Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-30trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-05-01falsemanufacture of air and gas compressors2322false 02800984 2022-05-01 2023-04-30 02800984 2021-05-01 2022-04-30 02800984 2023-04-30 02800984 2022-04-30 02800984 c:CompanySecretary1 2022-05-01 2023-04-30 02800984 c:Director1 2022-05-01 2023-04-30 02800984 c:Director2 2022-05-01 2023-04-30 02800984 c:Director3 2022-05-01 2023-04-30 02800984 c:Director4 2022-05-01 2023-04-30 02800984 c:Director5 2022-05-01 2023-04-30 02800984 c:RegisteredOffice 2022-05-01 2023-04-30 02800984 d:Buildings d:ShortLeaseholdAssets 2022-05-01 2023-04-30 02800984 d:Buildings d:ShortLeaseholdAssets 2023-04-30 02800984 d:Buildings d:ShortLeaseholdAssets 2022-04-30 02800984 d:PlantMachinery 2022-05-01 2023-04-30 02800984 d:PlantMachinery 2023-04-30 02800984 d:PlantMachinery 2022-04-30 02800984 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 02800984 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 02800984 d:MotorVehicles 2022-05-01 2023-04-30 02800984 d:MotorVehicles 2023-04-30 02800984 d:MotorVehicles 2022-04-30 02800984 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 02800984 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 02800984 d:FurnitureFittings 2022-05-01 2023-04-30 02800984 d:FurnitureFittings 2023-04-30 02800984 d:FurnitureFittings 2022-04-30 02800984 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 02800984 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 02800984 d:ComputerEquipment 2022-05-01 2023-04-30 02800984 d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 02800984 d:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 02800984 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-05-01 2023-04-30 02800984 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-04-30 02800984 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-04-30 02800984 d:CurrentFinancialInstruments 2023-04-30 02800984 d:CurrentFinancialInstruments 2022-04-30 02800984 d:Non-currentFinancialInstruments 2023-04-30 02800984 d:Non-currentFinancialInstruments 2022-04-30 02800984 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 02800984 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 02800984 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 02800984 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-30 02800984 d:ShareCapital 2023-04-30 02800984 d:ShareCapital 2022-04-30 02800984 d:RetainedEarningsAccumulatedLosses 2023-04-30 02800984 d:RetainedEarningsAccumulatedLosses 2022-04-30 02800984 c:OrdinaryShareClass1 2022-05-01 2023-04-30 02800984 c:OrdinaryShareClass1 2023-04-30 02800984 c:OrdinaryShareClass2 2022-05-01 2023-04-30 02800984 c:OrdinaryShareClass2 2023-04-30 02800984 c:OrdinaryShareClass3 2022-05-01 2023-04-30 02800984 c:OrdinaryShareClass3 2023-04-30 02800984 c:OrdinaryShareClass4 2022-05-01 2023-04-30 02800984 c:OrdinaryShareClass4 2023-04-30 02800984 c:FRS102 2022-05-01 2023-04-30 02800984 c:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 02800984 c:FullAccounts 2022-05-01 2023-04-30 02800984 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 02800984 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2022-05-01 2023-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02800984










AVELAIR LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

 
AVELAIR LIMITED
 
 
COMPANY INFORMATION


Directors
D J Wood (Managing Director) 
G Goodwin 
M R Jones 
T Shepherd 
B Wood 




Company secretary
Mrs J L Wood



Registered number
02800984



Registered office
Unit C
Fred Castle Way

Rougham Industrial Estate

Bury St. Edmunds

Suffolk

IP30 9ND




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
AVELAIR LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 11


 
AVELAIR LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AVELAIR LIMITED
FOR THE YEAR ENDED 30 APRIL 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Avelair Limited for the year ended 30 April 2023 which comprise  the Balance sheet 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 at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Avelair Limited, as a body, in accordance with the terms of our engagement letter dated 30 June 2021Our work has been undertaken solely to prepare for your approval the financial statements of Avelair Limited  and state those matters that we have agreed to state to the Board of directors of Avelair Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Avelair Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Avelair Limited 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 profit of Avelair Limited. You consider that Avelair Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Avelair Limited. 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.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
 
2 November 2023
Page 1

 
AVELAIR LIMITED
REGISTERED NUMBER: 02800984

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Intangible assets
 7 
85
102

Tangible assets
 8 
260,381
178,340

  
260,466
178,442

Current assets
  

Stocks
 6 
796,990
535,465

Debtors: amounts falling due within one year
 9 
312,564
291,040

Cash at bank and in hand
  
421,029
427,562

  
1,530,583
1,254,067

Creditors: amounts falling due within one year
 10 
(790,408)
(505,471)

Net current assets
  
 
 
740,175
 
 
748,596

Total assets less current liabilities
  
1,000,641
927,038

Creditors: amounts falling due after more than one year
 11 
(57,448)
(39,778)

Provisions for liabilities
  

Deferred tax
  
(47,242)
(33,244)

Net assets
  
895,951
854,016


Capital and reserves
  

Called up share capital 
  
600,000
600,000

Profit and loss account
  
295,951
254,016

  
895,951
854,016


Page 2

 
AVELAIR LIMITED
REGISTERED NUMBER: 02800984
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 October 2023.




