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Unaudited Financial Statements |
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For The Year Ended 28 February 2022 |
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Ceilite Air Conditioning Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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For The Year Ended 28 February 2022 |
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for |
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Ceilite Air Conditioning Limited |
Ceilite Air Conditioning Limited (Registered number: 01471688) |
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Contents of the Financial Statements |
For The Year Ended 28 February 2022 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Ceilite Air Conditioning Limited |
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Company Information |
For The Year Ended 28 February 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
10/12 Mulberry Green |
Old Harlow |
Essex |
CM17 0ET |
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BANKERS: |
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20 North Street |
Bishops Stortford |
Hertfordshire |
CM23 3AT |
Ceilite Air Conditioning Limited (Registered number: 01471688) |
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Statement of Financial Position |
28 February 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Stocks | 7 |
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Debtors | 8 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
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PROVISIONS FOR LIABILITIES | 12 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 13 |
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Revaluation reserve | 14 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Ceilite Air Conditioning Limited (Registered number: 01471688) |
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Statement of Financial Position - continued |
28 February 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Ceilite Air Conditioning Limited (Registered number: 01471688) |
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Notes to the Financial Statements |
For The Year Ended 28 February 2022 |
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1. | STATUTORY INFORMATION |
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Ceilite Air Conditioning Limited is a
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
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There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
Patents and licences were being amortised evenly over their useful economic life of 3 years. They are now fully amortised. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Recognition and impairment of tangible fixed assets |
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Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. |
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Freehold property is being measured under the fair value model. |
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The entity reviews the carrying value's of its tangible fixed assets at each reporting date, to determine wether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the estimated recoverable value of the asset is used to determine the extent of the impairment loss (if any). |
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Government grants |
Grants relating to revenue are recognised as income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. |
Government grants have been presented as other operating income in the Income Statement. |
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Inventories |
Inventories are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. |
Ceilite Air Conditioning Limited (Registered number: 01471688) |
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Notes to the Financial Statements - continued |
For The Year Ended 28 February 2022 |
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3. | ACCOUNTING POLICIES - continued |
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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. |
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Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
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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. |
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Basic financial assets |
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
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Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
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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. |
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Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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. |
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If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
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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, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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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. |
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Basic financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Ceilite Air Conditioning Limited (Registered number: 01471688) |
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Notes to the Financial Statements - continued |
For The Year Ended 28 February 2022 |
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3. | ACCOUNTING POLICIES - continued |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss In finance costs or finance income as appropriate unless hedge accounting is applied and the hedge is a cash flow hedge. |
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Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
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Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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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. |
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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. |
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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. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Ceilite Air Conditioning Limited (Registered number: 01471688) |
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Notes to the Financial Statements - continued |
For The Year Ended 28 February 2022 |
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5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 March 2021 |
and 28 February 2022 |
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AMORTISATION |
At 1 March 2021 |
and 28 February 2022 |
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NET BOOK VALUE |
At 28 February 2022 |
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At 28 February 2021 |
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6. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 March 2021 |
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Additions |
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Disposals |
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Revaluations |
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At 28 February 2022 |
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DEPRECIATION |
At 1 March 2021 |
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Charge for year |
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Eliminated on disposal |
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At 28 February 2022 |
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NET BOOK VALUE |
At 28 February 2022 |
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At 28 February 2021 |
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Cost or valuation at 28 February 2022 is represented by: |
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Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2020 | 90,000 | - | - | 90,000 |
Valuation in 2022 | 42,057 | - | - | 42,057 |
Cost | 367,943 | 186,697 | 335,342 | 889,982 |
500,000 | 186,697 | 335,342 | 1,022,039 |
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The freehold property was revalued at the year end by The Directors. |
Ceilite Air Conditioning Limited (Registered number: 01471688) |
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Notes to the Financial Statements - continued |
For The Year Ended 28 February 2022 |
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6. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST OR VALUATION |
At 1 March 2021 |
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Additions |
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Transfer to ownership | (36,503 | ) |
At 28 February 2022 |
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DEPRECIATION |
At 1 March 2021 |
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Charge for year |
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Transfer to ownership | (24,953 | ) |
At 28 February 2022 |
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NET BOOK VALUE |
At 28 February 2022 |
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At 28 February 2021 |
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7. | STOCKS |
2022 | 2021 |
£ | £ |
Stocks |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Other debtors |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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Ceilite Air Conditioning Limited (Registered number: 01471688) |
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Notes to the Financial Statements - continued |
For The Year Ended 28 February 2022 |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2022 | 2021 |
£ | £ |
Bank overdraft |
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Bank loans |
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Hire purchase contracts | 36,439 | 24,951 |
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The bank overdraft secured on the assets of the company. |
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The obligations under hire purchase agreements are secured on the assets concerned. |
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The bank loan is secured against: Unit 2, The Alcorns, Cambridge Road, Stansted, Essex, CM24 8DF. |
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12. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 43,078 | 33,792 |
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Deferred |
tax |
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Balance at 1 March 2021 |
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Charge to Income Statement during year |
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Revaluation reserve | 7,991 |
Balance at 28 February 2022 |
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13. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
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Ordinary A | £1 | 3,360 | 3,360 |
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Ordinary B | £1 | 7,840 | 7,840 |
11,200 | 11,200 |
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14. | RESERVES |
Revaluation |
reserve |
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At 1 March 2021 |
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Property revaluation | 42,057 |
Deferred tax on property |
revaluation | (7,991 | ) |
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At 28 February 2022 |
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