AC Air Systems Ltd - Filleted accounts

AC Air Systems Ltd
Registered number:		04192928
Balance Sheet
as at 30 April 2018

Notes			2018			2017
£				£
Fixed assets
Tangible assets	2		3,219			34,452

Current assets
Stocks		5,000			5,000
Debtors	3	23,769			115,505
Cash at bank and in hand		41,816			27,682
		70,585			148,187

Creditors: amounts falling due within one year	4	(3,867)			(98,984)

Net current assets			66,718			49,203

Total assets less current liabilities			69,937			83,655


Provisions for liabilities			(3,921)			(3,921)


Net assets			66,016			79,734

Capital and reserves
Called up share capital			100			100
Share premium			65			-
Profit and loss account			65,851			79,634

Shareholder's funds			66,016			79,734

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Bryan Cross
Director
Approved by the board on 21 October 2018

AC Air Systems Ltd
Notes to the Accounts
for the year ended 30 April 2018


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Tangible fixed assets
		Office equipment		Plant and machinery etc		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 May 2017	1,874		38,144		135,679		175,697
	Additions	981		1,520		-		2,501
	At 30 April 2018	2,855		39,664		135,679		178,198

	Depreciation
	At 1 May 2017	280		34,422		106,543		141,245
	Charge for the year	572		4,026		29,136		33,734
	At 30 April 2018	852		38,448		135,679		174,979

	Net book value
	At 30 April 2018	2,003		1,216		-		3,219
	At 30 April 2017	1,594		3,722		29,136		34,452


3	Debtors					2018		2017
£							£

	Trade debtors					13,716		105,452
	Other debtors					10,053		10,053
						23,769		115,505


4	Creditors: amounts falling due within one year					2018		2017
£							£

	Bank loans and overdrafts					3,391		2,162
	Trade creditors					39,694		41,312
	Accruals					900		300
	Directors Loan Account					(74,707)		5,759
	Corporation tax					1,824		15,659
	Other taxes and social security costs					32,765		30,022
	Other creditors					-		3,770
						3,867		98,984


5	Other information

	AC Air Systems Ltd is a private company limited by shares and incorporated in England. Its registered office is:
	Newburgh Building
	Selby Place
	Stanley Business Park
	Skelmersdale
	WN8 8EF