................................................
D J Wood (Managing Director)
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Avelair Limited is a private company, limited by shares, incorporated and domiciled in England and Wales.  The address of its registered office, and principal place of business is Unit C, Fred Castle Way, Rougham Industrial Estate, Bury St. Edmunds, Suffolk, IP30 9ND.
The Company's principal activity is that of the manufacture of air and gas compressors.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue recognition

Turnover comprises revenue recognised by the Company from the sale of compressors and spare parts and the servicing and hire of equipment during the year, exclusive of Value Added Tax and trade discounts
Revenue is recognised when compressors and spare parts are delivered and servicing has been carried out.  Hire charges are recognised on an accruals basis in terms of the hire days in the month equating to complete weeks.

 
2.3

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
 
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 
 
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Trademarks
-
10
years

Page 5

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line basis.

Depreciation is provided on the following basis:

Leasehold property
-
10%
straight line
Plant and machinery
-
10%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
10%
straight line
Computer equipment
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. 

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 23 (2022 - 22).


4.


Pension commitments

Contributions totalling £3,573 (2022 - £2,890) were payable to the fund at the balance sheet date and are included in creditors.


5.Other financial commitments

The Company had total financial commitments which are not included in the balance sheet amounting to
£518,993 (2022 - £38,500).

Page 7

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

6.


Stocks

2023
2022
£
£

Raw materials and consumables
697,543
433,038

Finished goods and goods for resale
99,447
102,427

796,990
535,465



7.


Intangible assets




Trademarks

£



Cost


At 1 May 2022 and 30 April 2023

170



Amortisation


At 1 May 2022
68


Charge for the year on owned assets
17



At 30 April 2023

85



Net book value



At 30 April 2023
85



At 30 April 2022
102



Page 8

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

8.


Tangible fixed assets





Leasehold property
Plant & machinery
Motor vehicles
Fixtures, fittings & equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2022
54,940
130,806
264,469
180,363
630,578


Additions
-
9,433
160,345
16,002
185,780


Disposals
-
(42,799)
(85,084)
(34,477)
(162,360)



At 30 April 2023

54,940
97,440
339,730
161,888
653,998



Depreciation


At 1 May 2022
54,940
93,668
151,411
152,220
452,239


Charge for the year on owned assets
-
8,161
49,936
14,483
72,580


Charge for the year on financed assets
-
-
14,424
-
14,424


Disposals
-
(42,799)
(68,350)
(34,477)
(145,626)



At 30 April 2023

54,940
59,030
147,421
132,226
393,617



Net book value



At 30 April 2023
-
38,410
192,309
29,662
260,381



At 30 April 2022
-
37,138
113,058
28,143
178,339


9.


Debtors

2023
2022
£
£


Trade debtors
232,956
260,434

Other debtors
3,649
5,985

Prepayments and accrued income
75,959
24,621

312,564
291,040


Page 9

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
286,987
193,757

Corporation tax
27,069
46,504

Other taxation and social security
97,070
67,027

Obligations under finance lease and hire purchase contracts
46,449
29,760

Other creditors
14,658
10,624

Accruals and deferred income
318,175
157,799

790,408
505,471


Obligations under finance lease and hire purchase contracts of £46,449 (2022 - £29,760) are secured on the assets financed.


11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Obligations under finance leases and hire purchase contracts
56,567
38,677

Capital grant received
881
1,101

57,448
39,778


Obligations under finance lease and hire purchase contracts of £56,567 (2022 - £38,677) are secured on the assets financed.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Released to profit and loss account in instalments
220
441

220
441



Page 10

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



300,000 Ordinary A shares of £1.00 each
300,000
300,000
60,000 Ordinary B shares of £1.00 each
60,000
60,000
234,000 Ordinary C shares of £1.00 each
234,000
234,000
6,000 Ordinary D shares of £1.00 each
6,000
6,000

600,000

600,000


 
Page 11