Westair Flying Services Ltd 356037 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is is that of aircraft piloting, leasing and other related activities. Digita Accounts Production Advanced 6.30.9574.0 true false false false false true false 2024-12-31 356037 2022-06-01 2023-05-31 356037 2023-05-31 356037 bus:Original 2023-05-31 356037 core:Associate1 2023-05-31 356037 core:CurrentFinancialInstruments 2023-05-31 356037 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 356037 core:Non-currentFinancialInstruments 2023-05-31 356037 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 356037 core:ConstructionInProgressAssetsUnderConstruction 2023-05-31 356037 core:FurnitureFittingsToolsEquipment 2023-05-31 356037 core:LandBuildings 2023-05-31 356037 core:MotorVehicles 2023-05-31 356037 core:OtherPropertyPlantEquipment 2023-05-31 356037 bus:SmallEntities 2022-06-01 2023-05-31 356037 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 356037 bus:FullAccounts 2022-06-01 2023-05-31 356037 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 356037 bus:RegisteredOffice 2022-06-01 2023-05-31 356037 bus:Director1 2022-06-01 2023-05-31 356037 bus:Director4 2022-06-01 2023-05-31 356037 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 356037 core:Associate1 2022-06-01 2023-05-31 356037 core:Associate1 countries:AllCountries 2022-06-01 2023-05-31 356037 core:Aircraft 2022-06-01 2023-05-31 356037 core:Buildings 2022-06-01 2023-05-31 356037 core:ConstructionInProgressAssetsUnderConstruction 2022-06-01 2023-05-31 356037 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 356037 core:LandBuildings 2022-06-01 2023-05-31 356037 core:MotorVehicles 2022-06-01 2023-05-31 356037 core:OfficeEquipment 2022-06-01 2023-05-31 356037 core:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 356037 core:PlantMachinery 2022-06-01 2023-05-31 356037 core:AllAssociates 2022-06-01 2023-05-31 356037 core:AllSubsidiaries 2022-06-01 2023-05-31 356037 core:OtherRelatedParties 2022-06-01 2023-05-31 356037 core:Subsidiary1 2022-06-01 2023-05-31 356037 core:Subsidiary1 1 2022-06-01 2023-05-31 356037 core:Subsidiary1 countries:England 2022-06-01 2023-05-31 356037 core:Subsidiary2 2022-06-01 2023-05-31 356037 core:Subsidiary2 1 2022-06-01 2023-05-31 356037 core:Subsidiary2 countries:England 2022-06-01 2023-05-31 356037 core:Subsidiary3 2022-06-01 2023-05-31 356037 core:Subsidiary3 1 2022-06-01 2023-05-31 356037 core:Subsidiary3 countries:England 2022-06-01 2023-05-31 356037 core:Subsidiary4 2022-06-01 2023-05-31 356037 core:Subsidiary4 1 2022-06-01 2023-05-31 356037 core:Subsidiary4 countries:England 2022-06-01 2023-05-31 356037 core:Subsidiary5 2022-06-01 2023-05-31 356037 core:Subsidiary5 1 2022-06-01 2023-05-31 356037 core:Subsidiary5 countries:England 2022-06-01 2023-05-31 356037 countries:England 2022-06-01 2023-05-31 356037 2022-05-31 356037 core:CostValuation 2022-05-31 356037 core:ConstructionInProgressAssetsUnderConstruction 2022-05-31 356037 core:FurnitureFittingsToolsEquipment 2022-05-31 356037 core:LandBuildings 2022-05-31 356037 core:MotorVehicles 2022-05-31 356037 core:OtherPropertyPlantEquipment 2022-05-31 356037 2021-06-01 2022-05-31 356037 2022-05-31 356037 core:CurrentFinancialInstruments 2022-05-31 356037 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 356037 core:Non-currentFinancialInstruments 2022-05-31 356037 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 356037 core:ConstructionInProgressAssetsUnderConstruction 2022-05-31 356037 core:FurnitureFittingsToolsEquipment 2022-05-31 356037 core:LandBuildings 2022-05-31 356037 core:MotorVehicles 2022-05-31 356037 core:OtherPropertyPlantEquipment 2022-05-31 356037 core:Associate1 2021-06-01 2022-05-31 356037 core:Subsidiary1 1 2021-06-01 2022-05-31 356037 core:Subsidiary2 1 2021-06-01 2022-05-31 356037 core:Subsidiary3 1 2021-06-01 2022-05-31 356037 core:Subsidiary4 1 2021-06-01 2022-05-31 356037 core:Subsidiary5 1 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 356037

