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REGISTERED NUMBER: 04103897 (England and Wales)















Power Aerobatics Limited

Financial Statements for the Year Ended 30th November 2023






Power Aerobatics Limited (Registered number: 04103897)

Contents of the Financial Statements
for the Year Ended 30th November 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Power Aerobatics Limited

Company Information
for the Year Ended 30th November 2023







DIRECTOR: Mr M Greenfield





SECRETARY: Mrs J Greenfield





REGISTERED OFFICE: 56 King Street
Emsworth
Hampshire
PO10 7AZ





REGISTERED NUMBER: 04103897 (England and Wales)





ACCOUNTANTS: Sheen Stickland
Chartered Accountants
7 East Pallant
Chichester
West Sussex
PO19 1TR

Power Aerobatics Limited (Registered number: 04103897)

Balance Sheet
30th November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 232,991 237,895

CURRENT ASSETS
Debtors 5 2,793 10,723
Cash at bank 173,365 156,652
176,158 167,375
CREDITORS
Amounts falling due within one year 6 179,614 158,480
NET CURRENT (LIABILITIES)/ASSETS (3,456 ) 8,895
TOTAL ASSETS LESS CURRENT
LIABILITIES

229,535

246,790

CREDITORS
Amounts falling due after more than one
year

7

15,666

25,785
NET ASSETS 213,869 221,005

CAPITAL AND RESERVES
Called up share capital 9 4 4
Retained earnings 10 213,865 221,001
SHAREHOLDERS' FUNDS 213,869 221,005

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 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.

Power Aerobatics Limited (Registered number: 04103897)

Balance Sheet - continued
30th November 2023


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 31st March 2024 and were signed by:





Mr M Greenfield - Director


Power Aerobatics Limited (Registered number: 04103897)

Notes to the Financial Statements
for the Year Ended 30th November 2023


1. STATUTORY INFORMATION

Power Aerobatics 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.

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.
Crew Room Fitout - 25% on cost
Office equipment - 33% on cost
Fixtures & equipment - 25% on cost
Aeroplanes - Straight line over 15 years
Crew Room equipment - 33% on cost

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 or deferred taxation assets and liabilities are not discounted.

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.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Power Aerobatics Limited (Registered number: 04103897)

Notes to the Financial Statements - continued
for the Year Ended 30th November 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Crew Room Office Fixtures
Fitout equipment & equipment
£    £    £   
COST
At 1st December 2022
and 30th November 2023 28,355 11,305 68,875
DEPRECIATION
At 1st December 2022 28,355 11,161 68,828
Charge for year - 144 47
At 30th November 2023 28,355 11,305 68,875
NET BOOK VALUE
At 30th November 2023 - - -
At 30th November 2022 - 144 47

Crew Room
Aeroplanes equipment Totals
£    £    £   
COST
At 1st December 2022
and 30th November 2023 302,719 29,143 440,397
DEPRECIATION
At 1st December 2022 65,015 29,143 202,502
Charge for year 4,713 - 4,904
At 30th November 2023 69,728 29,143 207,406
NET BOOK VALUE
At 30th November 2023 232,991 - 232,991
At 30th November 2022 237,704 - 237,895

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,001 10,723
Prepayments and accrued income 792 -
2,793 10,723

Power Aerobatics Limited (Registered number: 04103897)

Notes to the Financial Statements - continued
for the Year Ended 30th November 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 8) 10,119 9,870
Tax 23,140 18,038
Social security and other taxes 236 412
VAT 11,027 15,062
Credit Cards 1,383 4,334
Pension creditor 73 81
Accruals and deferred income 133,636 110,683
179,614 158,480

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 8) 15,666 25,785

8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,119 9,870

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,375 10,119

Amounts falling due between two and five years:
Bank loans - 2-5 years 5,291 15,666

During the year ended 30 November 2020 the Company received a £50,000 Bounce Back loan from HSBC, this is to be repaid over 5 year at an interest rate of 2.5% per annum.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4 Ordinary £1 4 4

Power Aerobatics Limited (Registered number: 04103897)

Notes to the Financial Statements - continued
for the Year Ended 30th November 2023


10. RESERVES
Retained
earnings
£   

At 1st December 2022 221,001
Profit for the year 78,864
Dividends (86,000 )
At 30th November 2023 213,865

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Power Aerobatics Limited


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Power Aerobatics Limited for the year ended 30th November 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Power Aerobatics Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Power Aerobatics Limited and state those matters that we have agreed to state to the director of Power Aerobatics Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Power Aerobatics Limited and its director for our work or for this report.

It is your duty to ensure that Power Aerobatics Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Power Aerobatics Limited. You consider that Power Aerobatics Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Power Aerobatics Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Sheen Stickland
Chartered Accountants
7 East Pallant
Chichester
West Sussex
PO19 1TR


31st March 2024