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Unaudited Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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Axair Refrigeration Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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Axair Refrigeration Limited |
Axair Refrigeration Limited (Registered number: 10051354) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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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 | 3 |
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Axair Refrigeration Limited |
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Company Information |
for the Year Ended 31 March 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Axair Refrigeration Limited (Registered number: 10051354) |
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Statement of Financial Position |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings 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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Axair Refrigeration Limited (Registered number: 10051354) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Axair Refrigeration Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements cover the company as an individual entity and are presented in Pounds |
Sterling (£) being the functional currency. |
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The financial statements have been prepared on a going concern basis on the assumption that the |
company has adequate resources to continue in operational existence for the foreseeable future. The directors have made this assessment with regard to the company’s current and expected |
performance. Particular consideration has been given to the impact of the Coronavirus on the company's ability to operate for the foreseeable future. |
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In arriving at this assessment of the going concern status of the company the directors have made key judgements about the returning level of demand for the services provided by the company. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, after discounts, returns and rebates, excluding value added tax and other sales taxes. |
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Sale of goods |
Turnover from the sale of goods is recognised when all the following conditions are satisfied: |
- | the company has transferred to the buyer the significant risks and rewards of ownership of the goods; |
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the company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold; |
- | the amount of turnover can be measured reliably; |
- | it is probable that the economic benefits associated with the transaction will flow to the company; and |
- | the costs incurred or to be incurred in respect of the transition can be measured reliably. |
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Usually, turnover from the sale of goods is recognised when the goods are delivered and legal title has passed. |
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Stocks |
Stocks are stated at the lower of cost and net realisable value (estimated selling price less costs to |
complete and sell). Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
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Financial instruments |
Basic financial assets and liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
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Axair Refrigeration Limited (Registered number: 10051354) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax., if applicable. Tax is recognised in the Statement of Income and Retained Earnings, 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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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6. | SECURED DEBTS |
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The company has secured a loan to a group company , by a fixed and floating charge over the company's properties and undertakings. |
Axair Refrigeration Limited (Registered number: 10051354) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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7. | POST BALANCE SHEET EVENTS |
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In March 2020 the UK was impacted by the outbreak of the Coronavirus. In order to manage the spread of the virus the Government has imposed significant restrictions on the movement of people and the ability of businesses to continue to trade. This event occurred during the company's reporting period and so is considered to be an adjusting event, however there has been no significant impact on the results to March 2020. |
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The Coronavirus has resulted in a severe contraction of the UK economy and the imposition of social distancing rules has meant that demand for the company's services has reduced slightly.. The financial impact on the company is that less sales income is envisaged. The shortfall in grant funding under this scheme is to be covered by the existing cash reserves and available banking facilities. |
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The directors believe that demand for the services provided will remain to be strong once the UK economy is returned to more normal trading conditions. |
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8. | PENSION COMMITMENTS |
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £13,323 (2019 - £nil) were payable to the fund at the balance sheet date and are included in creditors. |