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Registration number: 01000275

Shenley Farms (Aviation) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2022

 

Shenley Farms (Aviation) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Shenley Farms (Aviation) Limited

Company Information

Directors

Mr J P A Freeman

Mrs VJ Freeman

Company secretary

Mrs S Line

Registered office

The Aerodrome
Shenley Road
Headcorn
Ashford
Kent
TN27 9HX

Auditors

MMO Limited
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Shenley Farms (Aviation) Limited

(Registration number: 01000275)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

5,697

6,966

Current assets

 

Debtors

5

677,418

700,243

Cash at bank and in hand

 

39,324

7,303

 

716,742

707,546

Creditors: Amounts falling due within one year

6

(655,024)

(653,486)

Net current assets

 

61,718

54,060

Total assets less current liabilities

 

67,415

61,026

Provisions for liabilities

(1,082)

(1,622)

Net assets

 

66,333

59,404

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

66,331

59,402

Shareholders' funds

 

66,333

59,404

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 7 March 2024 and signed on its behalf by:
 

.........................................
Mr J P A Freeman
Director

 

Shenley Farms (Aviation) Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1

General information

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

The address of its registered office is:
The Aerodrome
Shenley Road
Headcorn
Ashford
Kent
TN27 9HX
England

These financial statements were authorised for issue by the Board on 7 March 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.

These financial statements were prepared for Shenley Farms (Aviation) Limited as a single entity.

All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

 

Shenley Farms (Aviation) Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Audit report

The Independent Auditor's Report was qualified. we were unable to attend the stocktake, resulting in stock existence not being verified
sales order information was not retained, meaning no sales completeness test could be undertaken
no supplier statements were retained
. The name of the Senior Statutory Auditor who signed the audit report on 7 March 2024 was Mrs Gillian McIntosh, who signed for and on behalf of MMO Limited.

.........................................

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.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Aircraft

20% reducing balance

Property improvements

10% reducing balance

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.

 

Shenley Farms (Aviation) Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2021 - 3).

 

Shenley Farms (Aviation) Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2022

16,020

24,931

40,951

At 31 December 2022

16,020

24,931

40,951

Depreciation

At 1 January 2022

14,788

19,197

33,985

Charge for the year

123

1,146

1,269

At 31 December 2022

14,911

20,343

35,254

Carrying amount

At 31 December 2022

1,109

4,588

5,697

At 31 December 2021

1,232

5,734

6,966

Included within the net book value of land and buildings above is £1,108 (2021 - £1,231) in respect of freehold land and buildings and £Nil (2021 - £Nil) in respect of short leasehold land and buildings.
 

5

Debtors

Current

2022
£

2021
£

Trade debtors

-

-

Other debtors

677,418

700,243

 

677,418

700,243

 

Shenley Farms (Aviation) Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

2,287

-

Taxation and social security

1,796

2,547

Accruals and deferred income

3,009

3,009

Other creditors

647,932

647,930

655,024

653,486

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2