Registered number
04486982
Ward Air Systems Limited
Filleted Accounts
31 January 2023
Ward Air Systems Limited
Registered number: 04486982
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 126,302 159,606
Current assets
Stocks 24,000 36,000
Debtors 4 92,872 332,505
Cash at bank and in hand 446,846 225,067
563,718 593,572
Creditors: amounts falling due within one year 5 (509,168) (416,215)
Net current assets 54,550 177,357
Total assets less current liabilities 180,852 336,963
Creditors: amounts falling due after more than one year 6 (76,034) (119,856)
Net assets 104,818 217,107
Capital and reserves
Called up share capital 3,750 3,750
Profit and loss account 101,068 213,357
Shareholders' funds 104,818 217,107
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.
B A Clark
Director
Approved by the board on 28 March 2023
Ward Air Systems Limited
Notes to the Accounts
for the year ended 31 January 2023
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.
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 25% and 33.33% reducing balance method
Motor vehicles 25% reducing balance method
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.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2022 34,896 186,579 221,475
Additions 7,947 - 7,947
At 31 January 2023 42,843 186,579 229,422
Depreciation
At 1 February 2022 13,624 48,245 61,869
Charge for the year 6,667 34,584 41,251
At 31 January 2023 20,291 82,829 103,120
Net book value
At 31 January 2023 22,552 103,750 126,302
At 31 January 2022 21,272 138,334 159,606
4 Debtors 2023 2022
£ £
Trade debtors 79,464 325,302
Other debtors 13,408 7,203
92,872 332,505
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 22,431 21,361
Obligations under finance lease and hire purchase contracts 21,391 21,391
Trade creditors 310,690 215,943
Taxation and social security costs 125,381 47,901
Other creditors 29,275 109,619
509,168 416,215
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 13,600 36,032
Obligations under finance lease and hire purchase contracts 62,434 83,824
76,034 119,856
7 Events after the reporting date
On 16/02/2023 a special resolution was passed for share exchange and that 1500 issued shares held by Stephen Ward, 1500 issued shares held by Brett Clark, 375 issued shares held by Ruth Ward and 375 issued shares held by Tonette Clark in the issued share capital of the Ward Air Systems Limited transferred to Ward Air Holdings Limited. Ward Air Holdings Limited in exchange for the allotment of 1496 new shares to Stephen Ward, 1496 new shares to Brett Clark, 374 new shares to Ruth Ward and 374 new shares to Tonette Clark in Ward Air Holdings Limited.

Ward Air Holdings Limited now own 100% of the issued share capital of Ward Air Systems Limited.
8 Related party transactions
Amount due to directors' at the end of year was £665 (2022 : £2,017).
9 Other information
Ward Air Systems Limited is a private company limited by shares and incorporated in England. Its registered office is:
15 The Waterways
Stratford-Upon-Avon
England
CV37 0AW
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