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REGISTERED NUMBER: 12550241 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

WINGS GROUND SUPPORT EQUIPMENT LIMITED

WINGS GROUND SUPPORT EQUIPMENT LIMITED (REGISTERED NUMBER: 12550241)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


WINGS GROUND SUPPORT EQUIPMENT LIMITED (REGISTERED NUMBER: 12550241)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 154,715 195,084

CURRENT ASSETS
Debtors 5 298,141 32,175
Cash at bank 255,582 76,010
553,723 108,185
CREDITORS
Amounts falling due within one year 6 324,871 255,144
NET CURRENT ASSETS/(LIABILITIES) 228,852 (146,959 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

383,567

48,125

PROVISIONS FOR LIABILITIES 38,679 37,066
NET ASSETS 344,888 11,059

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 344,887 11,058
344,888 11,059

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

WINGS GROUND SUPPORT EQUIPMENT LIMITED (REGISTERED NUMBER: 12550241)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 November 2023 and were signed by:





H S Masih - Director


WINGS GROUND SUPPORT EQUIPMENT LIMITED (REGISTERED NUMBER: 12550241)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Wings Ground Support Equipment Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 12550241

Registered office: Chancery House
3 Hatchlands Road
Redhill
Surrey
RH1 6AA

The presentation currency of the financial statements is the Pound Sterling (£).


All amounts in the financial statements have been rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Financial instruments
Basic financial assets, which include trade debtors, inter-group debtors, cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently recognised at amortised cost.

Basic financial liabilities, including trade creditors, and other creditors, are initially recognised at transaction price and are subsequently recognised at amortised cost.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

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 statement of financial position date.


WINGS GROUND SUPPORT EQUIPMENT LIMITED (REGISTERED NUMBER: 12550241)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 236,844
Additions 23,000
Disposals (28,000 )
At 31 March 2023 231,844
DEPRECIATION
At 1 April 2022 41,760
Charge for year 41,902
Eliminated on disposal (6,533 )
At 31 March 2023 77,129
NET BOOK VALUE
At 31 March 2023 154,715
At 31 March 2022 195,084

WINGS GROUND SUPPORT EQUIPMENT LIMITED (REGISTERED NUMBER: 12550241)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 233,990 5,980
Amounts owed by group undertakings 1 1
Other debtors 64,150 26,194
298,141 32,175

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 12,820 21,186
Amounts owed to group undertakings 100,416 123,190
Taxation and social security 90,536 2,419
Other creditors 121,099 108,349
324,871 255,144

7. LEASING AGREEMENTS
At the balance sheet date the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £13,708 (2022 : £37,208).

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is HSM Global Holdings Limited.