737 Pro Limited 10975903 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is the operation of two aircraft flight simulators. Digita Accounts Production Advanced 6.30.9574.0 true true 10975903 2022-06-01 2023-05-31 10975903 2023-05-31 10975903 bus:Original 2023-05-31 10975903 core:CurrentFinancialInstruments 2023-05-31 10975903 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 10975903 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 10975903 core:OtherPropertyPlantEquipment 2023-05-31 10975903 bus:SmallEntities 2022-06-01 2023-05-31 10975903 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 10975903 bus:FullAccounts 2022-06-01 2023-05-31 10975903 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 10975903 bus:RegisteredOffice 2022-06-01 2023-05-31 10975903 bus:Director2 2022-06-01 2023-05-31 10975903 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 10975903 core:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 10975903 core:PlantMachinery 2022-06-01 2023-05-31 10975903 core:ParentEntities 2022-06-01 2023-05-31 10975903 countries:England 2022-06-01 2023-05-31 10975903 2022-05-31 10975903 core:OtherPropertyPlantEquipment 2022-05-31 10975903 2021-10-01 2022-05-31 10975903 2022-05-31 10975903 core:CurrentFinancialInstruments 2022-05-31 10975903 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 10975903 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 10975903 core:OtherPropertyPlantEquipment 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 10975903

737 Pro Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

737 Pro Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

737 Pro Limited

Company Information

Director

Mr P J 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

 

737 Pro Limited

(Registration number: 10975903)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,928

9,618

Current assets

 

Debtors

5

3,812

3,598

Cash at bank and in hand

 

14,066

10,837

 

17,878

14,435

Creditors: Amounts falling due within one year

6

(18,418)

(23,841)

Net current liabilities

 

(540)

(9,406)

Total assets less current liabilities

 

7,388

212

Creditors: Amounts falling due after more than one year

6

(7,733)

(10,933)

Net liabilities

 

(345)

(10,721)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(445)

(10,821)

Shareholders' deficit

 

(345)

(10,721)

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 February 2024
 

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

 

737 Pro Limited

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 director 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 accounts have been prepared on a going concern basis.

Revenue recognition

Turnover comprises income from the provision of prearranged timed sessions on two aircraft simulators. Sessions can be paid for directly or by the purchase of vouchers at a discount. Income is recognised when the arranged session takes place or in the case of non-use when the related voucher expires. Turnover is shown net of value added tax, rebates and discounts.

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

over 7 years on cost

 

737 Pro Limited

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

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.

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.

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.

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.

 

737 Pro Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

737 Pro Limited

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

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

11,833

11,833

At 31 May 2023

11,833

11,833

Depreciation

At 1 June 2022

2,215

2,215

Charge for the year

1,690

1,690

At 31 May 2023

3,905

3,905

Carrying amount

At 31 May 2023

7,928

7,928

At 31 May 2022

9,618

9,618

5

Debtors

Current

2023
£

2022
£

Trade debtors

445

256

Prepayments

167

142

Other debtors

3,200

3,200

 

3,812

3,598

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

3,200

3,200

Trade creditors

 

9,495

10,151

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

4,315

8,315

Taxation and social security

 

408

467

Accruals and deferred income

 

960

1,668

Other creditors

 

40

40

 

18,418

23,841

 

737 Pro Limited

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

7,733

10,933

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Related party transactions

Summary of transactions with parent

Westair Flying Services Ltd



 Westair Flying Services Ltd has made an interest free and unsecured loan of £4,315 (2022 £8,315) to the company.

Westair Flying Services Ltd owns the one of the two aircraft simulators the company uses in its business. Westair Flying Services Ltd leases the simulator it owns to the company free of charge.

The company received other operating income in the year of £4,000 from Westar Flying Services Ltd for supervision undertaken on its behalf.

 

.