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Registration number: 10197013

Trecanair Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Trecanair Limited

Contents

Directors' Report

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

Detailed Profit and Loss Account

10

 

Trecanair Limited

Directors' Report for the Year Ended 31 May 2023

The directors present their report and the financial statements for the year ended 31 May 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Nicholas Chittenden

Mrs Charlotte Georgina Pares Chittenden

Principal activity

The principal activity of the company is piloting of aircraft

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 29 November 2023 and signed on its behalf by:
 

.........................................
Mr Nicholas Chittenden
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Trecanair Limited
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Trecanair Limited for the year ended 31 May 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Trecanair Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Trecanair Limited and state those matters that we have agreed to state to the Board of Directors of Trecanair Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Trecanair Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Trecanair Limited 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 Trecanair Limited. You consider that Trecanair Limited 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 Trecanair 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 accounts.

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

Welch & Co (South West) Limited
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

29 November 2023

 

Trecanair Limited

(Registration number: 10197013)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

4,423

4,599

Current assets

 

Debtors

6

508

551

Cash at bank and in hand

 

4,269

5,139

 

4,777

5,690

Creditors: Amounts falling due within one year

7

(9,965)

(11,060)

Net current liabilities

 

(5,188)

(5,370)

Net liabilities

 

(765)

(771)

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

(767)

(773)

Shareholders' deficit

 

(765)

(771)

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 29 November 2023 and signed on its behalf by:
 

.........................................
Mr Nicholas Chittenden
Director

 

Trecanair Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

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

The address of its registered office is:
Lower Polscoe Farm
Cott Road
Lostwithiel
Cornwall
PL22 0HL

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Trecanair Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 2).

4

Profit/loss before tax

Arrived at after charging/(crediting)

 

Trecanair Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

2023
£

2022
£

Depreciation expense

630

1,533

 

Trecanair Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

429

10,299

10,728

Additions

455

-

455

At 31 May 2023

884

10,299

11,183

Depreciation

At 1 June 2022

386

5,743

6,129

Charge for the year

125

506

631

At 31 May 2023

511

6,249

6,760

Carrying amount

At 31 May 2023

373

4,050

4,423

At 31 May 2022

43

4,556

4,599

6

Debtors

Current

2023
£

2022
£

Other debtors

508

551

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

9,965

10,187

Other creditors

 

-

873

 

9,965

11,060

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         
 

Trecanair Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

9,965

10,187

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £Nil per each Ordinary

 

-

 

-

         

11

Related party transactions

 

Trecanair Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

1,805

-

 

Trecanair Limited

Detailed Profit and Loss Account for the Year Ended 31 May 2023

2023
 £

2022
 £

Turnover

Rendering of services, UK

4,902

1,856

Cost of sales

Materials

-

167

Aircraft maintenance /repairs

-

1,200

Directors remuneration

1,805

-

Directors NIC (Employers)

74

-

1,879

1,367

Establishment costs

Rent

(600)

(850)

Insurance

(246)

(246)

(846)

(1,096)

General administrative expenses

Web/Internet

(108)

(21)

Printing, postage and stationery

(20)

-

Motor expenses

(208)

(687)

Payroll

-

(114)

Accountancy fees

(240)

(940)

Legal and professional fees

(832)

(357)

(1,408)

(2,119)

Finance charges

Bank charges

(90)

(173)

Depreciation costs

Depreciation of plant and machinery (owned)

(506)

(1,519)

Depreciation of office equipment (owned)

(124)

(14)

(630)

(1,533)

Operating profit/(loss)

49

(4,432)

Profit/(loss) before tax

49

(4,432)