Europe Air Conditioning Limited - Accounts to registrar - small 17.2

EUROPE AIR CONDITIONING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I P Dobson

L Demurtas

Mrs G Demurtas

Mrs N Dobson

SECRETARY:

I P Dobson

REGISTERED OFFICE:

c/o

Wilkinson and Partners

Fairfax House, 6A Mill Field Road,

Cottingley Business Park, Cottingley

Bingley

West Yorkshire

BD16 1PY

REGISTERED NUMBER:

05733009 (England and Wales)

ACCOUNTANTS:

Wilkinson and Partners

Chartered Accountants

Fairfax House

6a Mill Field Road

Cottingley Business Park

Bradford

West Yorkshire

BD16 1PY

FIXED ASSETS

Tangible assets

4

52,378

54,419

CURRENT ASSETS

Debtors

5

604,608

574,823

Cash at bank and in hand

87,242

138,277

691,850

713,100

CREDITORS

Amounts falling due within one year

6

501,537

531,514

NET CURRENT ASSETS

190,313

181,586

TOTAL ASSETS LESS CURRENT LIABILITIES

242,691

236,005

CREDITORS

Amounts falling due after more than one year

7

(5,717

)

(15,037

)

PROVISIONS FOR LIABILITIES

8

(9,823

)

(10,088

)

NET ASSETS

227,151

210,880

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

10

226,151

209,880

SHAREHOLDERS' FUNDS

227,151

210,880

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 8 September 2017 and were signed on its behalf by:

L Demurtas - Director

1.	STATUTORY INFORMATION

Europe Air Conditioning 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

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 26 .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2016

12,540

116,761

1,299

130,600

Additions

-

14,943

897

15,840

At 31 March 2017

12,540

131,704

2,196

146,440

DEPRECIATION

At 1 April 2016

10,872

64,443

866

76,181

Charge for year

334

16,816

731

17,881

At 31 March 2017

11,206

81,259

1,597

94,062

NET BOOK VALUE

At 31 March 2017

1,334

50,445

599

52,378

At 31 March 2016

1,668

52,318

433

54,419

The net book value of tangible fixed assets includes £ 24,158 (2016 - £ 35,997 ) in respect of assets held under

hire purchase contracts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

604,608

574,823

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Hire purchase contracts

9,329

13,567

Trade creditors

175,545

190,838

Amounts owed to group undertakings

110,000

60,000

Tax

65,002

80,347

Social security and other taxes

19,469

33,386

Net wages

38,913

37,350

VAT

70,862

97,104

Other creditors

409

2,693

Directors' current accounts

9,793

14,054

Accrued expenses

2,215

2,175

501,537

531,514

Loans from directors are made interest free and are repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Hire purchase contracts

5,717

15,037

8.	PROVISIONS FOR LIABILITIES

31.3.17

31.3.16

£

£

Deferred tax

9,823

10,088

Deferred

tax

£

Balance at 1 April 2016

10,088

Accelerated capital allowances

(265

)

Balance at 31 March 2017

9,823

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

1,000

Ordinary shares

£1

1,000

1,000

10.

RESERVES

Retained

earnings

£

At 1 April 2016

209,880

Profit for the year

258,271

Dividends

(242,000

)

At 31 March 2017

226,151

11.	RELATED PARTY DISCLOSURES

Europe Holdings (UK) Ltd

At the balance sheet date, £110,000 (2016: £60,000) was due to Europe Holdings (UK) Ltd, the parent company

of Europe Air Conditioning Ltd.

12.	ULTIMATE CONTROLLING PARTY

The directors control the company due to controlling the 100% parent company.