Registration number:
Westair Flying Services Ltd
for the Year Ended 31 May 2023
Westair Flying Services Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Westair Flying Services Ltd
Company Information
Directors |
P J Westoby J R Westoby |
Registered office |
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Accountants |
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Westair Flying Services Ltd
(Registration number: 356037)
Balance Sheet as at 31 May 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
120 |
120 |
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Share premium reserve |
149,970 |
149,970 |
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Retained earnings |
572,664 |
572,388 |
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Shareholders' funds |
722,754 |
722,478 |
Westair Flying Services Ltd
(Registration number: 356037)
Balance Sheet as at 31 May 2023
For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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
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Westair Flying Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Going concern
The financial statements have been prepared on a going concern basis.
Exemption from preparing group accounts
The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.
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.
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.
Westair Flying Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
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 less their residual values over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and equipment |
15% on net book value |
Aircraft |
25% on net book value |
Motor vehicles |
25% on net book value |
Computers |
over 3 years on cost |
Long leasehold buildings |
2% on cost |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
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.
Westair Flying Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 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.
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Westair Flying Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Tangible assets |
Land and buildings |
Office equipment |
Motor vehicles |
Aircraft |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 June 2022 |
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At 31 May 2023 |
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Depreciation |
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At 1 June 2022 |
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Charge for the year |
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At 31 May 2023 |
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Carrying amount |
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At 31 May 2023 |
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At 31 May 2022 |
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Included within the net book value of land and buildings above is £594,826 (2022 - £605,904) in respect of long leasehold land and buildings.
Westair Flying Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Investments in associates |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 June 2022 |
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Provision |
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Carrying amount |
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At 31 May 2023 |
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At 31 May 2022 |
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Associates |
£ |
Cost |
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At 1 June 2022 |
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Provision |
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Carrying amount |
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At 31 May 2023 |
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At 31 May 2022 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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Hangar 8
England |
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Westair Flying Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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Hangar 8
England |
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Hangar 8
England |
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Hangar 8
England |
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Hangar 8
England |
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Associates |
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3 Hardy Close Nelson Business Court
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Ordinary B |
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England |
Subsidiary undertakings |
Western Computers Ltd The principal activity of Western Computers Ltd is |
Western Software Ltd The principal activity of Western Software Ltd is |
Air Charter & Travel Ltd The principal activity of Air Charter & Travel Ltd is |
Westair Flying Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
737 Pro Ltd The principal activity of 737 Pro Ltd is |
Silverstar Aviation Ltd The principal activity of Silverstar Aviation Ltd is |
Associates |
Western Business Systems Ltd The principal activity of Western Business Systems Ltd is |
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors due under one year includes £35,000 (2022 £35,000) of a term loan which is secured and payable by equal instalments.
Westair Flying Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Creditors due after one year includes £140,000 (2022 £175,000) of a term loan which is secured and payable by equal instalments.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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Ordinary shares of £1 each |
120 |
120 |
120 |
120 |
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Other borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Other borrowings |
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Other borrowings
Loan is denominated in Pound sterling with a nominal interest rate of 0%, and the final instalment is due on 19 January 2028. The carrying amount at year end is £175,000 (2022 - £210,000). The loan is secured on the company's long leasehold property at hangar 8, Blackpool Airport. |
Related party transactions |
Westair Flying School Ltd and Westair Engineering Services Ltd are companies also controlled by the company's directors and shareholders. The company leases aircraft to Westair Flying School Ltd. Westair Engineering Services Ltd repairs aircraft operated by the company. All of these transactions between the companies are considered to take place at market value and for that reason (in accordance with Financial Reporting Standard 102 Section 1A) have not been disclosed.
Westair Flying Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
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Remuneration |
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Contributions paid to money purchase schemes |
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65,384 |
51,406 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2023 |
2022 |
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Accruing benefits under money purchase pension scheme |
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Summary of transactions with subsidiaries
The company has loaned £4,315 (2022 £8,315) to 737 Pro Ltd. The loan is interest free and unsecured.
Summary of transactions with associates
The company owns 25% of the issued ordinary share capital of Western Business Systems Ltd.
The company has loaned £23,946 (2022 £31,446) to Western Business Systems Ltd. The loan is interest free and unsecured.
Summary of transactions with other related parties
The company has made an interest free and unsecured loan to Westair Engineering Services Ltd of £787 (2022 £787).
The company has received an interest free and unsecured loan from Westair Flying School Ltd of £80,000 (2022 £80,000).