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REGISTERED NUMBER: 00756920 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Truman Aviation Limited

Truman Aviation Limited (Registered number: 00756920)






Contents of the Financial Statements
for the year ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Truman Aviation Limited

Company Information
for the year ended 31 October 2023







DIRECTORS: J B Wells
M W Truman
Mrs J D Robinson
Ms L N Thompson





SECRETARY: J B Wells





REGISTERED OFFICE: Granary House
2 Wells Road
Edwalton
Nottingham
Nottinghamshire
NG12 4DR





REGISTERED NUMBER: 00756920 (England and Wales)





ACCOUNTANTS: Clayton & Brewill
Chartered Accountants
Cawley House
149-155 Canal Street
Nottingham
Nottinghamshire
NG1 7HR

Truman Aviation Limited (Registered number: 00756920)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 13,657 17,862

CURRENT ASSETS
Inventories 11,380 6,758
Debtors 5 295,261 308,558
Cash at bank and in hand 127,712 71,689
434,353 387,005
CREDITORS
Amounts falling due within one year 6 40,328 44,591
NET CURRENT ASSETS 394,025 342,414
TOTAL ASSETS LESS CURRENT
LIABILITIES

407,682

360,276

PROVISIONS FOR LIABILITIES 3,414 3,394
NET ASSETS 404,268 356,882

CAPITAL AND RESERVES
Called up share capital 7 55,000 55,000
Other reserves 3,831 3,831
Retained earnings 345,437 298,051
SHAREHOLDERS' FUNDS 404,268 356,882

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

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 2 February 2024 and were signed on its behalf by:





J B Wells - Director


Truman Aviation Limited (Registered number: 00756920)

Notes to the Financial Statements
for the year ended 31 October 2023

1. STATUTORY INFORMATION

Truman Aviation Limited is a private company, limited by shares , registered in England and Wales. 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
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - equally over the period of the lease
Improvements to property - 10% on cost
Fixtures and fittings - 33% on cost, 10% on cost and 10% on reducing balance
Motor vehicles - 25% on reducing balance and 10% on cost
Training Aircraft - Straight line over 10 years

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 12 ) .

Truman Aviation Limited (Registered number: 00756920)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

4. PROPERTY, PLANT AND EQUIPMENT
Improvements Fixtures
Short to and
leasehold property fittings
£    £    £   
COST
At 1 November 2022 187,200 128,424 139,130
Disposals - - -
At 31 October 2023 187,200 128,424 139,130
DEPRECIATION
At 1 November 2022 187,200 127,721 134,228
Charge for year - 388 1,818
Eliminated on disposal - - -
At 31 October 2023 187,200 128,109 136,046
NET BOOK VALUE
At 31 October 2023 - 315 3,084
At 31 October 2022 - 703 4,902

Motor Training
vehicles Aircraft Totals
£    £    £   
COST
At 1 November 2022 58,375 192,715 705,844
Disposals - (60,000 ) (60,000 )
At 31 October 2023 58,375 132,715 645,844
DEPRECIATION
At 1 November 2022 46,118 192,715 687,982
Charge for year 1,999 - 4,205
Eliminated on disposal - (60,000 ) (60,000 )
At 31 October 2023 48,117 132,715 632,187
NET BOOK VALUE
At 31 October 2023 10,258 - 13,657
At 31 October 2022 12,257 - 17,862

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 32,327 38,283
Other debtors 247,600 250,000
Prepayments 15,334 20,275
295,261 308,558

Truman Aviation Limited (Registered number: 00756920)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 5,449 20,592
Tax 14,333 9,482
VAT 6,909 1,773
Accruals and deferred income 13,637 12,744
40,328 44,591

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
25,000 Voting A Ordinary 0.10 2,500 2,500
25,000 Non Voting B Ordinary 0.10 2,500 2,500
50,000 Non Cumulative Preference
Shares 1 50,000 50,000
55,000 55,000