Disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 31 March 2023 |
120,358 |
|
22,968 |
|
169,733 |
|
22,125 |
|
335,184 |
| Depreciation |
| At 01 April 2022 |
- |
|
9,820 |
|
76,189 |
|
8,531 |
|
94,540 |
| Charge for year |
- |
|
1,831 |
|
17,242 |
|
2,017 |
|
21,090 |
| On disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 31 March 2023 |
- |
|
11,651 |
|
93,431 |
|
10,548 |
|
115,630 |
| Net book values |
| Closing balance as at 31 March 2023 |
120,358 |
|
11,317 |
|
76,302 |
|
11,577 |
|
219,554 |
| Opening balance as at 01 April 2022 |
120,358 |
|
12,047 |
|
39,322 |
|
13,444 |
|
185,171 |
|
| 4. |
Stocks
|
2023
£ |
|
2022
£ |
| Work in Progress |
19,000 |
|
26,000 |
| Stocks |
132,886 |
|
55,215 |
|
151,886 |
|
81,215 |
|
| 5. |
Debtors: amounts falling due within one year
|
2023
£ |
|
2022
£ |
| Trade Debtors |
176,988 |
|
158,660 |
| Prepayments & Accrued Income |
8,389 |
|
6,366 |
|
185,377 |
|
165,026 |
|
| 6. |
Creditors: amount falling due within one year
|
2023
£ |
|
2022
£ |
| Trade Creditors |
232,219 |
|
129,871 |
| Corporation Tax |
28,239 |
|
29,866 |
| PAYE & Social Security |
4,137 |
|
4,687 |
| Pension Control |
637 |
|
457 |
| Accrued Expenses |
810 |
|
810 |
| Other Creditors |
50,344 |
|
41,704 |
| Obligations under HP/Financial Leases |
19,465 |
|
10,584 |
| Directors' Current Accounts |
82 |
|
16,208 |
| VAT |
11,950 |
|
14,542 |
|
347,883 |
|
248,729 |
|
| 7. |
Creditors: amount falling due after more than one year
|
2023
£ |
|
2022
£ |
| Obligations Under HP/Financial Leases |
25,011 |
|
9,826 |
|
25,011 |
|
9,826 |
|
| 8. |
Provisions for liabilities
|
2023
£ |
|
2022
£ |
| Deferred Tax |
12,314 |
|
12,314 |
|
12,314 |
|
12,314 |
|
| 9. |
Directors advances, credits and guarantees
Included in creditors: amounts due within one year are amounts owed to the Director of £82 (2022 - £16,208).
|
| 10. |
Controlling party
For the whole of the year under review the company was under the control of G Laidler.
|
2
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