REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2023 |
FOR |
WHITE WALTHAM AIRFIELD LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
WHITE WALTHAM AIRFIELD LIMITED (REGISTERED NUMBER: 02718708) |
BALANCE SHEET |
30TH APRIL 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Leasehold land and buildings | - |
Plant and machinery | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1st May 2022 |
and 30th April 2023 |
AMORTISATION |
At 1st May 2022 |
and 30th April 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
Transfer | 248,443 | (248,443 | ) | - | - |
At 30th April 2023 |
DEPRECIATION |
At 1st May 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30th April 2023 |
NET BOOK VALUE |
At 30th April 2023 |
At 30th April 2022 |
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 |
Other debtors |
Loans to employees | 141,787 | 145,785 |
Prepayments and accrued income |
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 |
Tax |
Social security and other taxes |
Other creditors |
9. | RESERVES |
Fair |
value |
reserve |
£ |
At 1st May 2022 |
and 30th April 2023 |
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. |