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KNOX AVIATION LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30TH APRIL 2023






KNOX AVIATION LTD (REGISTERED NUMBER: 04775463)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 8

KNOX AVIATION LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2023







DIRECTOR: N Knox



SECRETARY: R Knox



REGISTERED OFFICE: 4 Vicarage Close
Church End
Ravensden
Bedfordshire
MK44 2RW



REGISTERED NUMBER: 04775463 (England and Wales)



ACCOUNTANTS: Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN



BANKERS: Barclays Bank plc
111 High Street
Bedford
Bedfordshire
MK40 1NJ

KNOX AVIATION LTD (REGISTERED NUMBER: 04775463)

BALANCE SHEET
30TH APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 343,605 325,649

CURRENT ASSETS
Stocks 135,000 194,025
Debtors 5 29,619 100,815
Cash at bank 14,877 10,384
179,496 305,224
CREDITORS
Amounts falling due within one year 6 93,894 89,176
NET CURRENT ASSETS 85,602 216,048
TOTAL ASSETS LESS CURRENT
LIABILITIES

429,207

541,697

CREDITORS
Amounts falling due after more than one
year

7

(177,027

)

(196,549

)

PROVISIONS FOR LIABILITIES (220 ) (987 )
NET ASSETS 251,960 344,161

CAPITAL AND RESERVES
Called up share capital 9 110 110
Retained earnings 251,850 344,051
SHAREHOLDERS' FUNDS 251,960 344,161

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 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.

KNOX AVIATION LTD (REGISTERED NUMBER: 04775463)

BALANCE SHEET - continued
30TH APRIL 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 2nd November 2023 and were signed by:





N Knox - Director


KNOX AVIATION LTD (REGISTERED NUMBER: 04775463)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2023

1. STATUTORY INFORMATION

Knox Aviation Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax. Sales are only accounted for as work on a job is undertaken. Sales invoiced in advance are therefore assessed for the level of work completed by the year end by assessing costs and profitability on the contract to date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - Straight line over remaining useful life
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

KNOX AVIATION LTD (REGISTERED NUMBER: 04775463)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1st May 2022 368,063 8,770 22,500
Additions - - -
Disposals - - -
At 30th April 2023 368,063 8,770 22,500
DEPRECIATION
At 1st May 2022 48,785 8,311 21,209
Charge for year 4,961 115 322
Eliminated on disposal - - -
At 30th April 2023 53,746 8,426 21,531
NET BOOK VALUE
At 30th April 2023 314,317 344 969
At 30th April 2022 319,278 459 1,291

KNOX AVIATION LTD (REGISTERED NUMBER: 04775463)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st May 2022 42,274 26,114 467,721
Additions 30,218 2,020 32,238
Disposals (32,525 ) - (32,525 )
At 30th April 2023 39,967 28,134 467,434
DEPRECIATION
At 1st May 2022 37,803 25,964 142,072
Charge for year 3,809 733 9,940
Eliminated on disposal (28,183 ) - (28,183 )
At 30th April 2023 13,429 26,697 123,829
NET BOOK VALUE
At 30th April 2023 26,538 1,437 343,605
At 30th April 2022 4,471 150 325,649

Included in cost of land and buildings is freehold land of £ 120,000 (2022 - £ 120,000 ) which is not depreciated.

The net book value of tangible fixed assets includes £ 26,441 in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 14,700 86,372
Other debtors 956 -
Corporation tax 11,721 -
VAT 520 720
Prepayments 1,722 13,723
29,619 100,815

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 28,639 27,537
Funding Circle < 1 year 5,942 13,776
Hire purchase contracts 3,398 -
Trade creditors 4,712 18,168
Amounts owed to group undertakings 10,096 5,516
Corporation tax 2 11,722
Social security and other taxes 936 1,096
Other creditors 5,379 5,950
Directors' current accounts 32,585 2,561
Accrued expenses 2,205 2,850
93,894 89,176

KNOX AVIATION LTD (REGISTERED NUMBER: 04775463)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Commercial mortgage 144,503 159,483
Bounce back loan 26,786 31,124
Funding Circle > 1 year - 5,942
Hire purchase contracts 5,738 -
177,027 196,549

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 199,928 218,144

The mortgage liability is secured against the freehold property.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 ORDINARY £1 100 100
10 ORDINARY B £1 10 10
110 110

ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
KNOX AVIATION LTD

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Knox Aviation Ltd for the year ended 30th April 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Knox Aviation Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Knox Aviation Ltd and state those matters that we have agreed to state to the director of Knox Aviation Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Knox Aviation Ltd and its director for our work or for this report.

It is your duty to ensure that Knox Aviation Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Knox Aviation Ltd. You consider that Knox Aviation Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Knox Aviation Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN


13th November 2023