Company Registration No. 07589530 (England and Wales)
MONKWOOD AVIATION SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MONKWOOD AVIATION SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MONKWOOD AVIATION SERVICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
31 March 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
207
Current assets
Stocks
-
0
10,134
Debtors
4
14,523
-
0
Cash at bank and in hand
91,516
89,433
106,039
99,567
Creditors: amounts falling due within one year
5
(11,865)
(19,261)
Net current assets
94,174
80,306
Net assets
94,174
80,513
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
94,074
80,413
Total equity
94,174
80,513

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial Period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 13 February 2024
Mr B M Humphries
Director
Company Registration No. 07589530
MONKWOOD AVIATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Monkwood Aviation Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 227A West Street, Fareham, Hants, PO16 0HZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Reporting period

[ FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. ]

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
25% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

MONKWOOD AVIATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2023
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
1,749
Disposals
(1,749)
At 31 December 2023
-
0
Depreciation and impairment
At 1 April 2023
1,542
Eliminated in respect of disposals
(1,542)
At 31 December 2023
-
0
Carrying amount
At 31 December 2023
-
0
At 31 March 2023
207
MONKWOOD AVIATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
4
Debtors
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
14,523
-
0
5
Creditors: amounts falling due within one year
2023
2023
£
£
Corporation tax
3,532
6,319
Other creditors
8,333
12,942
11,865
19,261
2023-12-312023-04-01false13 February 2024CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr B Humphries075895302023-04-012023-12-31075895302023-12-31075895302023-03-3107589530core:OtherPropertyPlantEquipment2023-12-3107589530core:OtherPropertyPlantEquipment2023-03-3107589530core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3107589530core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3107589530core:CurrentFinancialInstruments2023-12-3107589530core:CurrentFinancialInstruments2023-03-3107589530core:ShareCapital2023-12-3107589530core:ShareCapital2023-03-3107589530core:RetainedEarningsAccumulatedLosses2023-12-3107589530core:RetainedEarningsAccumulatedLosses2023-03-3107589530bus:Director12023-04-012023-12-3107589530core:ComputerEquipment2023-04-012023-12-31075895302022-04-012023-03-3107589530core:OtherPropertyPlantEquipment2023-03-3107589530core:OtherPropertyPlantEquipment2023-04-012023-12-3107589530bus:PrivateLimitedCompanyLtd2023-04-012023-12-3107589530bus:SmallCompaniesRegimeForAccounts2023-04-012023-12-3107589530bus:FRS1022023-04-012023-12-3107589530bus:AuditExemptWithAccountantsReport2023-04-012023-12-3107589530bus:FullAccounts2023-04-012023-12-31xbrli:purexbrli:sharesiso4217:GBP