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Registration number: 12162048

Zero Emissions Aerospace Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Zero Emissions Aerospace Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Zero Emissions Aerospace Limited

Company Information

Director

M Orchard

Registered office

116 Cromwell Road
St. Andrews
Bristol
BS6 5EZ

Accountants

Burton Sweet Limited
Chartered Accountants & Business Advisors
The Clock Tower
Old Weston Road
Flax Bourton
Bristol
Bristol

 

Zero Emissions Aerospace Limited

(Registration number: 12162048)
Balance Sheet
31 March 2023

Note

2023
£

(As restated)

2022
£

Current assets

 

Cash at bank and in hand

 

35,875

978

Creditors: Amounts falling due within one year

5

(83,938)

(23,218)

Total assets less current liabilities

 

(48,063)

(22,240)

Creditors: Amounts falling due after more than one year

5

(300)

(300)

Net liabilities

 

(48,363)

(22,540)

Capital and reserves

 

Called up share capital

3,000

3,000

Retained earnings

(51,363)

(25,540)

Shareholders' deficit

 

(48,363)

(22,540)

 

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:

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 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 director on 28 September 2023
 

.........................................
M Orchard
Director

 

Zero Emissions Aerospace Limited

Notes to the Unaudited Financial Statements
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:
116 Cromwell Road
St. Andrews
Bristol
BS6 5EZ

These financial statements were authorised for issue by the director on 28 September 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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

 

Zero Emissions Aerospace Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

958

958

At 31 March 2023

958

958

Depreciation

At 1 April 2022

958

958

At 31 March 2023

958

958

Carrying amount

At 31 March 2023

-

-

5

Creditors

Creditors: amounts falling due within one year

2023
£

(As restated)

2022
£

Due within one year

Other creditors

83,938

23,218

Due after one year

Redeemable shares

300

300

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Redeemable shares

6

300

300

 

Zero Emissions Aerospace Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

6

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Redeemable shares

300

300