Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-31trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-08-01falseNo description of principal activity2625true 01179848 2022-08-01 2023-07-31 01179848 2021-08-01 2022-07-31 01179848 2023-07-31 01179848 2022-07-31 01179848 c:Director2 2022-08-01 2023-07-31 01179848 d:PlantMachinery 2022-08-01 2023-07-31 01179848 d:PlantMachinery 2023-07-31 01179848 d:PlantMachinery 2022-07-31 01179848 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 01179848 d:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 01179848 d:OtherPropertyPlantEquipment 2023-07-31 01179848 d:OtherPropertyPlantEquipment 2022-07-31 01179848 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 01179848 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 01179848 d:CurrentFinancialInstruments 2023-07-31 01179848 d:CurrentFinancialInstruments 2022-07-31 01179848 d:Non-currentFinancialInstruments 2023-07-31 01179848 d:Non-currentFinancialInstruments 2022-07-31 01179848 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 01179848 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 01179848 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 01179848 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 01179848 d:ShareCapital 2023-07-31 01179848 d:ShareCapital 2022-07-31 01179848 d:RetainedEarningsAccumulatedLosses 2023-07-31 01179848 d:RetainedEarningsAccumulatedLosses 2022-07-31 01179848 c:FRS102 2022-08-01 2023-07-31 01179848 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 01179848 c:FullAccounts 2022-08-01 2023-07-31 01179848 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure
Company registration number: 01179848







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2023


SPECIALIST AVIATION MANUFACTURING LIMITED






































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SPECIALIST AVIATION MANUFACTURING LIMITED
REGISTERED NUMBER:01179848



STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
310,425
274,731

  
310,425
274,731

Current assets
  

Stocks
  
173,568
157,659

Debtors: amounts falling due within one year
 5 
433,412
511,506

Cash at bank and in hand
  
108,409
17,515

  
715,389
686,680

Creditors: amounts falling due within one year
 6 
(410,270)
(483,664)

Net current assets
  
 
 
305,119
 
 
203,016

Total assets less current liabilities
  
615,544
477,747

Creditors: amounts falling due after more than one year
 7 
(207,907)
(331,161)

  

Net assets
  
407,637
146,586


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
407,537
146,486

  
407,637
146,586


Page 1

 


SPECIALIST AVIATION MANUFACTURING LIMITED
REGISTERED NUMBER:01179848


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
D E Spencer
Director

Date: 16 April 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 


SPECIALIST AVIATION MANUFACTURING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Specialist Aviation Manufacturing Limited 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.
The presentation currency of the financial statements is the Pound Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 


SPECIALIST AVIATION MANUFACTURING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
on cost
Other fixed assets
-
20%
on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 


SPECIALIST AVIATION MANUFACTURING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.6

Financial instruments

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.


3.


Employees

The average monthly number of employees, including directors, during the year was 26 (2022 - 25).


4.


Tangible fixed assets





Plant and machinery
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 August 2022
390,754
4,081
394,835


Additions
124,149
-
124,149



At 31 July 2023

514,903
4,081
518,984



Depreciation


At 1 August 2022
119,832
272
120,104


Charge for the year on owned assets
87,639
816
88,455



At 31 July 2023

207,471
1,088
208,559



Net book value



At 31 July 2023
307,432
2,993
310,425



At 31 July 2022
270,922
3,809
274,731

Page 5

 


SPECIALIST AVIATION MANUFACTURING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Debtors

2023
2022
£
£


Trade debtors
412,198
487,707

Other debtors
100
100

Prepayments and accrued income
21,114
23,699

433,412
511,506



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
113,298

Bank loans
5,000
5,000

Trade creditors
192,258
230,138

Corporation tax
22,014
-

Other taxation and social security
89,598
71,090

Obligations under finance lease and hire purchase contracts
55,112
41,684

Other creditors
3,685
2,876

Accruals and deferred income
42,603
19,578

410,270
483,664



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
31,123
40,833

Obligations under finance lease and hire purchase contracts
74,798
90,328

Amounts owed to connected undertakings
51,000
100,000

Other creditors
50,986
100,000

207,907
331,161


Page 6

 


SPECIALIST AVIATION MANUFACTURING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.


Security

Obligations under finance lease and hire purchase contracts are secured against the assets concerned.
Security has been provided to the bankers and debt factoring provider by way of a fixed and floating charge over the assets of the company.


9.


Related party transactions

Included within creditors amounts falling due in more than one year is £50,986 (2022 - £100,000) owed to the directors of the company. No interest is being charged on this balance. 
ncluded within creditors amounts falling due in more than one year is £51,000 (2022 - £100,000) owed to a connected undertaking. No interest is being charged on this balance.

 
Page 7