Envair Projects Limited - Filleted accounts

Registered number

06374505

Envair Projects Limited

Report and Accounts

31 May 2017

Envair Projects Limited
Report and accounts
Contents
Page
Company information	1
Directors' report	2
Statement of directors' responsibilities	3
Independent auditors' report	4
Balance sheet	5
Notes to the accounts	6

Envair Projects Limited

Company Information

Directors

N J Thomas

A Cockcroft

P Ardern

Secretary

P Ardern

Auditors

Cochrane & Co Accountants Limited

38 Kings Road

Lee-on-the-Solent

Hampshire

PO13 9NU

Registered office

Envair House

York Avenue

Haslingden

Lancashire

BB4 4HX

Registered number

06374505

Envair Projects Limited
Registered number:			06374505
Directors' Report
The directors present their report and accounts for the year ended 31 May 2017.
Principal activities
The company's principal activity during the year continued to be that of clean room and air conditioning specialists.
Directors
The following persons served as directors during the year:
	N J Thomas
	A Cockcroft
	P Ardern
Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Third party indemnity provisions

The company buys indemnity insurance on behalf of the directors.

Small company provisions

This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

This report was approved by the board on 23 November 2017 and signed on its behalf.

N J Thomas

Director

Envair Projects Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Envair Projects Limited

Independent auditors' report

to the members of Envair Projects Limited

We have audited the accounts of Envair Projects Limited for the year ended 31 May 2017 which comprise the Profit and Loss Account, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the accounts in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.

In accordance with the exemption provided by APB Ethical Standard - Provisions Available for Smaller Entities (Revised), we have prepared and submitted the company’s returns to the tax authorities and assisted with the preparation of the accounts.

Scope of the audit of the accounts

A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/auditscopeukprivate

Opinion on the accounts

In our opinion the accounts:
●	give a true and fair view of the state of the company's affairs as at 31 May 2017 and of its profit for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
●	have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion the information given in the Directors' Report for the financial year for which the accounts are prepared is consistent with the accounts.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
●	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
●	the accounts are not in agreement with the accounting records and returns; or
●	certain disclosures of directors’ remuneration specified by law are not made; or
●	we have not received all the information and explanations we require for our audit; or
●	the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the directors’ report and take advantage of the small companies exemption from the requirement to prepare a strategic report.

J Cochrane
(Senior Statutory Auditor)		38 Kings Road
for and on behalf of		Lee-on-the-Solent
Cochrane & Co Accountants Limited		Hampshire
Accountants and Statutory Auditors
24 November 2017		PO13 9NU

Envair Projects Limited
Registered number:			06374505
Balance Sheet
as at 31 May 2017
Notes				2017			2016
£					£
Fixed assets
Tangible assets	4			445,486			199,929
Current assets
Debtors	5		447,390			471,546
Cash at bank and in hand			566,440			374,360
			1,013,830			845,906
Creditors: amounts falling due within one year	6		(640,489)			(379,448)
Net current assets				373,341			466,458
Total assets less current liabilities				818,827			666,387
Creditors: amounts falling due after more than one year	7			(17,911)			(28,958)
Provisions for liabilities				(26,757)			(18,298)
Net assets				774,159			619,131
Capital and reserves
Called up share capital				1,000			1,000
Profit and loss account				773,159			618,131
Shareholders' funds				774,159			619,131
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N J Thomas
Director
Approved by the board on 23 November 2017

Envair Projects Limited
Notes to the Accounts
for the year ended 31 May 2017
1	Accounting policies
	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
	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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover 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.
	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
	Plant and machinery			25% reducing balance
	Motor vehicles			25% straight line
	Office equipment			25% straight line
	Investment Properties
	Investment properties for which a fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss. The methods and significant assumptions used to ascertain the fair value of £185,945 are as follows; The property was purchased in March 2017, therefore the cost price is assumed to be the fair value of the property.
	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
	Long term contracts
	Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.
	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.
	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.
	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
	Provisions
	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.
	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.
	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.
2	Audit information
	The audit report is unqualified.
	Senior statutory auditor:	J Cochrane
	Firm:	Cochrane & Co Accountants Limited
	Date of audit report:	24 November 2017
3	Employees					2017		2016
Number							Number
	Average number of persons employed by the company					13		13
4	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 June 2016			179,576		111,577		291,153
	Additions	185,945		42,401		83,032		311,378
	Disposals	-		-		(12,900)		(12,900)
	At 31 May 2017	185,945		221,977		181,709		589,631
	Depreciation
	At 1 June 2016	-		45,242		45,982		91,224
	Charge for the year	-		36,261		27,679		63,940
	On disposals	-		-		(11,019)		(11,019)
	At 31 May 2017	-		81,503		62,642		144,145
	Net book value
	At 31 May 2017	185,945		140,474		119,067		445,486
	At 31 May 2016	-		134,334		65,595		199,929
	Freehold land and buildings:					2017		2016
£							£
	Historical cost					185,945		-
	Cumulative depreciation based on historical cost					-		-
						185,945		-
	The investment property is revalued annually by the directors. The basis of valuation is outlined in the accounting policies.
5	Debtors					2017		2016
£							£
	Trade debtors					277,629		425,584
	Other taxes and social security costs					-		3,050
	Other debtors					169,761		42,912
						447,390		471,546
6	Creditors: amounts falling due within one year					2017		2016
£							£
	Obligations under finance lease and hire purchase contracts					11,048		11,048
	Trade creditors					304,700		217,389
	Corporation tax					33,158		65,109
	Other taxes and social security costs					31,249		1,975
	Other creditors					260,334		83,927
						640,489		379,448
7	Creditors: amounts falling due after one year					2017		2016
£							£
	Obligations under finance lease and hire purchase contracts					17,911		28,958
8	Events after the reporting date
	A de-merger took place on 5th July 2017. The company is now owned by Envair Projects Holdings Limited. Both company's have the same directors and ultimate shareholders.
9	Pension commitments
	At the year end the pension commitment was £534 (2016 nil).
10	Related party transactions
	During the year payments of £52,498 (2016 £101,998) were made to Composite Contracts Limited who share a common director. The payments relate to reimbursement of expenses, management fees and rent.
11	Controlling party
	The ultimate parent company is Bassaire Holdings Limited. N Thomas is the ultimate controlling interest.
12	Other information
	Envair Projects Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Envair House
	York Avenue
	Haslingden
	Lancashire
	BB4 4HX