COMPANY REGISTRATION NUMBER 4068139
AIRFLOW WORLD GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
AIRFLOW WORLD GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
AIRFLOW WORLD GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,000
1,000
Tangible assets
5
325,874
236,091
Investments
6
1,600
1,600
328,474
238,691
Current assets
Debtors
7
65,144
64,263
Cash at bank and in hand
59,843
11,859
124,987
76,122
Creditors: amounts falling due within one year
8
(53,904)
(117,875)
Net current assets/(liabilities)
71,083
(41,753)
Total assets less current liabilities
399,557
196,938
Creditors: amounts falling due after more than one year
9
(93,357)
(38,384)
Provisions for liabilities
(44,574)
(31,727)
Net assets
261,626
126,827
Capital and reserves
Called up share capital
500
500
Revaluation reserve
25,588
25,588
Capital redemption reserve
500
500
Profit and loss reserves
235,038
100,239
Total equity
261,626
126,827
AIRFLOW WORLD GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 September 2023 and are signed on its behalf by:
Ms S L Hancock-Ridge
Director
Company Registration No. 4068139
AIRFLOW WORLD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Airflow World Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Northern Works, Underhill Lane, Sheffield, South Yorkshire, S6 1NL.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for the use of the company's fixed assets.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
1.4
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 buildings
Straight line over the life of the lease
Plant and machinery
10% Reducing balance
Fixtures, fittings & equipment
25% Reducing balance
Motor vehicles
25% Reducing balance
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.
AIRFLOW WORLD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
AIRFLOW WORLD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.8
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 balance sheet 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are 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 payments 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. Amounts 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.
1.9
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.
AIRFLOW WORLD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
1.10
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.11
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 profit and loss account 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.
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 profit and loss account, 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.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
AIRFLOW WORLD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
4
Intangible fixed assets
Intangible fixed assets
£
Cost
At 1 January 2022 and 31 December 2022
1,000
Amortisation and impairment
At 1 January 2022 and 31 December 2022
Carrying amount
At 31 December 2022
1,000
At 31 December 2021
1,000
AIRFLOW WORLD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
5
Tangible fixed assets
Leasehold buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2022
59,925
205,176
85,224
200,673
550,998
Additions
72,940
7,829
67,072
147,841
Disposals
(38,592)
(38,592)
At 31 December 2022
59,925
278,116
93,053
229,153
660,247
Depreciation and impairment
At 1 January 2022
15,707
102,320
84,115
112,765
314,907
Depreciation charged in the year
3,332
14,306
1,299
24,197
43,134
Eliminated in respect of disposals
(23,668)
(23,668)
At 31 December 2022
19,039
116,626
85,414
113,294
334,373
Carrying amount
At 31 December 2022
40,886
161,490
7,639
115,859
325,874
At 31 December 2021
44,218
102,856
1,109
87,908
236,091
6
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
1,600
1,600
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
58,574
46,078
Other debtors
6,570
18,185
65,144
64,263
AIRFLOW WORLD GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
8
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
43,822
Corporation tax
2,201
249
Other creditors
51,703
73,804
53,904
117,875
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
93,357
38,384
2022-12-312022-01-01false22 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMs S L Hancock-RidgeMr G G ClarkeMs S L Hancock-Ridge40681392022-01-012022-12-3140681392022-12-3140681392021-12-314068139core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-314068139core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2021-12-314068139core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-314068139core:PlantMachinery2022-12-314068139core:FurnitureFittings2022-12-314068139core:MotorVehicles2022-12-314068139core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-12-314068139core:PlantMachinery2021-12-314068139core:FurnitureFittings2021-12-314068139core:MotorVehicles2021-12-314068139core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-314068139core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-314068139core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-314068139core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-314068139core:CurrentFinancialInstruments2022-12-314068139core:CurrentFinancialInstruments2021-12-314068139core:ShareCapital2022-12-314068139core:ShareCapital2021-12-314068139core:RevaluationReserve2022-12-314068139core:RevaluationReserve2021-12-314068139core:CapitalRedemptionReserve2022-12-314068139core:CapitalRedemptionReserve2021-12-314068139core:RetainedEarningsAccumulatedLosses2022-12-314068139core:RetainedEarningsAccumulatedLosses2021-12-314068139bus:CompanySecretaryDirector12022-01-012022-12-314068139core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-314068139core:LandBuildingscore:LongLeaseholdAssets2022-01-012022-12-314068139core:PlantMachinery2022-01-012022-12-314068139core:FurnitureFittings2022-01-012022-12-314068139core:MotorVehicles2022-01-012022-12-3140681392021-01-012021-12-314068139core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2021-12-314068139core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-12-314068139core:PlantMachinery2021-12-314068139core:FurnitureFittings2021-12-314068139core:MotorVehicles2021-12-3140681392021-12-314068139core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-01-012022-12-314068139core:WithinOneYear2022-12-314068139core:WithinOneYear2021-12-314068139core:Non-currentFinancialInstruments2022-12-314068139core:Non-currentFinancialInstruments2021-12-314068139bus:PrivateLimitedCompanyLtd2022-01-012022-12-314068139bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-314068139bus:FRS1022022-01-012022-12-314068139bus:AuditExemptWithAccountantsReport2022-01-012022-12-314068139bus:Director12022-01-012022-12-314068139bus:Director22022-01-012022-12-314068139bus:CompanySecretary12022-01-012022-12-314068139bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP