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REGISTERED NUMBER: SC061876 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Cormack (Aircraft Services) Limited

Cormack (Aircraft Services) Limited (Registered number: SC061876)






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


Cormack (Aircraft Services) Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: G Cormack



SECRETARY: Miss S Ellcome



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



REGISTERED NUMBER: SC061876 (Scotland)



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



BANKERS: Clydesdale Bank Plc
Dunn Square Branch
1 Causeyside Street
Paisley
PA1 1BH

Cormack (Aircraft Services) Limited (Registered number: SC061876)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 268,913 298,775

CURRENT ASSETS
Stocks 35,794 26,061
Debtors 5 86,517 106,088
Cash at bank and in hand 918,400 692,891
1,040,711 825,040
CREDITORS
Amounts falling due within one year 6 218,165 164,115
NET CURRENT ASSETS 822,546 660,925
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,091,459

959,700

PROVISIONS FOR LIABILITIES 8,127 12,714
NET ASSETS 1,083,332 946,986

CAPITAL AND RESERVES
Called up share capital 50,002 50,002
Retained earnings 1,033,330 896,984
SHAREHOLDERS' FUNDS 1,083,332 946,986

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.

Cormack (Aircraft Services) Limited (Registered number: SC061876)

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 director and authorised for issue on 20 November 2023 and were signed by:





G Cormack - Director


Cormack (Aircraft Services) Limited (Registered number: SC061876)

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

1. STATUTORY INFORMATION

Cormack (Aircraft Services) Limited 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.
Land and buildings - 2% on cost
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.

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.

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 3 (2022 - 3 ) .

Cormack (Aircraft Services) Limited (Registered number: SC061876)

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

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 285,950 177,947 463,897
Additions - 496 496
Disposals - (18,750 ) (18,750 )
At 31 March 2023 285,950 159,693 445,643
DEPRECIATION
At 1 April 2022 54,091 111,031 165,122
Charge for year 5,718 14,094 19,812
Eliminated on disposal - (8,204 ) (8,204 )
At 31 March 2023 59,809 116,921 176,730
NET BOOK VALUE
At 31 March 2023 226,141 42,772 268,913
At 31 March 2022 231,859 66,916 298,775

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 49,470 41,353
Other debtors 37,047 64,735
86,517 106,088

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 28,276 10,558
Taxation and social security 49,747 9,296
Other creditors 140,142 144,261
218,165 164,115

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

7. RELATED PARTY DISCLOSURES

During the year, total dividends of £2,000 (2022 - £4,000) were paid to the director .

8. GOVERNMENT GRANTS

During the year the company benefited from £nil (2022 - £5,801) of government grants from Coronavirus Job Retention Scheme. In accordance with our accounting policy this credit is included in other income within the Income Statement over the same period as the staff costs for which it compensates.