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Registration number: SC180830

Santa Monica Airlines Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 20 March 2023

 

Santa Monica Airlines Ltd.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

Accountants' Report

8

 

Santa Monica Airlines Ltd.

Company Information

Director

Mr Finlay James McDonell

Registered office

Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

Accountants

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Santa Monica Airlines Ltd.

(Registration number: SC180830)
Balance Sheet as at 20 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

15,334

-

Current assets

 

Debtors

5

527

102

Cash at bank and in hand

 

25,577

842

 

26,104

944

Creditors: Amounts falling due within one year

6

(31,385)

(3,455)

Net current liabilities

 

(5,281)

(2,511)

Total assets less current liabilities

 

10,053

(2,511)

Creditors: Amounts falling due after more than one year

6

(267)

(267)

Net assets/(liabilities)

 

9,786

(2,778)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

9,686

(2,878)

Shareholders' funds/(deficit)

 

9,786

(2,778)

For the financial year ending 20 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 his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 November 2023
 

 

Santa Monica Airlines Ltd.

(Registration number: SC180830)
Balance Sheet as at 20 March 2023

.........................................
Mr Finlay James McDonell
Director

 

Santa Monica Airlines Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 20 March 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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.

 

Santa Monica Airlines Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 20 March 2023

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

33% on cost

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 1).

 

Santa Monica Airlines Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 20 March 2023

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

Additions

23,000

23,000

At 20 March 2023

23,000

23,000

Depreciation

Charge for the year

7,666

7,666

At 20 March 2023

7,666

7,666

Carrying amount

At 20 March 2023

15,334

15,334

5

Debtors

Current

2023
£

2022
£

Other debtors

527

102

 

527

102

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

1,743

-

Other creditors

29,642

3,455

31,385

3,455

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

267

267

 

Santa Monica Airlines Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 20 March 2023

7

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2023
 £

2022
 £

Mr F J McDonell

4,387

3,000

 

4,387

3,000

The maximum balance outstanding during the year amounted to £4,387.

The directors current accounts are repayable on demand.

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Santa Monica Airlines Ltd.
for the Year Ended 20 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Santa Monica Airlines Ltd. for the year ended 20 March 2023 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Santa Monica Airlines Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Santa Monica Airlines Ltd. and state those matters that we have agreed to state to the Board of Directors of Santa Monica Airlines Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Santa Monica Airlines Ltd. and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Santa Monica Airlines Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Santa Monica Airlines Ltd.. You consider that Santa Monica Airlines 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 accounts of Santa Monica Airlines 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 accounts.

......................................

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

13 November 2023