Company Registration No. 00909554 (England and Wales)
AIRWAYS HEATING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
PAGES FOR FILING WITH REGISTRAR
AIRWAYS HEATING LTD
COMPANY INFORMATION
Directors
Mr B Hayes
Mrs S J Daft
Mr R G Daft
Secretary
Mrs S J Daft
Company number
00909554
Registered office
2 Maple Leaf Way
Hucknall
Nottingham
NG15 7ER
Accountants
Baldwins (Nottingham) Limited
370-374 Nottingham Road
Newthorpe
Nottinghamshire
NG16 2ED
AIRWAYS HEATING LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 10
AIRWAYS HEATING LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AIRWAYS HEATING LTD FOR THE YEAR ENDED 31 AUGUST 2017
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Airways Heating Ltd for the year ended 31 August 2017 which comprise, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Airways Heating Ltd, as a body, in accordance with the terms of our engagement letter dated 30 January 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Airways Heating Ltd
and state those matters that we have agreed to state to the Board of Directors of Airways Heating Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Airways Heating Ltd and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Airways Heating Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of Airways Heating Ltd. You consider that Airways Heating Ltd is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Airways Heating Ltd. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Baldwins (Nottingham) Limited
23 May 2018
Accountants
370-374 Nottingham Road
Newthorpe
Nottinghamshire
NG16 2ED
AIRWAYS HEATING LTD
BALANCE SHEET
AS AT 31 AUGUST 2017
31 August 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,418
12,221
Current assets
Stocks
9,048
7,987
Debtors
4
6,397
7,622
Cash at bank and in hand
22,637
19,628
38,082
35,237
Creditors: amounts falling due within one year
5
(28,352)
(26,105)
Net current assets
9,730
9,132
Total assets less current liabilities
12,148
21,353
Provisions for liabilities
6
(460)
(1,537)
Net assets
11,688
19,816
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
11,588
19,716
Total equity
11,688
19,816
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
AIRWAYS HEATING LTD
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2017
31 August 2017
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 21 May 2018 and are signed on its behalf by:
Mr R G Daft
Director
Company Registration No. 00909554
AIRWAYS HEATING LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2017
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2015
100
20,563
20,663
Year ended 31 August 2016:
Profit and total comprehensive income for the year
-
15,913
15,913
Dividends
-
(16,760)
(16,760)
Balance at 31 August 2016
100
19,716
19,816
Year ended 31 August 2017:
Profit and total comprehensive income for the year
-
5,582
5,582
Dividends
-
(13,710)
(13,710)
Balance at 31 August 2017
100
11,588
11,688
AIRWAYS HEATING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
- 5 -
1
Accounting policies
Company information
Airways Heating Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2 Maple Leaf Way, Hucknall, Nottingham, NG15 7ER.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 August 2017
are the
first
financial statements of Airways Heating Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 September 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% on a reducing balance basis
Fixtures, fittings & equipment
15% / 33% on a reducing balance basis
Motor vehicles
15% on a reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
AIRWAYS HEATING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 6 -
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost
less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity
.
AIRWAYS HEATING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 7 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are
initially recognised at transaction price
and are subsequently measured at amortised cost.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
AIRWAYS HEATING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 8 -
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease
.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2016 - 3).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2016
59,926
Disposals
(21,035)
At 31 August 2017
38,891
Depreciation and impairment
At 1 September 2016
47,705
Depreciation charged in the year
470
Eliminated in respect of disposals
(11,702)
At 31 August 2017
36,473
Carrying amount
At 31 August 2017
2,418
At 31 August 2016
12,221
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
4,600
4,070
Other debtors
240
541
Prepayments and accrued income
1,557
3,011
6,397
7,622
AIRWAYS HEATING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 9 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
6,538
2,456
Corporation tax
2,458
3,388
Other taxation and social security
746
1,583
Other creditors
17,410
17,478
Accruals and deferred income
1,200
1,200
28,352
26,105
6
Deferred taxation
The following are the deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2017
2016
Balances:
£
£
Accelerated capital allowances
460
1,537
2017
Movements in the year:
£
Liability at 1 September 2016
1,537
Credit to profit or loss
(1,077)
Liability at 31 August 2017
460
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
52 Ordinary A shares of £1 each
52
52
48 Ordinary B shares of £1 each
48
48
100
100
AIRWAYS HEATING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 10 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
22,091
458
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Dividends payable
2017
2016
£
£
Entities with control, joint control or significant influence over the company
13,710
16,760
The following amounts were outstanding at the reporting end date:
2017
2016
Amounts owed to related parties
£
£
Entities with control, joint control or significant influence over the company
16,869
17,091
2017-08-31
2016-09-01
false
CCH Software
CCH Accounts Production 2018.100
No description of principal activity
23 May 2018
Mr B Hayes
Mrs S J Daft
Mr R G Daft
Mrs S J Daft
00909554
2016-09-01
2017-08-31
00909554
bus:Director1
2016-09-01
2017-08-31
00909554
bus:CompanySecretaryDirector1
2016-09-01
2017-08-31
00909554
bus:Director3
2016-09-01
2017-08-31
00909554
bus:CompanySecretary1
2016-09-01
2017-08-31
00909554
bus:Director2
2016-09-01
2017-08-31
00909554
bus:RegisteredOffice
2016-09-01
2017-08-31
00909554
2017-08-31
00909554
2016-08-31
00909554
core:OtherPropertyPlantEquipment
2017-08-31
00909554
core:OtherPropertyPlantEquipment
2016-08-31
00909554
core:CurrentFinancialInstruments
2017-08-31
00909554
core:CurrentFinancialInstruments
2016-08-31
00909554
core:ShareCapital
2017-08-31
00909554
core:ShareCapital
2016-08-31
00909554
core:RetainedEarningsAccumulatedLosses
2017-08-31
00909554
core:RetainedEarningsAccumulatedLosses
2016-08-31
00909554
core:ShareCapital
core:RestatedAmount
2015-08-31
00909554
core:RetainedEarningsAccumulatedLosses
core:RestatedAmount
2015-08-31
00909554
core:RestatedAmount
2015-08-31
00909554
core:ShareCapitalOrdinaryShares
2017-08-31
00909554
core:ShareCapitalOrdinaryShares
2016-08-31
00909554
2015-09-01
2016-08-31
00909554
core:RetainedEarningsAccumulatedLosses
2015-09-01
2016-08-31
00909554
core:PlantMachinery
2016-09-01
2017-08-31
00909554
core:FurnitureFittings
2016-09-01
2017-08-31
00909554
core:MotorVehicles
2016-09-01
2017-08-31
00909554
core:OtherPropertyPlantEquipment
2016-08-31
00909554
core:OtherPropertyPlantEquipment
2016-09-01
2017-08-31
00909554
bus:OrdinaryShareClass1
2016-09-01
2017-08-31
00909554
bus:OrdinaryShareClass2
2016-09-01
2017-08-31
00909554
bus:OrdinaryShareClass1
2017-08-31
00909554
bus:OrdinaryShareClass2
2017-08-31
00909554
bus:PrivateLimitedCompanyLtd
2016-09-01
2017-08-31
00909554
bus:FRS102
2016-09-01
2017-08-31
00909554
bus:AuditExemptWithAccountantsReport
2016-09-01
2017-08-31
00909554
bus:SmallCompaniesRegimeForAccounts
2016-09-01
2017-08-31
00909554
bus:FullAccounts
2016-09-01
2017-08-31
xbrli:pure
xbrli:shares
iso4217:GBP