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Registration number: 06725523

Griffiths Aero Limited

trading as Marilake Aero Systems

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Griffiths Aero Limited

trading as Marilake Aero Systems

(Registration number: 06725523)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

28,988

33,302

Other financial assets

6

-

472,720

 

28,988

506,022

Current assets

 

Stocks

7

197,121

197,721

Debtors

8

1,584,273

327,779

Cash at bank and in hand

 

355,275

747,524

 

2,136,669

1,273,024

Creditors: Amounts falling due within one year

9

(359,748)

(272,445)

Net current assets

 

1,776,921

1,000,579

Total assets less current liabilities

 

1,805,909

1,506,601

Provisions for liabilities

(3,455)

(4,009)

Net assets

 

1,802,454

1,502,592

Capital and reserves

 

Called up share capital

10

1,000

1,000

Revaluation reserve

-

2,864

Retained earnings

1,801,454

1,498,728

Shareholders' funds

 

1,802,454

1,502,592

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Griffiths Aero Limited

trading as Marilake Aero Systems

(Registration number: 06725523)
Balance Sheet as at 31 October 2023

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 6 March 2024
 

.........................................
J T Wilson
Director

 

Griffiths Aero Limited

trading as Marilake Aero Systems

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
35 Chequers Court
Brown Street
Salisbury
Wiltshire
SP1 2AS
England

These financial statements were authorised for issue by the director on 6 March 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.

 

Griffiths Aero Limited

trading as Marilake Aero Systems

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

Going concern

The financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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, other than land and properties under construction over their estimated useful lives, as follows:

 

Griffiths Aero Limited

trading as Marilake Aero Systems

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

Asset class

Depreciation method and rate

Short leasehold

Straight line over 6 years

Improvements to property

Straight line over 6 years

Plant and machinery

25% reducing balance

Computer equipment

Straight line over 3 years

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Griffiths Aero Limited

trading as Marilake Aero Systems

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

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.

 

Griffiths Aero Limited

trading as Marilake Aero Systems

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 16 (2022 - 15).

 

Griffiths Aero Limited

trading as Marilake Aero Systems

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

5

5

At 31 October 2023

5

5

Amortisation

At 1 November 2022

5

5

At 31 October 2023

5

5

Carrying amount

At 31 October 2023

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

50,639

17,876

44,803

113,318

Additions

-

1,319

5,350

6,669

At 31 October 2023

50,639

19,195

50,153

119,987

Depreciation

At 1 November 2022

22,344

17,849

39,822

80,015

Charge for the year

7,931

467

2,586

10,984

At 31 October 2023

30,275

18,316

42,408

90,999

Carrying amount

At 31 October 2023

20,364

879

7,745

28,988

At 31 October 2022

28,295

26

4,981

33,302

Included within the net book value of land and buildings above is £20,364 (2022 - £28,295) in respect of short leasehold land and buildings.
 

 

Griffiths Aero Limited

trading as Marilake Aero Systems

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

6

Other financial assets (current and non-current)

Financial assets at revaluation
£

Total
£

Non-current financial assets

Cost or valuation

At 1 November 2022

472,720

472,720

Disposals

(472,720)

(472,720)

At 31 October 2023

-

-

Impairment

Carrying amount

At 31 October 2023

-

-

At 31 October 2022

472,720

472,720

7

Stocks

2023
£

2022
£

Other inventories

197,121

197,721

8

Debtors

Note

2023
£

2022
£

Trade debtors

 

382,569

296,238

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

1,159,835

-

Prepayments

 

25,846

23,123

Other debtors

 

16,023

8,418

 

1,584,273

327,779

Details of non-current trade and other debtors

£943,835 (2022 -£Nil) of Loans to parent undertaing is classified as non current.

 

Griffiths Aero Limited

trading as Marilake Aero Systems

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

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

104,645

48,015

Taxation and social security

152,122

85,194

Accruals and deferred income

89,092

112,630

Other creditors

13,889

26,606

359,748

272,445

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A £1 of £1 each

1,000

1,000

800

800

Ordinary B £1 of £1 each

-

-

50

50

Ordinary C £1 of £1 each

-

-

50

50

Ordinary D £1 of £1 each

-

-

50

50

Ordinary E £1 of £1 each

-

-

50

50

1,000

1,000

1,000

1,000

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

52,973

50,623

Later than one year and not later than five years

24,773

77,746

77,746

128,369

 

Griffiths Aero Limited

trading as Marilake Aero Systems

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

12

Parent and ultimate parent undertaking

Griffiths Aero Limited became a wholly owned subsidiary of Unique Aerospace Limited on 5 April 2023.

 The company's immediate parent is Unique Aerospace Limited, incorporated in England.

  These financial statements are available upon request from 35 Chequers Court, Brown Street, Salisbury, Wiltshire, SP1 2AS

 

The parent of the largest group in which these financial statements are consolidated is Unique Aerospace Limited.

The address of Unique Aerospace Limited is:
22B Castle Road, Carisbrooke, Newport, Isle of Wight, Hampshire, PO30 1DS