ACCOUNTS - Final Accounts


Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-312021-04-01falseNo description of principal activity45truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05728391 2021-04-01 2022-03-31 05728391 2020-04-01 2021-03-31 05728391 2022-03-31 05728391 2021-03-31 05728391 c:Director1 2021-04-01 2022-03-31 05728391 d:PlantMachinery 2021-04-01 2022-03-31 05728391 d:PlantMachinery 2022-03-31 05728391 d:PlantMachinery 2021-03-31 05728391 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 05728391 d:FurnitureFittings 2021-04-01 2022-03-31 05728391 d:FurnitureFittings 2022-03-31 05728391 d:FurnitureFittings 2021-03-31 05728391 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 05728391 d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 05728391 d:CurrentFinancialInstruments 2022-03-31 05728391 d:CurrentFinancialInstruments 2021-03-31 05728391 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05728391 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 05728391 d:ShareCapital 2022-03-31 05728391 d:ShareCapital 2021-03-31 05728391 d:RetainedEarningsAccumulatedLosses 2022-03-31 05728391 d:RetainedEarningsAccumulatedLosses 2021-03-31 05728391 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 05728391 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2021-03-31 05728391 c:FRS102 2021-04-01 2022-03-31 05728391 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 05728391 c:FullAccounts 2021-04-01 2022-03-31 05728391 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 05728391 2 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 05728391









AIRPRESS DEVELOPMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

 
AIRPRESS DEVELOPMENTS LIMITED
REGISTERED NUMBER: 05728391

BALANCE SHEET
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
21,635
19,646

  
21,635
19,646

Current assets
  

Stocks
 5 
15,775
15,000

Debtors: amounts falling due within one year
 6 
14,544
11,666

Cash at bank and in hand
 7 
351,417
249,686

  
381,736
276,352

Creditors: amounts falling due within one year
 8 
(136,950)
(86,267)

Net current assets
  
 
 
244,786
 
 
190,085

Total assets less current liabilities
  
266,421
209,731

  

Net assets
  
266,421
209,731


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
266,419
209,729

  
266,421
209,731


Page 1

 
AIRPRESS DEVELOPMENTS LIMITED
REGISTERED NUMBER: 05728391
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 January 2023.




................................................
H M Hoggard
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
AIRPRESS DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

The Company is a private company limited by shares, incorporated in England. The principal place of business is Unit 5, Scotts Close, Downton Business Centre, Downton, Salisbury, Wiltshire SP5 3RA. The principal activity throughout the year was that of the development and manufacture of vacuum related machinery.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
AIRPRESS DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
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 Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
AIRPRESS DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.9

Development costs

The Research and development costs incurred during the year are included in the Profit and loss account.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
AIRPRESS DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2021 - 5).

Page 6

 
AIRPRESS DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2021
28,414
9,447
37,861


Additions
7,400
-
7,400



At 31 March 2022

35,814
9,447
45,261



Depreciation


At 1 April 2021
15,332
2,883
18,215


Charge for the year on owned assets
4,098
1,313
5,411



At 31 March 2022

19,430
4,196
23,626



Net book value



At 31 March 2022
16,384
5,251
21,635



At 31 March 2021
13,082
6,564
19,646


5.


Stocks

2022
2021
£
£

Finished goods and goods for resale
15,775
15,000

15,775
15,000


Page 7

 
AIRPRESS DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

6.


Debtors

2022
2021
£
£


Trade debtors
8,337
5,180

Amounts owed by group undertakings
5,986
5,986

Prepayments and accrued income
221
500

14,544
11,666



7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
351,417
249,686

351,417
249,686



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
22,118
12,883

Corporation tax
19,747
14,315

Other taxation and social security
3,072
4,400

Other creditors
89,936
52,667

Accruals and deferred income
2,077
2,002

136,950
86,267



9.


Financial instruments

2022
2021
£
£

Financial assets


Financial assets measured at fair value through profit or loss
351,417
249,686




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 8

 
AIRPRESS DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

10.


Related party transactions

During the year the Company made payments of £Nil (2021 - £Nil) on behalf of Blazer Line Limited, a company in which directors P J Hoggard and H M Hoggard are directors and shareholders. At the year end £5,986 (2021 - £5,986) was due from Blazer Line Limited.
Also during the year the Company paid rent of £10,800 (2021 - £10,800) to the directors P J Hoggard and H M Hoggard.


11.


Controlling party

The Company is controlled by the directors P J Hoggard and H M Hoggard by virtue of their shareholding, as described in the Directors' report.

 
Page 9