Registration number:
Zero Emissions Aerospace Limited
for the Year Ended 31 March 2023
Zero Emissions Aerospace Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Zero Emissions Aerospace Limited
Company Information
Director |
M Orchard |
Registered office |
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Accountants |
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Zero Emissions Aerospace Limited
(Registration number: 12162048)
Balance Sheet
31 March 2023
Note |
2023 |
(As restated) |
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Current assets |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' deficit |
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Zero Emissions Aerospace Limited
(Registration number: 12162048)
Balance Sheet
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.
Director's responsibilities:
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The director acknowledges 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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Zero Emissions Aerospace Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Going concern
The company has been founded as a technology development company with the implicit knowledge that in its early years the company will incur losses as the company invests in developing its patents and internal IP up to the point that these will result in major sales. The directors have a reasonable expectation that the company has access to sufficient resources to continue for the foreseeable future through grant funding, directors loans and equity raises. The accounts have been prepared on a going concern basis.
Zero Emissions Aerospace Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2023
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.
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.
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, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
3 years straight line |
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Zero Emissions Aerospace Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2023
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 April 2022 |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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Creditors |
Creditors: amounts falling due within one year
2023 |
(As restated) |
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Due within one year |
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Other creditors |
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Due after one year |
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Redeemable shares |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Redeemable shares |
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Zero Emissions Aerospace Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2023
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Redeemable shares |
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