EUROVENT HVAC SOLUTIONS LTD

EUROVENT HVAC SOLUTIONS LTD - Company Information

2022-08-012023-07-312023-07-31false12130179EUROVENT HVAC SOLUTIONS 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Registered Number
12130179
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2023

EUROVENT HVAC SOLUTIONS LTD

Company Information
for the year from 1 August 2022 to 31 July 2023


Directors	BONE, Scott
	WATSON, Richard


Registered Address	Unit 5 Ninth Avenue East
	Team Valley Trading Estate
	Gateshead
	NE11 0EJ


Registered Number	12130179 (England and Wales)

EUROVENT HVAC SOLUTIONS LTD

Balance Sheet as at
31 July 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	3		1,295		1,797
			1,295		1,797
Current assets
Debtors		328,355		124,392
Cash at bank and on hand		543,248		453,743
		871,603		578,135
Creditors amounts falling due within one year	4	(259,550)		(364,589)
Net current assets (liabilities)			612,053		213,546
Total assets less current liabilities			613,348		215,343
Creditors amounts falling due after one year	5		(11,324)		(15,326)
Net assets			602,024		200,017
Capital and reserves
Called up share capital			100		100
Profit and loss account			601,924		199,917
Shareholders' funds			602,024		200,017

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 22 April 2024, and are signed on its behalf by:

BONE, Scott
Director

WATSON, Richard
Director

Registered Company No. 12130179

EUROVENT HVAC SOLUTIONS LTD

Notes to the Financial Statements
for the year ended 31 July 2023

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	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).

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Revenue from sale of goods
	Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

Revenue from sale of goods

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

	Revenue from rendering of services
	Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


		Straight line (years)
	Plant and machinery	5
	Fixtures and fittings	5
	Office Equipment	5

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

2.	Average number of employees


		2023		2022
	Average number of employees during the year	6		4

3.	Tangible fixed assets

	Office Equipment	Total
	£	£
Cost or valuation
At 01 August 22	2,508	2,508
At 31 July 23	2,508	2,508
Depreciation and impairment
At 01 August 22	711	711
Charge for year	502	502
At 31 July 23	1,213	1,213
Net book value
At 31 July 23	1,295	1,295
At 31 July 22	1,797	1,797

4.	Creditors: amounts due within one year

	2023	2022
	£	£
Trade creditors / trade payables	132,290	249,996
Bank borrowings and overdrafts	-	23
Amounts owed to related parties	2,407	37,779
Taxation and social security	123,301	76,457
Other creditors	928	334
Accrued liabilities and deferred income	624	-
Total	259,550	364,589

5.	Creditors: amounts due after one year

	2023	2022
	£	£
Bank borrowings and overdrafts	11,324	15,326
Total	11,324	15,326

6.	Provisions for liabilities
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.