Company Registration No. 07842523 (England and Wales)
AIRFLOW COOLING LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
AIRFLOW COOLING LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 6
AIRFLOW COOLING LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AIRFLOW COOLING LIMITED FOR THE YEAR ENDED 31 MARCH 2016
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 Airflow Cooling Limited for the year ended 31 March 2016 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 icaew.com/regulations.
This report is made solely to the Board of Directors of Airflow Cooling Limited, as a body, in accordance with the terms of our engagement letter dated 8 April 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Airflow Cooling Limited and state those matters that we have agreed to state to the Board of Directors of Airflow Cooling Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Airflow Cooling Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Airflow Cooling Limited 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 Cooling Limited. You consider that Airflow Cooling Limited 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 Cooling Limited. 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.
Knowles Warwick Limited
9 June 2016
Chartered Accountants
183 Fraser Road
Sheffield
S8 0JP
AIRFLOW COOLING LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
2
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
148,829
-
Tangible assets
2
261,413
33,891
410,242
33,891
Current assets
Stocks
24,804
28,838
Debtors
366,589
167,184
Cash at bank and in hand
86,063
116,308
477,456
312,330
Creditors: amounts falling due within one year
3
(461,099)
(240,087)
Net current assets
16,357
72,243
Total assets less current liabilities
426,599
106,134
Creditors: amounts falling due after more than one year
4
(139,852)
(11,767)
Provisions for liabilities
(24,422)
(6,556)
262,325
87,811
Capital and reserves
Called up share capital
5
300
300
Profit and loss account
262,025
87,511
Shareholders' funds
262,325
87,811
AIRFLOW COOLING LIMITED
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 9 June 2016
Mr D K Piercey
Director
Company Registration No. 07842523
AIRFLOW COOLING LIMITED
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 represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life. Goodwill has been estimated to have a useful economic life of 10 years.
Goodwill has been estimated to have a useful economic life of 10 years.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land 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:
Land and buildings Freehold
Land and buildings Leasehold
25% Reducing balance
Plant and machinery
25% Reducing balance
Fixtures, fittings & equipment
33.3% Straight line
Motor vehicles
25% Reducing balance
1.6
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.7
Stock and work in progress
Work in progress is valued at the lower of cost and net realisable value.
1.8
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 COOLING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
5
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2015
-
47,635
47,635
Additions
150,080
240,343
390,423
At 31 March 2016
150,080
287,978
438,058
Depreciation
At 1 April 2015
-
13,744
13,744
Charge for the year
1,251
12,821
14,072
At 31 March 2016
1,251
26,565
27,816
Net book value
At 31 March 2016
148,829
261,413
410,242
At 31 March 2015
-
33,891
33,891
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £17,701 (2015 - £7,786).
4
Creditors: amounts falling due after more than one year
2016
2015
£
£
The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £11,767).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
225 Ordinary shares of £1 each
225
225
75 Ordinary A shares of £1 each
75
75
300
300
6
Related party relationships and transactions
AIRFLOW COOLING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
6
Related party relationships and transactions
(Continued)
6
Loans to directors
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr D K Piercey - D Piercey
3.00
(8,222)
38,919
921
-
31,618
Mr M J Schofield - M Schofield
-
(14,925)
24,925
-
-
10,000
(23,147)
63,844
921
-
41,618
The above loans have no fixed date for repayment
Other transactions
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