Westair Flying Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Westair Flying Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Westair Flying Services Ltd

Company Information

Directors

P J Westoby

J R Westoby

Registered office

Hangar 8
Blackpool Airport
Squires Gate Lane
Blackpool
Lancashire
FY4 2QY

Accountants

Giles Hewitt & Co Ltd
Chartered Certified Accountants
257 Clifton Dr South
St Annes on Sea
Lytham St Annes
Lancashire
FY8 1HW

 

Westair Flying Services Ltd

(Registration number: 356037)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

666,484

696,901

Investments

5

6,558

6,558

 

673,042

703,459

Current assets

 

Debtors

6

163,706

199,139

Cash at bank and in hand

 

352,275

305,483

 

515,981

504,622

Creditors: Amounts falling due within one year

7

(313,493)

(295,986)

Net current assets

 

202,488

208,636

Total assets less current liabilities

 

875,530

912,095

Creditors: Amounts falling due after more than one year

7

(140,000)

(175,000)

Provisions for liabilities

(12,776)

(14,617)

Net assets

 

722,754

722,478

Capital and reserves

 

Called up share capital

8

120

120

Share premium reserve

149,970

149,970

Retained earnings

572,664

572,388

Shareholders' funds

 

722,754

722,478

 

Westair Flying Services Ltd

(Registration number: 356037)
Balance Sheet as at 31 May 2023

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.

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.

Approved and authorised by the Board on 15 February 2024 and signed on its behalf by:
 

.........................................
P J Westoby
Director

 

Westair Flying Services Ltd

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:
Hangar 8
Blackpool Airport
Squires Gate Lane
Blackpool
Lancashire
FY4 2QY

These financial statements were authorised for issue by the Board on 15 February 2024.

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.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

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.

 

Westair Flying Services Ltd

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

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.

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 less their residual values over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

15% on net book value

Aircraft

25% on net book value

Motor vehicles

25% on net book value

Computers

over 3 years on cost

Long leasehold buildings

2% on cost

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

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.

 

Westair Flying Services Ltd

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

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

 

Westair Flying Services Ltd

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

4

Tangible assets

Land and buildings
£

Office equipment
£

Motor vehicles
 £

Aircraft
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2022

653,910

35,875

8,494

192,973

104,512

995,764

At 31 May 2023

653,910

35,875

8,494

192,973

104,512

995,764

Depreciation

At 1 June 2022

48,006

27,784

2,713

162,451

57,909

298,863

Charge for the year

11,078

3,274

1,445

7,630

6,990

30,417

At 31 May 2023

59,084

31,058

4,158

170,081

64,899

329,280

Carrying amount

At 31 May 2023

594,826

4,817

4,336

22,892

39,613

666,484

At 31 May 2022

605,904

8,092

5,780

30,522

46,603

696,901

Included within the net book value of land and buildings above is £594,826 (2022 - £605,904) in respect of long leasehold land and buildings.
 

 

Westair Flying Services Ltd

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

5

Investments

2023
£

2022
£

Investments in subsidiaries

292

292

Investments in associates

6,266

6,266

6,558

6,558

Subsidiaries

£

Cost or valuation

At 1 June 2022

292

Provision

Carrying amount

At 31 May 2023

292

At 31 May 2022

292

Associates

£

Cost

At 1 June 2022

6,266

Provision

Carrying amount

At 31 May 2023

6,266

At 31 May 2022

6,266

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Western Computers Ltd

Hangar 8
Blackpool Airport
Blackpool
Lancashire
FY4 2QY

England

Ordinary

100%

100%

 

