Company registration number 02701642 (England and Wales)
Axair Fans UK Limited
Unaudited financial statements
For the year ended 31 March 2022
Axair Fans UK Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Axair Fans UK Limited
Statement of financial position
as at 31 March 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
105,298
147,452
Current assets
Stocks
1,027,060
789,523
Debtors
4
1,635,867
959,807
Cash at bank and in hand
793,392
1,098,236
3,456,319
2,847,566
Creditors: amounts falling due within one year
5
(1,215,464)
(1,059,579)
Net current assets
2,240,855
1,787,987
Total assets less current liabilities
2,346,153
1,935,439
Creditors: amounts falling due after more than one year
7
(692,087)
(549,552)
Provisions for liabilities
(9,600)
(13,600)
Net assets
1,644,466
1,372,287
Capital and reserves
Called up share capital
100
100
Capital redemption reserve
50
50
Profit and loss reserves
1,644,316
1,372,137
Total equity
1,644,466
1,372,287
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Axair Fans UK Limited
Statement of financial position (continued)
as at 31 March 2022
31 March 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 December 2022 and are signed on its behalf by:
Mr G N Edwards
Director
Company Registration No. 02701642
Axair Fans UK Limited
Notes to the financial statements
For the year ended 31 March 2022
- 3 -
1
Accounting policies
Company information
Axair Fans UK Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Centre 500 Lowfield Drive, Wolstanton, Newcastle under Lyme, Staffordshire, England, ST5 0UU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on despatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
25% on cost
Plant and equipment
20% on cost
Fixtures and fittings
15% on cost
Computer equipment
33.33% on cost
Motor vehicles
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
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.
Axair Fans UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
- 4 -
1.5
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.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
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.
Basic financial assets
Basic financial assets, which include
debtors
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.
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.
Basic financial liabilities
Basic financial liabilities, including
creditors and
bank loans
a
re
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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Axair Fans UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.11
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.12
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
1.13
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.
Axair Fans UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
17
18
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2021 and 31 March 2022
174,866
65,553
96,387
45,328
71,853
453,987
Depreciation and impairment
At 1 April 2021
109,101
65,244
73,541
35,289
23,360
306,535
Depreciation charged in the year
19,370
100
3,293
5,020
14,371
42,154
At 31 March 2022
128,471
65,344
76,834
40,309
37,731
348,689
Carrying amount
At 31 March 2022
46,395
209
19,553
5,019
34,122
105,298
At 31 March 2021
65,765
309
22,846
10,039
48,493
147,452
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,036,235
750,277
Amounts owed by group undertakings
551,755
157,500
Other debtors
47,877
52,030
1,635,867
959,807
Axair Fans UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
- 7 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
108,163
70,816
Trade creditors
625,901
355,160
Taxation and social security
441,098
512,950
Other creditors
40,302
120,653
1,215,464
1,059,579
6
Loans and overdrafts
2022
2021
£
£
Bank loans
800,250
620,368
Payable within one year
108,163
70,816
Payable after one year
692,087
549,552
The bank loan is secured by a fixed and floating charge over the company's properties and
undertakings, and a personal guarantee provided by G N Edwards.
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
692,087
549,552
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
195,250
266,079
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
734,063
806,563
Axair Fans UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
8
Operating lease commitments
(Continued)
- 8 -
Total lease payments recognised as an expense during the period amounted to £
68,587
(202
1
- £
61,084
).