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Registration number: 04567935

Aerial Services Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Aerial Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Aerial Services Limited

Company Information

Directors

J Garvin

C Garvin

Registered office

11-21 Old Paradise Street
London
SE11 6BB

Accountants

Landmark Accountants Limited
Chartered Accountants
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

Aerial Services Limited

(Registration number: 04567935)
Balance Sheet as at 31 March 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Intangible assets

4

 

800,000

 

800,000

Tangible assets

5

 

110,644

 

118,905

   

910,644

 

918,905

Current assets

   

 

Stocks

6

33,746

 

25,768

 

Debtors

7

489,076

 

452,120

 

Cash at bank and in hand

 

599,418

 

507,648

 

 

1,122,240

 

985,536

 

Creditors: Amounts falling due within one year

8

(227,471)

 

(262,675)

 

Net current assets

   

894,769

 

722,861

Total assets less current liabilities

   

1,805,413

 

1,641,766

Provisions for liabilities

 

(19,148)

 

(16,298)

Net assets

   

1,786,265

 

1,625,468

Capital and reserves

   

 

Called up share capital

50

 

50

 

Capital redemption reserve

50

 

50

 

Profit and loss account

1,786,165

 

1,625,368

 

Total equity

   

1,786,265

 

1,625,468

For the financial 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.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Aerial Services Limited

(Registration number: 04567935)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 8 February 2024 and signed on its behalf by:
 

.........................................
J Garvin
Director

.........................................
C Garvin
Director

 

Aerial Services Limited

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

1

General information

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

The address of its registered office is:
11-21 Old Paradise Street
London
SE11 6BB

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.

The presentational currency of these accounts is £ Sterling. The level of rounding is to the nearest £.

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 and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Aerial Services Limited

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on a reduced balance

Fixtures and fittings

20% on a reduced balance

Motor vehicles

25% on a reduced balance

Computer equipment

33.33% on cost

Goodwill

Goodwill represents the amount capitalised in connection with the incorporation of the business in May 2013. Goodwill on incorporation is amortised evenly over its estimated useful life, having taken into account its estimated residual value. In the opinion of the directors, the residual value of goodwill can be established reliably on the same basis on which it was initially calculated and, as such, the amortisation of goodwill on incorporation is considered immaterial. Therefore, no amortisation has been charged in these financial statements.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are
amortised on a straight line basis over their estimated useful lives.

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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Aerial Services Limited

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

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 15).

 

Aerial Services Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

800,000

800,000

At 31 March 2023

800,000

800,000

Amortisation

Carrying amount

At 31 March 2023

800,000

800,000

At 31 March 2022

800,000

800,000

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

83,233

4,855

16,605

157,016

261,709

Additions

-

-

-

23,301

23,301

Disposals

-

-

-

(23,288)

(23,288)

At 31 March 2023

83,233

4,855

16,605

157,029

261,722

Depreciation

At 1 April 2022

36,370

3,937

14,538

87,959

142,804

Charge for the year

9,373

184

1,070

18,643

29,270

Eliminated on disposal

-

-

-

(20,996)

(20,996)

At 31 March 2023

45,743

4,121

15,608

85,606

151,078

Carrying amount

At 31 March 2023

37,490

734

997

71,423

110,644

At 31 March 2022

46,863

918

2,067

69,057

118,905

 

Aerial Services Limited

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

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

33,746

25,768

7

Debtors

2023
£

2022
£

Trade debtors

279,904

251,551

Prepayments

11,138

11,077

Other debtors

198,034

189,492

 

489,076

452,120

8

Creditors

2023
£

2022
£

Due within one year

Trade creditors

10,573

6,659

Taxation and social security

200,208

196,583

Other creditors

16,690

59,433

227,471

262,675

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2022 - £40,034).

10

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Loan to directors

189,490

213,033

(216,200)

186,323

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Loan to directors

-

207,170

(17,680)

189,490

         
       

 

The loan to directors has interest charged at 2% (2022 - 2%) and the loan is repayable on demand.