Westair Flying Services Ltd

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

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Western Software Ltd

Hangar 8
Blackpool Airport
Blackpool
Lancashire
FY4 2QY

England

Ordinary

100%

100%

Air Charter & Travel Ltd

Hangar 8
Blackpool Airport
Blackpool
Lancashire
FY4 2QY

England

Ordinary

100%

100%

737 Pro Ltd

Hangar 8
Blackpool Airport
Blackpool
Lancashire
FY4 2QY

England

Ordinary

100%

100%

Silverstar Aviation Ltd

Hangar 8
Blackpool Airport
Blackpool
Lancashire
FY4 2QY

England

Ordinary

100%

100%

Associates

Western Business Systems Ltd

3 Hardy Close Nelson Business Court
Ashton
Preston
Lancashire
PR2 2XP

Ordinary B

25%

25%

 

England

     

Subsidiary undertakings

Western Computers Ltd

The principal activity of Western Computers Ltd is dormant.

Western Software Ltd

The principal activity of Western Software Ltd is dormant.

Air Charter & Travel Ltd

The principal activity of Air Charter & Travel Ltd is dormant.

 

Westair Flying Services Ltd

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

737 Pro Ltd

The principal activity of 737 Pro Ltd is the operation of two aircraft simulators. The profit for the financial period of 737 Pro Ltd was £10,376 and the aggregate amount of capital and reserves at the end of the period was £(345).

Silverstar Aviation Ltd

The principal activity of Silverstar Aviation Ltd is dormant.

Associates

Western Business Systems Ltd

The principal activity of Western Business Systems Ltd is the sale and installation of computer hardware. Its financial period end is 31 December. The loss for the financial period of Western Business Systems Ltd was £7,086 and the aggregate amount of capital and reserves at the end of the period was £(4,534).

6

Debtors

Current

2023
£

2022
£

Trade debtors

104,206

150,617

Prepayments

30,452

7,974

Other debtors

29,048

40,548

 

163,706

199,139

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

128,943

128,206

Trade creditors

 

102,614

86,203

Taxation and social security

 

58,612

33,989

Accruals and deferred income

 

18,862

45,989

Other creditors

 

4,462

1,599

 

313,493

295,986



 

Creditors due under one year includes £35,000 (2022 £35,000) of a term loan which is secured and payable by equal instalments.

 

Westair Flying Services Ltd

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

140,000

175,000

Creditors due after one year includes £140,000 (2022 £175,000) of a term loan which is secured and payable by equal instalments.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

120

120

120

120

         


 

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

140,000

175,000

2023
£

2022
£

Current loans and borrowings

Other borrowings

128,943

128,206

Other borrowings

Loan is denominated in Pound sterling with a nominal interest rate of 0%, and the final instalment is due on 19 January 2028. The carrying amount at year end is £175,000 (2022 - £210,000).

The loan is secured on the company's long leasehold property at hangar 8, Blackpool Airport.

10

Related party transactions

Westair Flying School Ltd and Westair Engineering Services Ltd are companies also controlled by the company's directors and shareholders. The company leases aircraft to Westair Flying School Ltd. Westair Engineering Services Ltd repairs aircraft operated by the company. All of these transactions between the companies are considered to take place at market value and for that reason (in accordance with Financial Reporting Standard 102 Section 1A) have not been disclosed.

 

Westair Flying Services Ltd

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

29,791

30,850

Contributions paid to money purchase schemes

35,593

20,556

65,384

51,406

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

2

2

Summary of transactions with subsidiaries

Subsidiary company 737 Pro Ltd
 
The company has loaned £4,315 (2022 £8,315) to 737 Pro Ltd. The loan is interest free and unsecured.

 

Summary of transactions with associates


The company owns 25% of the issued ordinary share capital of Western Business Systems Ltd.

The company has loaned £23,946 (2022 £31,446) to Western Business Systems Ltd. The loan is interest free and unsecured.

 

Summary of transactions with other related parties

Other companies controlled by the company directors and shareholders
 
The company has made an interest free and unsecured loan to Westair Engineering Services Ltd of £787 (2022 £787).

The company has received an interest free and unsecured loan from Westair Flying School Ltd of £80,000 (2022 £80,000).