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Registration number: 10073614

Invictus Aviation Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Invictus Aviation Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Invictus Aviation Ltd

Company Information

Directors

Mr JA Hanson

Mrs RL Hanson

Registered office

12 Roundacre
Barnsley
South Yorkshire
S75 1EZ

Accountants

Cameron Alexander Accountants Ltd
Chartered Certified Accountants
2 Western Street
Barnsley
South Yorkshire
S70 2BP

 

Invictus Aviation Ltd

(Registration number: 10073614)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

3

918

1,224

Current assets

 

Debtors

4

326

1,130

Cash at bank and in hand

 

7,407

386

 

7,733

1,516

Creditors: Amounts falling due within one year

5

(9,677)

(9,918)

Net current liabilities

 

(1,944)

(8,402)

Total assets less current liabilities

 

(1,026)

(7,178)

Creditors: Amounts falling due after more than one year

5

(1,712)

(2,703)

Provisions for liabilities

(174)

-

Net liabilities

 

(2,912)

(9,881)

Capital and reserves

 

Called up share capital

6

2

2

Retained earnings

(2,914)

(9,883)

Shareholders' deficit

 

(2,912)

(9,881)

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 August 2022 and signed on its behalf by:
 

.........................................
Mr JA Hanson
Director

 

Invictus Aviation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Invictus Aviation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery etc

- 25% Reducing balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

 

Invictus Aviation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

3

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2021

1,123

2,200

3,323

At 31 March 2022

1,123

2,200

3,323

Depreciation

At 1 April 2021

634

1,465

2,099

Charge for the year

122

184

306

At 31 March 2022

756

1,649

2,405

Carrying amount

At 31 March 2022

367

551

918

At 31 March 2021

489

735

1,224

4

Debtors

Note

2022
£

2021
£

Prepayments

 

326

-

Deferred tax assets

-

1,130

 

326

1,130

5

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

7

541

-

Other creditors

 

9,136

9,918

 

9,677

9,918

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

7

1,712

2,703

 

Invictus Aviation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

6

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

7

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

1,712

2,703

2022
£

2021
£

Current loans and borrowings

Bank borrowings

541

-

8

Related party transactions

Transactions with directors

2022

At 1 April 2021
£

Advances to director
£

At 31 March 2022
£

Mr JA Hanson

No interest is charged on the loan and there is no fixed date of repayment.

9,916

(1,096)

8,821