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REGISTERED NUMBER: 02718708 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2023

FOR

WHITE WALTHAM AIRFIELD LIMITED

WHITE WALTHAM AIRFIELD LIMITED (REGISTERED NUMBER: 02718708)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WHITE WALTHAM AIRFIELD LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2023







DIRECTORS: B E E Smith
Mrs C Smith





REGISTERED OFFICE: West London Aero Club
White Waltham
Maidenhead
Berkshire
SL6 3NJ





REGISTERED NUMBER: 02718708 (England and Wales)






WHITE WALTHAM AIRFIELD LIMITED (REGISTERED NUMBER: 02718708)

BALANCE SHEET
30TH APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 4,199,723 3,291,304
Investment property 6 385,000 385,000
4,584,723 3,676,304

CURRENT ASSETS
Stocks 214,604 163,129
Debtors 7 461,977 494,684
Cash at bank 1,131,692 1,202,784
1,808,273 1,860,597
CREDITORS
Amounts falling due within one year 8 1,770,684 1,744,497
NET CURRENT ASSETS 37,589 116,100
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,622,312

3,792,404

PROVISIONS FOR LIABILITIES 223,025 147,250
NET ASSETS 4,399,287 3,645,154

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 9 88,485 88,485
Retained earnings 4,310,800 3,556,667
SHAREHOLDERS' FUNDS 4,399,287 3,645,154

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WHITE WALTHAM AIRFIELD LIMITED (REGISTERED NUMBER: 02718708)

BALANCE SHEET - continued
30TH APRIL 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26th September 2023 and were signed on its behalf by:





Mrs C Smith - Director


WHITE WALTHAM AIRFIELD LIMITED (REGISTERED NUMBER: 02718708)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2023


1. STATUTORY INFORMATION

White Waltham Airfield Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 in proportion to the time period over which the service is provided or, where appropriate, by reference to the stage of completion of the contract.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold land and buildings - 5%-25% per annum
Plant and machinery - 10-33.33% on cost

Included within plant and machinery are aircraft components that are depreciated over a useful life of 2,400 flying hours based on an hours usage basis.
In accordance with FRS 102, assets which comprise material distinct components with different respective asset lives are depreciated over these respective lives and components are capitalised when replaced.

Investment property
In accordance with Financial Reporting Standard 102 (Section A) a property which is owned by the company and held solely for long-term investment or rental income whose fair value can be measured reliably is measured at fair value and included in the balance sheet. The surplus or deficit on revaluation is recognised in the profit and loss account accumulated in the profit and loss reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.


WHITE WALTHAM AIRFIELD LIMITED (REGISTERED NUMBER: 02718708)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, including, following the adoption of FRS 102, on the revaluation of investment property which is a change from the previous policy where deferred tax was not provided on such revaluations.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2022 - 44 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st May 2022
and 30th April 2023 15,848
AMORTISATION
At 1st May 2022
and 30th April 2023 15,848
NET BOOK VALUE
At 30th April 2023 -
At 30th April 2022 -

WHITE WALTHAM AIRFIELD LIMITED (REGISTERED NUMBER: 02718708)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


5. TANGIBLE FIXED ASSETS
Leasehold Assets
land and under Plant and
buildings construction machinery Totals
£    £    £    £   
COST
At 1st May 2022 2,191,625 225,137 2,407,001 4,823,763
Additions - 855,399 267,729 1,123,128
Disposals - - (65,021 ) (65,021 )
Transfer 248,443 (248,443 ) - -
At 30th April 2023 2,440,068 832,093 2,609,709 5,881,870
DEPRECIATION
At 1st May 2022 605,809 - 926,650 1,532,459
Charge for year 133,471 - 79,763 213,234
Eliminated on disposal - - (63,546 ) (63,546 )
At 30th April 2023 739,280 - 942,867 1,682,147
NET BOOK VALUE
At 30th April 2023 1,700,788 832,093 1,666,842 4,199,723
At 30th April 2022 1,585,816 225,137 1,480,351 3,291,304

6. INVESTMENT PROPERTY

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fair value at 30th April 2023 is represented by:
£   
Valuation in 2014 29,731
Valuation in 2016 45,000
Valuation in 2017 (35,000 )
Valuation in 2022 70,000
Cost 275,269
385,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 160,665 128,572
Other debtors 8,642 25,134
Loans to employees 141,787 145,785
Prepayments and accrued income 150,883 195,193
461,977 494,684

WHITE WALTHAM AIRFIELD LIMITED (REGISTERED NUMBER: 02718708)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 234,764 203,162
Tax 79,186 157,619
Social security and other taxes 105,117 99,930
Other creditors 1,351,617 1,283,786
1,770,684 1,744,497

9. RESERVES
Fair
value
reserve
£   
At 1st May 2022
and 30th April 2023 88,485

10. CAPITAL COMMITMENTS

The company had total commitments at the balance sheet date of £1,230,000 (2022: £1,838,300).

11. ULTIMATE CONTROLLING PARTY

The directors regard Smith Hamilton Limited, a company registered in England and Wales at Garden House, Cornwall Gardens, London, SW7 4BQ, as the ultimate parent company.

Mr B E E Smith, a director, is considered the ultimate controlling party.