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COMPANY REGISTRATION NUMBER: 04182147
Kemble Air Services Limited
Filleted Unaudited Financial Statements
31 December 2021
Kemble Air Services Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
6
144,023
91,349
Current assets
Stocks
64,509
26,674
Debtors
7
269,054
185,410
Cash at bank and in hand
390,371
347,431
---------
---------
723,934
559,515
Creditors: amounts falling due within one year
8
1,463,426
944,192
------------
---------
Net current liabilities
739,492
384,677
---------
---------
Total assets less current liabilities
( 595,469)
( 293,328)
Provisions
Taxation including deferred tax
27,364
17,356
---------
---------
Net liabilities
( 622,833)
( 310,684)
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 622,835)
( 310,686)
---------
---------
Shareholders deficit
( 622,833)
( 310,684)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st December 2021 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Kemble Air Services Limited
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 10 September 2022 , and are signed on behalf of the board by:
Miss S H Harvey
Mr S G Nuttall
Director
Director
Company registration number: 04182147
Kemble Air Services Limited
Notes to the Financial Statements
Year ended 31st December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Oakley House, Tetbury Road, Cirencester, Gloucestershire, GL7 1US.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The directors of Kemble Airfield Estates Ltd have undertaken not to withdraw the amount owed during the period where the company's liabilities exceed its assets.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
G V F Weekend Rights
-
Over expected life of 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Aircraft
-
10% straight line
Motor vehicles
-
25% straight line
Equipment
-
20% straight line
Air Traffic Equipment
-
15% straight line
Aircraft which are of a vintage type are not depreciated as they are expected to appreciate in value. The directors revalue these aircraft in line with their expected market value.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2020: 38 ).
5. Intangible assets
G V F Weekend Rights
£
Cost
At 1st January 2021 and 31st December 2021
7,000
-------
Amortisation
At 1st January 2021 and 31st December 2021
7,000
-------
Carrying amount
At 31st December 2021
-------
At 31st December 2020
-------
6. Tangible assets
Plant and machinery
Aircraft
Motor vehicles
Equipment
Air traffic equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2021
71,764
33,013
49,593
141,754
99,987
396,111
Additions
50,000
2,499
28,489
7,075
88,063
Disposals
( 1,700)
( 4,000)
( 1,079)
( 1,421)
( 8,200)
--------
--------
--------
---------
---------
---------
At 31 Dec 2021
70,064
83,013
48,092
169,164
105,641
475,974
--------
--------
--------
---------
---------
---------
Depreciation
At 1 Jan 2021
53,138
6,004
46,385
127,245
71,990
304,762
Charge for the year
6,035
7,468
677
8,544
9,596
32,320
Disposals
( 1,699)
( 1,417)
( 1,080)
( 935)
( 5,131)
--------
--------
--------
---------
---------
---------
At 31 Dec 2021
57,474
13,472
45,645
134,709
80,651
331,951
--------
--------
--------
---------
---------
---------
Carrying amount
At 31 Dec 2021
12,590
69,541
2,447
34,455
24,990
144,023
--------
--------
--------
---------
---------
---------
At 31 Dec 2020
18,626
27,009
3,208
14,509
27,997
91,349
--------
--------
--------
---------
---------
---------
7. Debtors
2021
2020
£
£
Trade debtors
92,549
100,232
Other debtors
176,505
85,178
---------
---------
269,054
185,410
---------
---------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
21,253
55,875
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,220,975
542,775
Corporation tax
82,384
Social security and other taxes
71,470
132,649
Other creditors
149,728
130,509
------------
---------
1,463,426
944,192
------------
---------
No interest is payable on amounts owed to group undertakings.
9. Contingencies
The company has given a cross guarantee in respect of the bank borrowings of Kemble Airfield Estates Limited.
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Miss S H Harvey
----
----
----
2020
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Miss S H Harvey
( 29,149)
29,149
--------
--------
----
11. Controlling party
The ultimate controlling party of the company throughout the current and previous year was Mr R Harvey by virtue of his 100% ownership of Cotswold Airport Holding Co Limited, the parent company of the group.