Westair Flying School Limited 1993948 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is the operation of a flying school. Digita Accounts Production Advanced 6.30.9574.0 true true 1993948 2022-06-01 2023-05-31 1993948 2023-05-31 1993948 bus:Original 2023-05-31 1993948 core:RetainedEarningsAccumulatedLosses 2023-05-31 1993948 core:ShareCapital 2023-05-31 1993948 core:CurrentFinancialInstruments 2023-05-31 1993948 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 1993948 core:FurnitureFittingsToolsEquipment 2023-05-31 1993948 bus:SmallEntities 2022-06-01 2023-05-31 1993948 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 1993948 bus:FullAccounts 2022-06-01 2023-05-31 1993948 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 1993948 bus:RegisteredOffice 2022-06-01 2023-05-31 1993948 bus:Director1 2022-06-01 2023-05-31 1993948 bus:Director2 2022-06-01 2023-05-31 1993948 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 1993948 core:FurnitureFittings 2022-06-01 2023-05-31 1993948 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 1993948 core:OtherRelatedParties 2022-06-01 2023-05-31 1993948 countries:England 2022-06-01 2023-05-31 1993948 2022-05-31 1993948 core:FurnitureFittingsToolsEquipment 2022-05-31 1993948 2021-06-01 2022-05-31 1993948 2022-05-31 1993948 core:RetainedEarningsAccumulatedLosses 2022-05-31 1993948 core:ShareCapital 2022-05-31 1993948 core:CurrentFinancialInstruments 2022-05-31 1993948 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 1993948 core:FurnitureFittingsToolsEquipment 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 1993948

Westair Flying School Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Westair Flying School Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Westair Flying School Limited

Company Information

Directors

Mr P J Westoby

Mr J R Westoby

Registered office

Hangar 8
Blackpool Airport
Squires Gate Lane
Blackpool
Lancashire
FY4 2QY

Accountants

Giles Hewitt & Co Ltd
Chartered Certified Accountants
257 Clifton Dr South
St Annes on Sea
Lytham St Annes
Lancashire
FY8 1HW

 

Westair Flying School Limited

(Registration number: 1993948)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,760

2,345

Current assets

 

Stocks

5

2,931

3,003

Debtors

6

126,081

116,952

Cash at bank and in hand

 

328,011

230,507

 

457,023

350,462

Creditors: Amounts falling due within one year

7

(394,005)

(303,759)

Net current assets

 

63,018

46,703

Total assets less current liabilities

 

64,778

49,048

Provisions for liabilities

(334)

(446)

Net assets

 

64,444

48,602

Capital and reserves

 

Called up share capital

8

90

90

Retained earnings

64,354

48,512

Shareholders' funds

 

64,444

48,602

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:

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 15 February 2024 and signed on its behalf by:
 

.........................................
Mr P J Westoby
Director

 

Westair Flying School Limited

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

1

General information

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

The address of its registered office is:
Hangar 8
Blackpool Airport
Squires Gate Lane
Blackpool
Lancashire
FY4 2QY

These financial statements were authorised for issue by the Board on 15 February 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Westair Flying School Limited

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

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 estimated residual values over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and office equipment

25% on net book 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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Westair Flying School Limited

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

 

Westair Flying School Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

16,565

16,565

At 31 May 2023

16,565

16,565

Depreciation

At 1 June 2022

14,219

14,219

Charge for the year

586

586

At 31 May 2023

14,805

14,805

Carrying amount

At 31 May 2023

1,760

1,760

At 31 May 2022

2,345

2,345

5

Stocks

2023
£

2022
£

Other inventories

2,931

3,003

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

10,608

3,761

Amounts owed by related parties

9

110,000

110,000

Prepayments

 

5,473

3,191

   

126,081

116,952

7

Creditors

Creditors: amounts falling due within one year

 

Westair Flying School Limited

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

2023
£

2022
£

Due within one year

Trade creditors

308,200

256,110

Taxation and social security

13,739

6,330

Accruals and deferred income

1,370

5,969

Other creditors

70,696

35,350

394,005

303,759

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

90

90

90

90

         

9

Related party transactions

Westair Flying Services Ltd and Westair Engineering Services Ltd are companies also controlled by the company's directors and shareholders. Westair Flying Services Ltd leases aircraft to the company. Westair Engineering Services Ltd repairs aircraft operated by the company. All these transactions entered into between the company and Westair Flying Services Ltd and Westair Engineering Services Ltd 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 School Limited

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
£

Contributions paid to money purchase schemes

-

30,000

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

-

1

Summary of transactions with other related parties

The company has made a loan of £80,000 to Westair Flying Services Ltd (2022 £80,000). The loan is interest free, unsecured and repayable on demand.

The company has made a loan of £30,000 to Westair Engineering Services Ltd (2022 £30,000). The loan is interest free, unsecured and repayable on demand.