Air DM Ltd 14476168 false 2022-11-10 2023-11-30 2023-11-30 The principal activity of the company is non-scheduled passenger air transport. Digita Accounts Production Advanced 6.30.9574.0 true true 14476168 2022-11-10 2023-11-30 14476168 2023-11-30 14476168 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-11-30 14476168 core:CurrentFinancialInstruments 2023-11-30 14476168 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 14476168 core:FurnitureFittingsToolsEquipment 2023-11-30 14476168 bus:SmallEntities 2022-11-10 2023-11-30 14476168 bus:AuditExemptWithAccountantsReport 2022-11-10 2023-11-30 14476168 bus:FullAccounts 2022-11-10 2023-11-30 14476168 bus:SmallCompaniesRegimeForAccounts 2022-11-10 2023-11-30 14476168 bus:RegisteredOffice 2022-11-10 2023-11-30 14476168 bus:Director2 2022-11-10 2023-11-30 14476168 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-11-10 2023-11-30 14476168 bus:PrivateLimitedCompanyLtd 2022-11-10 2023-11-30 14476168 core:FurnitureFittingsToolsEquipment 2022-11-10 2023-11-30 14476168 core:PlantMachinery 2022-11-10 2023-11-30 14476168 countries:EnglandWales 2022-11-10 2023-11-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 14476168

Prepared for the registrar

Air DM Ltd

Annual Report and Unaudited Financial Statements

for the Period from 10 November 2022 to 30 November 2023

 

Air DM Ltd

(Registration number: 14476168)
Balance Sheet as at 30 November 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

650,111

Current assets

 

Debtors

5

112,870

Cash at bank and in hand

 

167,739

 

280,609

Creditors: Amounts falling due within one year

6

(998,440)

Net current liabilities

 

(717,831)

Net liabilities

 

(67,720)

Capital and reserves

 

Called up share capital

100

Profit and loss account

(67,820)

Shareholders' deficit

 

(67,720)

For the financial period ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 15 April 2024
 


D J N McFadden
Director

 

Air DM Ltd

Notes to the Unaudited Financial Statements for the Period from 10 November 2022 to 30 November 2023

 

1

General information

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

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

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 and after eliminating sales within the company.

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.

 

Air DM Ltd

Notes to the Unaudited Financial Statements for the Period from 10 November 2022 to 30 November 2023

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 rates prevailing on the initial transaction dates.

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

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.

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

Plant and machinery

20% straight line

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Air DM Ltd

Notes to the Unaudited Financial Statements for the Period from 10 November 2022 to 30 November 2023

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

 

4

Tangible assets

Plant and machinery
 £

Total
£

Cost

Additions

725,111

725,111

At 30 November 2023

725,111

725,111

Depreciation

Charge for the period

75,000

75,000

At 30 November 2023

75,000

75,000

Carrying amount

At 30 November 2023

650,111

650,111

 

5

Debtors

30 November 2023
 £

Trade debtors

22,542

Other debtors

88,234

Prepayments

2,094

 

112,870

 

6

Creditors

Note

30 November 2023
 £

Due within one year

 

Loans and borrowings

7

993,055

Social security and other taxes

 

3,885

Accrued expenses

 

1,500

 

998,440

 

7

Loans and borrowings

2023
£

Current loans and borrowings

Loans

992,955

Other borrowings

100

993,055

This loan is secured against the helicopter.

 

Air DM Ltd

Notes to the Unaudited Financial Statements for the Period from 10 November 2022 to 30 November 2023

 

8

Share capital

Allotted, called up and fully paid shares

 

Period ended 30 November 2023

 

No.

£

Ordinary shares of £1 each

100

100

     
 

9

Related party transactions

At 30 November 2023, the company owed David McFadden £100 in the form of a director's loan account. There are no fixed repayment terms and there was no interest charged on this balance.