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COMPANY REGISTRATION NUMBER: 05422891
Northumbria Aerospace Limited T/As NAL Engineering Ltd
Filleted Unaudited Financial Statements
31 March 2023
Northumbria Aerospace Limited T/As NAL Engineering Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
294,519
314,789
Current assets
Debtors
6
89,049
68,893
Cash at bank and in hand
3,250
9,335
-------
-------
92,299
78,228
Creditors: amounts falling due within one year
7
368,708
349,352
---------
---------
Net current liabilities
276,409
271,124
---------
---------
Total assets less current liabilities
18,110
43,665
Creditors: amounts falling due after more than one year
8
23,250
32,250
-------
-------
Net (liabilities)/assets
( 5,140)
11,415
-------
-------
Capital and reserves
Called up share capital
9
3
3
Other reserves
128,072
128,072
Profit and loss account
( 133,215)
( 116,660)
---------
---------
Shareholders (deficit)/funds
( 5,140)
11,415
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 December 2023 , and are signed on behalf of the board by:
C M McLeod
Director
Company registration number: 05422891
Northumbria Aerospace Limited T/As NAL Engineering Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hangar 1 Southside, Woolsington, Newcastle Upon Tyne, NE13 8BT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest £1.
Going concern
The financial statements are prepared on the going concern basis. In the director's opinion the company will generate sufficient resources from operations and has access to adequate funding to enable the company to continue in operational existence for the foreseeable future.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
4% straight line
Fixtures and fittings
-
25% reducing balance
Aircraft
-
10% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 2 ).
5. Tangible assets
Short leasehold property
Fixtures and fittings
Aircraft
Total
£
£
£
£
Cost
At 1 April 2022
30,181
31,552
322,398
384,131
Additions
14,813
910
15,723
-------
-------
---------
---------
At 31 March 2023
30,181
46,365
323,308
399,854
-------
-------
---------
---------
Depreciation
At 1 April 2022
10,145
21,257
37,940
69,342
Charge for the year
1,207
2,455
32,331
35,993
-------
-------
---------
---------
At 31 March 2023
11,352
23,712
70,271
105,335
-------
-------
---------
---------
Carrying amount
At 31 March 2023
18,829
22,653
253,037
294,519
-------
-------
---------
---------
At 31 March 2022
20,036
10,295
284,458
314,789
-------
-------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
19,161
18,214
Other debtors
69,888
50,679
-------
-------
89,049
68,893
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,000
9,000
Trade creditors
36,732
25,876
Social security and other taxes
6,404
4,697
Other creditors
316,572
309,779
---------
---------
368,708
349,352
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,250
32,250
-------
-------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.01 each
300
3
300
3
----
----
----
----
10. Other financial commitments
The total amount of financial commitments (obligations under a non-cancellable operating lease) not accounted for in the balance sheet amounts to £ 41,220 (2022: £68,700).