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REGISTERED NUMBER: SC332375 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Islander Aircraft Ltd.
Trading as
Cormack Islander Aircraft

Islander Aircraft Ltd. (Registered number: SC332375)
Trading as Cormack Islander Aircraft






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Islander Aircraft Ltd.
Trading as Cormack Islander Aircraft

Company Information
for the Year Ended 31 March 2023







DIRECTORS: G Cormack
Miss K Smith





REGISTERED OFFICE: Cumbernauld Airport
Duncan McIntosh Road
Cumbernauld
Glasgow
G68 0HH





REGISTERED NUMBER: SC332375 (Scotland)





ACCOUNTANTS: Clements
Chartered Accountants
39 St Vincent Place
Glasgow
G1 2ER

Islander Aircraft Ltd. (Registered number: SC332375)
Trading as Cormack Islander Aircraft

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 701,799 582,210

CURRENT ASSETS
Stocks 966,000 8,549
Debtors 5 676,505 1,224,941
Cash at bank and in hand 541,644 1,243,673
2,184,149 2,477,163
CREDITORS
Amounts falling due within one year 6 1,906,596 2,526,726
NET CURRENT ASSETS/(LIABILITIES) 277,553 (49,563 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

979,352

532,647

PROVISIONS FOR LIABILITIES 86,386 66,626
NET ASSETS 892,966 466,021

CAPITAL AND RESERVES
Called up share capital 250 250
Retained earnings 7 892,716 465,771
SHAREHOLDERS' FUNDS 892,966 466,021

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 directors acknowledge their 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.

Islander Aircraft Ltd. (Registered number: SC332375)
Trading as Cormack Islander Aircraft

Balance Sheet - 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2023 and were signed on its behalf by:





G Cormack - Director


Islander Aircraft Ltd. (Registered number: SC332375)
Trading as Cormack Islander Aircraft

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Islander Aircraft Ltd. is a private company, limited by shares , registered in Scotland. 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.

Turnover
The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts. Revenue is recognised when the company has the right to receive it.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and at varying rates on cost

Stocks
Stocks are valued at the lower of cost and selling price less costs to complete and sell.

Financial instruments
The company only has basic financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

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 13 (2022 - 15 ) .

Islander Aircraft Ltd. (Registered number: SC332375)
Trading as Cormack Islander Aircraft

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 827,291
Additions 282,035
Disposals (142,884 )
At 31 March 2023 966,442
DEPRECIATION
At 1 April 2022 245,081
Charge for year 36,383
Eliminated on disposal (16,821 )
At 31 March 2023 264,643
NET BOOK VALUE
At 31 March 2023 701,799
At 31 March 2022 582,210

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 626,325 1,086,033
Other debtors 50,180 138,908
676,505 1,224,941

Included in other debtors is the director's loan which is unsecured, interest free and repayable on demand.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 61,169 55,143
Taxation and social security 337,676 215,899
Other creditors 1,507,751 2,255,684
1,906,596 2,526,726

7. RESERVES
Retained
earnings
£   

At 1 April 2022 465,771
Profit for the year 1,337,724
Employee ownership trust gifts (910,779 )
At 31 March 2023 892,716

Islander Aircraft Ltd. (Registered number: SC332375)
Trading as Cormack Islander Aircraft

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
G Cormack
Balance outstanding at start of year 27,835 456
Amounts advanced - 27,379
Amounts repaid (26,677 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,158 27,835

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is The Islander Aircraft Ltd Employee Ownership Trust.