Registered number
08934028
Mark Souster Aviation Limited
Unaudited Filleted Accounts
31 March 2023
Mark Souster Aviation Limited
Registered number: 08934028
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,456 6,827
Current assets
Debtors 4 18,052 30,166
Cash at bank and in hand 5,986 12,706
24,038 42,872
Creditors: amounts falling due within one year 5 (13,603) (29,405)
Net current assets 10,435 13,467
Total assets less current liabilities 13,891 20,294
Creditors: amounts falling due after more than one year 6 (13,413) (19,588)
Provisions for liabilities (106) (303)
Net assets 372 403
Capital and reserves
Called up share capital 100 100
Profit and loss account 272 303
Shareholders' funds 372 403
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.
M Souster T Souster
Director Director
Approved by the board on 3 November 2023
Mark Souster Aviation Limited
Notes to the Accounts
for the year ended 31 March 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:
Buildings 10% straight line
Furniture, fixtures and fittings 25% straight line
Computer equipment and tooling 25% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), 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.
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 3 3
3 Tangible fixed assets
Garden office Furniture, fixtures & fittings Computer equipment & tooling Total
£ £ £ £
Cost
At 1 April 2022 21,113 2,942 7,223 31,278
Disposals - - (358) (358)
At 31 March 2023 21,113 2,942 6,865 30,920
Depreciation
At 1 April 2022 16,875 2,714 4,862 24,451
Charge for the year 2,111 76 1,004 3,191
On disposals - - (178) (178)
At 31 March 2023 18,986 2,790 5,688 27,464
Net book value
At 31 March 2023 2,127 152 1,177 3,456
At 31 March 2022 4,238 228 2,361 6,827
4 Debtors 2023 2022
£ £
Trade debtors 6,212 29,275
Other debtors 11,840 891
18,052 30,166
Included in other debtors is the balance on the director's account of £11,488 (2022 £12 creditor). This amount was repaid in full before 31st December 2023.
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,869 5,944
Trade creditors 2,994 8,541
Taxation and social security costs 3,144 6,205
Other creditors 1,596 8,715
13,603 29,405
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 13,413 19,588
7 Other information
Mark Souster Aviation Limited is a private company limited by shares and incorporated in England. Its registered office is:
Russetts
Kings Cross Lane
South Nutfield
Redhill
Surrey
RH1 5NS
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