Registered number
11079608
Air Swiss Limited
Report and Financial Statements
30 November 2022
Air Swiss Limited
Registered number: 11079608
Director's Report
The director presents his report and financial statements for the year ended 30 November 2022.
Principal activities
The company's principal activity during the period was that of providing air transport services.
Directors
The following persons served as director during the period:
Mr G H S Braham
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 14 July 2023 and signed on its behalf.
Mr G H S Braham
Director
Air Swiss Limited
Profit and Loss Account
for the year ended 30 November 2022
2022 2021
£ £
Turnover 3,845,627 2,514,386
Cost of sales (1,952,026) (898,265)
Gross profit 1,893,601 1,616,121
Administrative expenses (1,370,966) (1,512,595)
Operating profit 522,635 103,526
Interest receivable 6 15
Interest payable (157) -
Profit on ordinary activities before taxation 522,484 103,541
Tax on profit on ordinary activities - -
Profit for the financial year 522,484 103,541
Air Swiss Limited
Registered number: 11079608
Balance Sheet
as at 30 November 2022
Notes 2022 2021
£ £ £ £
Fixed assets
Tangible assets 3 945,483 420,853
Current assets
Debtors 4 320,690 268,942
Cash at bank and in hand 98,074 93,887
418,764 362,829
Creditors: amounts falling due within one year 5 (202,547) (144,249)
Net current assets 216,217 218,580
Total assets less current liabilities 1,161,700 639,433
Creditors: amounts falling due after more than one year 6 (13,801) (14,018)
Net assets 1,147,899 625,415
Capital and reserves
Called up share capital 100,000 100,000
Profit and loss account 1,047,899 525,415
Shareholder's funds 1,147,899 625,415
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G H S Braham
Director
Approved by the board on 14 July 2023
Air Swiss Limited
Notes to the Accounts
for the year ended 30 November 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 15 9
3 Tangible fixed assets
Plant and machinery etc Total
£ £
Cost
At 1 December 2021 837,801 837,801
Additions 691,480 691,480
At 30 November 2022 1,529,281 1,529,281
Depreciation
At 1 December 2021 416,948 416,948
Charge for the year 166,850 166,850
At 30 November 2022 583,798 583,798
Net book value
At 30 November 2022 945,483 945,483
At 30 November 2021 420,853 420,853
4 Debtors 2022 2021
£ £
Trade debtors 311,128 268,942
Other debtors 9,562 -
320,690 268,942
5 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 177,387 124,753
Other taxes and social security costs 17,399 12,153
Other creditors 7,761 7,343
202,547 144,249
6 Creditors: amounts falling due after one year 2022 2021
£ £
Other creditors 13,801 14,018
13,801 14,018
7 Other information
Air Swiss Limited is a private company limited by shares and incorporated in England. Its registered office is:
8 Tennyson Avenue
Gloucester
GL2 5AU
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