Company Registration No. 03335255 (England and Wales)
AIRFLOW GROUP LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
AIRFLOW GROUP LTD
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 6
AIRFLOW GROUP LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AIRFLOW GROUP LTD FOR THE YEAR ENDED 31 MARCH 2016
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 6 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Airflow Group Ltd for the year ended 31 March 2016 set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Airflow Group Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Airflow Group Ltd and state those matters that we have agreed to state to the Board of Directors of Airflow Group Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Airflow Group Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Airflow Group 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 Airflow Group Ltd. You consider that Airflow Group 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 Airflow Group 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.
Morris & Co
19 December 2016
Chartered Accountants
Chester House
Lloyd Drive
Cheshire Oaks Business Park
Ellesmere Port
Cheshire
CH65 9HQ
AIRFLOW GROUP LTD
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
3,143
4,817
Investments
2
3
3
3,146
4,820
Current assets
Stocks
25,000
35,000
Debtors
59,148
53,865
Cash at bank and in hand
17,451
7,193
101,599
96,058
Creditors: amounts falling due within one year
(67,004)
(64,301)
Net current assets
34,595
31,757
Total assets less current liabilities
37,741
36,577
Provisions for liabilities
(214)
(392)
37,527
36,185
Capital and reserves
Called up share capital
3
1,000
1,000
Profit and loss account
36,527
35,185
Shareholders' funds
37,527
36,185
AIRFLOW GROUP LTD
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2016
31 March 2016
- 3 -
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 16 December 2016
Mr J S Frost
Director
Company Registration No. 03335255
AIRFLOW GROUP LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover includes invoices for services and amounts recoverable on contracts excluding value added tax.
includes invoices for services and amounts recoverable on contracts excluding value added tax.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
25% on reducing balance
Motor vehicles
25% on reducing balance
1.5
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
AIRFLOW GROUP LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 5 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 April 2015
58,179
3
58,182
Disposals
(11,904)
-
(11,904)
At 31 March 2016
46,275
3
46,278
Depreciation
At 1 April 2015
53,362
-
53,362
On disposals
(11,278)
-
(11,278)
Charge for the year
1,048
-
1,048
At 31 March 2016
43,132
-
43,132
Net book value
At 31 March 2016
3,143
3
3,146
At 31 March 2015
4,817
3
4,820
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Airflow Storage Solutions Limited
UK
£1 Ordinary
100.00
Airflow Office Solutions Limited
UK
£1 Ordinary
100.00
Airflow Climate Control Limited
UK
£1 Ordinary
100.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2016
2016
Principal activity
£
£
Airflow Storage Solutions Limited
Dormant
1
-
Airflow Office Solutions Limited
Dormant
1
-
Airflow Climate Control Limited
Dormant
1
-
AIRFLOW GROUP LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 6 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
2016-03-31
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true
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