REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 31 March 2021 |
|
for |
|
Axair Fans UK Limited |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 31 March 2021 |
|
for |
|
Axair Fans UK Limited |
Axair Fans UK Limited (Registered number: 02701642) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 March 2021 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Statement of Financial Position | 2 |
|
Notes to the Financial Statements | 4 |
|
Axair Fans UK Limited |
|
Company Information |
for the Year Ended 31 March 2021 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
Axair Fans UK Limited (Registered number: 02701642) |
|
Statement of Financial Position |
31 March 2021 |
|
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 5 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than
one year |
7 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) |
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Capital redemption reserve |
|
|
Retained earnings |
|
|
|
|
|
|
|
|
|
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. |
Axair Fans UK Limited (Registered number: 02701642) |
|
Statement of Financial Position - continued |
31 March 2021 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
Axair Fans UK Limited (Registered number: 02701642) |
|
Notes to the Financial Statements |
for the Year Ended 31 March 2021 |
|
1. | STATUTORY INFORMATION |
|
Axair Fans UK Limited is a
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' including the provisions of Section 1A ''Small Entities'' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
|
The financial statements cover the company as an individual entity and are presented in Pounds Sterling (£) being the functional currency. |
|
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. In arriving at this assessment the directors have taken into account the impact of coronavirus, and the subsequent returning level of demand for the services provided by the company. |
|
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. |
|
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. |
|
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; |
- |
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. |
|
Usually, turnover from the sale of goods is recognised when the goods are delivered and legal title has passed. |
|
Tangible fixed assets |
Tangible fixed assets held for the company's own use are stated at cost less accumulated |
depreciation and accumulated impairment losses. |
|
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. |
|
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. |
|
Axair Fans UK Limited (Registered number: 02701642) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
|
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. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
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. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
|
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. |
|
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. |
|
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. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2020 |
|
|
|
Additions |
|
|
|
Disposals |
|
|
|
At 31 March 2021 |
|
|
|
DEPRECIATION |
At 1 April 2020 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
|
|
At 31 March 2021 |
|
|
|
NET BOOK VALUE |
At 31 March 2021 |
|
|
|
At 31 March 2020 |
|
|
|
Axair Fans UK Limited (Registered number: 02701642) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
|
4. | TANGIBLE FIXED ASSETS - continued |
|
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2020 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) |
|
( |
) |
At 31 March 2021 |
|
|
|
DEPRECIATION |
At 1 April 2020 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) |
|
( |
) |
At 31 March 2021 |
|
|
|
NET BOOK VALUE |
At 31 March 2021 |
|
|
|
At 31 March 2020 |
|
|
|
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
|
|
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans more 5 yr by instal | 266,079 | 337,250 |
Axair Fans UK Limited (Registered number: 02701642) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
|
8. | OTHER FINANCIAL COMMITMENTS |
|
Non-cancellable |
operating leases |
2020 | 2020 |
£ | £ |
Within one year | 72,500 | 72,500 |
Between two and five years | 290,000 | 290,000 |
In more than five years | 444,063 | 516,563 |
806,563 | 879,063 |
|
Total lease payments recognised as an expense during the period amounted to £61,084 (2020 - | £54,626). |
|
9. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2021 | 2020 |
£ | £ |
Bank loans |
|
|
|
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. |
|
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020: |
|
2021 | 2020 |
£ | £ |
|
Balance outstanding at start of year |
|
|
Amounts advanced |
|
|
Amounts repaid | ( |
) |
|
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
|
The advance is unsecured, repayable on demand and interest is charged at a rate of 2.5% per annum, where the balance exceeds £10,000. |
|
11. | PENSION COMMITMENTS |
|
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 £8,719 (2020 - £10,266) were payable to the fund at the balance sheet date and are included in creditors. |
Axair Fans UK Limited (Registered number: 02701642) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
|
12. | CORONAVIRUS |
|
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. |
|
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 sales have decreased slightly but the introduction of the Job Retention Scheme has meant that eighty percent of employee costs have been mitigated. The shortfall in grant funding has been covered by the existing cash reserves and the bank loan received in the year. |
|
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. |