Registered number
03425257
Airship & Balloon Company Limited
Unaudited Filleted Accounts
28 February 2022
Airship & Balloon Company Limited
Registered number: 03425257
Balance Sheet
as at 28 February 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 4 78,219 70,993
Investments 5 64,300 64,300
142,519 135,293
Current assets
Debtors 6 777 9,529
Cash at bank and in hand 67,995 67,662
68,772 77,191
Creditors: amounts falling due within one year 7 (67,787) (67,900)
Net current assets 985 9,291
Net assets 143,504 144,584
Capital and reserves
Called up share capital 25,001 25,001
Revaluation reserve 8 25,001 25,001
Profit and loss account 93,502 94,582
Shareholders' funds 143,504 144,584
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N J Langley
Director
Approved by the board on 24 August 2022
Airship & Balloon Company Limited
Notes to the Accounts
for the year ended 28 February 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2021 9,000
At 28 February 2022 9,000
Amortisation
At 1 March 2021 9,000
At 28 February 2022 9,000
Net book value
At 28 February 2022 -
Goodwill was written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2021 160,978 114,477 275,455
Additions 24,135 - 24,135
At 28 February 2022 185,113 114,477 299,590
Depreciation
At 1 March 2021 116,382 88,080 204,462
Charge for the year 10,310 6,599 16,909
At 28 February 2022 126,692 94,679 221,371
Net book value
At 28 February 2022 58,421 19,798 78,219
At 28 February 2021 44,596 26,397 70,993
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 March 2021 64,300
At 28 February 2022 64,300
6 Debtors 2022 2021
£ £
Trade debtors 770 9,260
Other debtors 7 269
777 9,529
7 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 791 980
Amounts owed to group undertakings and undertakings in which the company has a participating interest 63,754 63,754
Taxation and social security costs 1,222 171
Other creditors 2,020 2,995
67,787 67,900
8 Revaluation reserve 2022 2021
£ £
At 1 March 2021 25,001 25,001
At 28 February 2022 25,001 25,001
9 Related party transactions
Included in Other creditors is an amount due to the Directors of £954 (2021 £954). This loan is interest free and repayable on demand.
10 Other information
Airship & Balloon Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
82 Henbury Road
Henbury
Bristol
BA10 7AA
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