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REGISTERED NUMBER: 10212748 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

ARTESIAN AIR LIMITED

ARTESIAN AIR LIMITED (REGISTERED NUMBER: 10212748)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ARTESIAN AIR LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTOR: Mr J Hawkins





REGISTERED OFFICE: 26 Chepstow Road
London
W2 5BE





REGISTERED NUMBER: 10212748 (England and Wales)





ACCOUNTANTS: Bronsens
Chartered Certified Accountants
Eden House
Two Rivers Business Park
Witney
Oxfordshire
OX28 4BL

ARTESIAN AIR LIMITED (REGISTERED NUMBER: 10212748)

BALANCE SHEET
30 JUNE 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 29,735 25,036

CURRENT ASSETS
Stocks - 4,100
Debtors 5 55,719 43,069
Cash at bank 87,347 56,084
143,066 103,253
CREDITORS
Amounts falling due within one year 6 66,605 41,549
NET CURRENT ASSETS 76,461 61,704
TOTAL ASSETS LESS CURRENT
LIABILITIES

106,196

86,740

CREDITORS
Amounts falling due after more than one
year

7

(43,405

)

(48,242

)

PROVISIONS FOR LIABILITIES 8 (5,769 ) (4,674 )
NET ASSETS 57,022 33,824

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings 57,021 33,823
SHAREHOLDERS' FUNDS 57,022 33,824

ARTESIAN AIR LIMITED (REGISTERED NUMBER: 10212748)

BALANCE SHEET - continued
30 JUNE 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 14 March 2024 and were signed by:





Mr J Hawkins - Director


ARTESIAN AIR LIMITED (REGISTERED NUMBER: 10212748)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Artesian Air 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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
Turnover 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks 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 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.

ARTESIAN AIR LIMITED (REGISTERED NUMBER: 10212748)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2022 3,129 31,932 1,842 36,903
Additions - 37,475 1,396 38,871
Disposals - (31,932 ) - (31,932 )
At 30 June 2023 3,129 37,475 3,238 43,842
DEPRECIATION
At 1 July 2022 2,321 7,983 1,563 11,867
Charge for year 162 9,369 692 10,223
Eliminated on disposal - (7,983 ) - (7,983 )
At 30 June 2023 2,483 9,369 2,255 14,107
NET BOOK VALUE
At 30 June 2023 646 28,106 983 29,735
At 30 June 2022 808 23,949 279 25,036

ARTESIAN AIR LIMITED (REGISTERED NUMBER: 10212748)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2022 31,932
Additions 37,475
Disposals (31,932 )
At 30 June 2023 37,475
DEPRECIATION
At 1 July 2022 7,983
Charge for year 9,369
Eliminated on disposal (7,983 )
At 30 June 2023 9,369
NET BOOK VALUE
At 30 June 2023 28,106
At 30 June 2022 23,949

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 22,400 15,855
Other debtors 26,020 20,327
VAT 7,299 6,887
55,719 43,069

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 2,634 1,368
Trade creditors 31,177 14,405
Tax 13,457 6,042
Social security and other taxes 623 -
Directors' current accounts 829 653
Accruals and deferred income 7,885 9,081
66,605 41,549

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 9,167 19,167
Hire purchase contracts 24,238 19,075
43,405 48,242

ARTESIAN AIR LIMITED (REGISTERED NUMBER: 10212748)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

8. PROVISIONS FOR LIABILITIES
30.6.23 30.6.22
£    £   
Deferred tax
Accelerated capital allowances 5,769 4,674

Deferred
tax
£   
Balance at 1 July 2022 4,674
Charge to Income Statement during year 1,095
Balance at 30 June 2023 5,769

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
100 Ordinary £0.01 1 1

10. ULTIMATE CONTROLLING PARTY

The company was under the control of Mr J. Hawkins throughout the current period by virtue of his shareholding.