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REGISTERED NUMBER: 03704282 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

AEROSPEED LTD

AEROSPEED LTD (REGISTERED NUMBER: 03704282)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


AEROSPEED LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: Mr S W Purchase
Mrs V S Purchase





SECRETARY: Mr S W Purchase





REGISTERED OFFICE: 11 Bancroft
Hitchin
Hertfordshire
SG5 1JQ





REGISTERED NUMBER: 03704282 (England and Wales)





ACCOUNTANTS: Bradshaw Johnson
Chartered Accountants
Croft Chambers
11 Bancroft
Hitchin
Hertfordshire
SG5 1JQ

AEROSPEED LTD (REGISTERED NUMBER: 03704282)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 266,710 255,561
Investments 5 30,000 -
296,710 255,561

CURRENT ASSETS
Stocks 57,000 57,000
Debtors 6 486,642 652,489
Cash at bank 523,669 385,614
1,067,311 1,095,103
CREDITORS
Amounts falling due within one year 7 35,932 25,419
NET CURRENT ASSETS 1,031,379 1,069,684
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,328,089

1,325,245

PROVISIONS FOR LIABILITIES 47,623 48,450
NET ASSETS 1,280,466 1,276,795

CAPITAL AND RESERVES
Called up share capital 795,000 795,000
Revaluation reserve 8 245,000 255,000
Retained earnings 240,466 226,795
SHAREHOLDERS' FUNDS 1,280,466 1,276,795

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

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

The directors acknowledge their 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.

AEROSPEED LTD (REGISTERED NUMBER: 03704282)

STATEMENT OF FINANCIAL POSITION - continued
30 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 Board of Directors and authorised for issue on 2 April 2024 and were signed on its behalf by:





Mr S W Purchase - Director


AEROSPEED LTD (REGISTERED NUMBER: 03704282)

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

1. STATUTORY INFORMATION

Aerospeed Ltd 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced aircraft hire fees, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Aircraft - 10% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

Aircraft are depreciated at the rate shown above and are revalued either externally or by the director on an open market basis as at the year end on a regular basis and particularly when it is felt that values have changed significantly during the year.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

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

AEROSPEED LTD (REGISTERED NUMBER: 03704282)

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

4. TANGIBLE FIXED ASSETS
Motor Computer
Aircraft vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 December 2022 255,000 - 912 255,912
Additions - 26,765 446 27,211
Revaluations (10,000 ) - - (10,000 )
At 30 November 2023 245,000 26,765 1,358 273,123
DEPRECIATION
At 1 December 2022 - - 351 351
Charge for year 25,500 5,353 709 31,562
Revaluation adjustments (25,500 ) - - (25,500 )
At 30 November 2023 - 5,353 1,060 6,413
NET BOOK VALUE
At 30 November 2023 245,000 21,412 298 266,710
At 30 November 2022 255,000 - 561 255,561

Cost or valuation at 30 November 2023 is represented by:

Plant and
machinery
etc
£   
Valuation in 2023 (173,634 )
Cost 446,757
273,123

If the aircraft had not been revalued they would have been included at the following historical cost:

30.11.23 30.11.22
£    £   
Cost 418,364 418,634
Aggregate depreciation 418,634 418,634

The aircraft were valued on an open market basis on 30 November 2023 by the director, Mr S W Purchase .

Prior year revaluations have been consolidated in the figure for revaluations in the year ended 30 November 2022.

5. FIXED ASSET INVESTMENTS

The investment is in Smart Property Maintenance and Renovation Ltd and is in the form of preference shares. The directors son, Mr George Purchase, holds 50% of the issued ordinary shares.The investment is shown at cost.

AEROSPEED LTD (REGISTERED NUMBER: 03704282)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 482,000 652,000
VAT 4,642 489
486,642 652,489

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade creditors 30,629 2,880
Tax 3,953 21,245
Directors' current accounts 301 275
Accrued expenses 1,049 1,019
35,932 25,419

8. RESERVES
Revaluation
reserve
£   
At 1 December 2022 255,000
Revalued in the year (10,000 )
Depreciation 25,500
Transfers (25,500 )

At 30 November 2023 245,000

9. RELATED PARTY DISCLOSURES

The controlling party of the company and only shareholders are the two directors.

Trade debtors includes £280,000 due from Helix AV Ltd, a company partly owned by Mr S W Purchase.

During the year there were sales of £40,667 (2022: £458,000) and purchase of £23,019 (2022: £9,701) to/from the company.