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Registration number: 09172591

RK Air Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

RK Air Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

RK Air Limited

Company Information

Directors

D. McDonagh

R. Liddle

Registered office

Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

Accountants

Robert Whowell & Partners LLP
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

RK Air Limited

(Registration number: 09172591)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

238,125

221,632

Current assets

 

Stocks

5

48,500

48,500

Debtors

6

1,268,243

1,118,800

Cash at bank and in hand

 

541,054

648,751

 

1,857,797

1,816,051

Creditors: Amounts falling due within one year

7

(1,275,162)

(1,448,464)

Net current assets

 

582,635

367,587

Total assets less current liabilities

 

820,760

589,219

Creditors: Amounts falling due after more than one year

7

(307,647)

(440,964)

Net assets

 

513,113

148,255

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

513,013

148,155

Shareholders' funds

 

513,113

148,255

 

RK Air Limited

(Registration number: 09172591)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 October 2023 and signed on its behalf by:
 

.........................................
D. McDonagh
Director

 

RK Air Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

These financial statements were authorised for issue by the Board on 5 October 2023.

2

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 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 tax. Tax is recognised in the profit and loss account, 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.

 

RK Air Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

15% reducing balance

Motor vehicles

25% reducing balance

Plant

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors and retentions are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors and retentions are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of stocks comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss account.

 

RK Air Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated over the useful life of the asset. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

RK Air Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2022 - 20).

 

RK Air Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Office equipment
 £

Motor vehicles
 £

Plant
£

Total
£

Cost or valuation

At 1 April 2022

28,923

459,116

1,801

489,840

Additions

7,757

69,990

2,650

80,397

Disposals

-

(37,978)

-

(37,978)

At 31 March 2023

36,680

491,128

4,451

532,259

Depreciation

At 1 April 2022

8,926

259,079

203

268,208

Charge for the year

3,507

50,636

602

54,745

Eliminated on disposal

-

(28,819)

-

(28,819)

At 31 March 2023

12,433

280,896

805

294,134

Carrying amount

At 31 March 2023

24,247

210,232

3,646

238,125

At 31 March 2022

19,997

200,037

1,598

221,632

5

Stocks

2023
£

2022
£

Stocks

48,500

48,500

6

Debtors

Current

2023
£

2022
£

Trade debtors

362,628

181,768

Prepayments

58,859

8,310

Other debtors

846,756

928,722

 

1,268,243

1,118,800

 

RK Air Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

133,317

141,538

Trade creditors

 

614,772

738,110

Taxation and social security

 

177,316

360,183

Accruals and deferred income

 

343,380

203,258

Other creditors

 

6,377

5,375

 

1,275,162

1,448,464


Creditors include net obligations under hire purchase contracts which are secured on the related asset financed of £18,318 (2022 - £26,538).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

307,647

440,964

Creditors include net obligations under hire purchase contracts which are secured on the related asset financed of £48,897 (2022 - £67,214).

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

RK Air Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

258,750

373,750

Hire purchase contracts

48,897

67,214

307,647

440,964

2023
£

2022
£

Current loans and borrowings

Bank borrowings

114,999

115,000

Hire purchase contracts

18,318

26,538

133,317

141,538

10

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advanced
£

Repaid
£

At 31 March 2023
£

D. McDonagh

Director's loan

47,982

112,192

(79,686)

80,488

         
       

R. Liddle

Director's loan

43,686

110,370

(74,000)

80,056

         
       

 

2022

At 1 April 2021
£

Advanced
£

Repaid
£

At 31 March 2022
£

D. McDonagh

Director's loan

(30,018)

111,098

(33,098)

47,982

         
       

R. Liddle

Director's loan

(30,314)

107,024

(33,024)

43,686

         
       

 

RK Air Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

Summary of transactions with other related parties

During the year no invoices were raised to an associated company (2022 - £43,097).