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Registration number: 03770267

Microswift Aviation Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Microswift Aviation Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Microswift Aviation Limited

Company Information

Directors

A Smellie

H Smellie

Company secretary

H Smellie

Registered office

32 Helvellyn Close
North Bransholme
Hull
East Yorkshire
HU7 5AX

 

Microswift Aviation Limited

(Registration number: 03770267)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

180

269

Current assets

 

Debtors

5

13,954

4,669

Cash at bank and in hand

 

9,797

10,416

 

23,751

15,085

Creditors: Amounts falling due within one year

6

(4,286)

(2,989)

Net current assets

 

19,465

12,096

Total assets less current liabilities

 

19,645

12,365

Provisions for liabilities

(34)

(51)

Net assets

 

19,611

12,314

Capital and reserves

 

Called up share capital

2

2

Retained earnings

19,609

12,312

Shareholders' funds

 

19,611

12,314

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

Directors' 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 Directors acknowledge their 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 Board on 21 March 2024 and signed on its behalf by:
 

.........................................
A Smellie
Director

 

Microswift Aviation Limited

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

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 03770267.

The address of its registered office is:
32 Helvellyn Close
North Bransholme
Hull
East Yorkshire
HU7 5AX

These financial statements were authorised for issue by the Board on 21 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.

The financial statements are presented in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of aircraft servicing 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.

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.

 

Microswift Aviation Limited

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

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

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:

Asset class

Depreciation method and rate

Office Equipment

33% on written down value

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.

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.

3

Staff numbers

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

 

Microswift Aviation Limited

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

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 August 2022

5,956

5,956

At 31 July 2023

5,956

5,956

Depreciation

At 1 August 2022

5,687

5,687

Charge for the year

89

89

At 31 July 2023

5,776

5,776

Carrying amount

At 31 July 2023

180

180

At 31 July 2022

269

269

5

Debtors

Current

2023
£

2022
£

Other debtors

13,954

4,669

 

13,954

4,669

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

97

-

Taxation and social security

2,935

1,726

Accruals and deferred income

1,254

1,263

4,286

2,989

 

Microswift Aviation Limited

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

7

Related party transactions

Transactions with Directors

2023

At 1 August 2022
£

Advances to Director
£

Repayments by Director
£

At 31 July 2023
£

A Smellie

Unsecured, interest free loan, repayable on demand

4,669

18,954

(5,000)

13,954

         
       

 

Other transactions with directors

At the year end the directors owed the ompany £13,954 (2022: £4,669). Loans made to the company by directors are unsecured, interest free and repayable on demand.