Registered number
06811675
SLASHAIR LTD
Filleted Accounts
28 February 2023
SLASHAIR LTD
Registered number: 06811675
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 6,000 6,000
Tangible assets 4 115,567 124,146
121,567 130,146
Current assets
Stocks 6,900 22,114
Debtors 5 43,754 20,000
Cash at bank and in hand 106,137 38,976
156,791 81,090
Creditors: amounts falling due within one year 6 (97,524) (90,528)
Net current assets/(liabilities) 59,267 (9,438)
Total assets less current liabilities 180,834 120,708
Creditors: amounts falling due after more than one year 7 (82,173) (32,500)
Net assets 98,661 88,208
Capital and reserves
Called up share capital 1 1
Profit and loss account 98,660 88,207
-
Shareholder's funds 98,661 88,208
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Hayes
Director
Approved by the board on 28 November 2023
SLASHAIR LTD
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 6,000
Additions -
Disposals -
At 28 February 2023 6,000
Amortisation
At 1 March 2022 -
Provided during the year -
On disposals -
At 28 February 2023 -
Net book value
At 28 February 2023 6,000
At 28 February 2022 6,000
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2022 81,417 10,233 63,454 155,104
Additions - - - -
Surplus on revaluation - - - -
Disposals - - - -
At 28 February 2023 81,417 10,233 63,454 155,104
Depreciation
At 1 March 2022 - 9,587 21,371 30,958
Charge for the year - 162 8,417 8,579
Surplus on revaluation - - - -
On disposals - - - -
At 28 February 2023 - 9,749 29,788 39,537
Net book value
At 28 February 2023 81,417 484 33,666 115,567
At 28 February 2022 81,417 646 42,083 124,146
5 Debtors 2023 2022
£ £
Other debtor 3,950 -
Amounts owed by group undertakings and undertakings in which the company has a participating interest - -
Prepayments 39,804 20,000
43,754 20,000
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 26,654 14,062
Trade creditors 3,850 9,750
Amounts owed to group undertakings and undertakings in which the company has a participating interest 30,738 31,738
Taxation and social security costs 38,354 33,370
Other creditors (2,072) 1,608
97,524 90,528
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 82,173 32,500
82,173 32,500
8 Controlling party
The Company is controlled by the Director is the 100% shareholder.
9 Other information
SLASHAIR LTD is a private company limited by shares and incorporated in England. Its registered office is:
The Old Hyde
3 Shaftesbury Close
West Moors
Dorset
BH22 0DZ
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