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Registered number: 01393494
New Air Southern Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 01393494
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 250,130 311,249
Investment Properties 5 330,000 311,604
580,130 622,853
CURRENT ASSETS
Stocks 6 13,685 11,312
Debtors 7 235,241 183,349
Cash at bank and in hand 255,918 304,710
504,844 499,371
Creditors: Amounts Falling Due Within One Year 8 (147,866 ) (183,913 )
NET CURRENT ASSETS (LIABILITIES) 356,978 315,458
TOTAL ASSETS LESS CURRENT LIABILITIES 937,108 938,311
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,010 ) (14,508 )
NET ASSETS 923,098 923,803
CAPITAL AND RESERVES
Called up share capital 9 22,100 22,100
Revaluation reserve 11 18,396 -
Profit and Loss Account 882,602 901,703
SHAREHOLDERS' FUNDS 923,098 923,803
Page 1
Page 2
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs A Hancock
Director
27th February 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
New Air Southern Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01393494 . The registered office is First Floor, Unit 12, Compass Point, Ensign Way, Hamble, Southampton, Hampshire, SO31 4RA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% Straight line
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 13 (2022: 15)
13 15
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 November 2022 266,312 34,721 223,688 63,124 587,845
Disposals - - (34,706 ) - (34,706 )
As at 31 October 2023 266,312 34,721 188,982 63,124 553,139
Depreciation
As at 1 November 2022 84,542 32,657 104,261 55,136 276,596
Provided during the period 8,280 516 40,218 2,503 51,517
Disposals - - (25,104 ) - (25,104 )
As at 31 October 2023 92,822 33,173 119,375 57,639 303,009
Net Book Value
As at 31 October 2023 173,490 1,548 69,607 5,485 250,130
As at 1 November 2022 181,770 2,064 119,427 7,988 311,249
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5. Investment Property
2023
£
Fair Value
As at 1 November 2022 311,604
Revaluations 18,396
As at 31 October 2023 330,000
6. Stocks
2023 2022
£ £
Stock 13,685 11,312
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 203,416 156,329
Prepayments and accrued income 31,825 27,020
235,241 183,349
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 49,909 47,008
Corporation tax 35,791 23,648
Other taxes and social security 10,909 13,953
VAT 30,916 23,132
Accruals and deferred income 2,802 3,022
Directors' loan accounts 17,539 73,150
147,866 183,913
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 22,100 22,100
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10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 19,009 15,180
Later than one year and not later than five years 22,091 13,118
41,100 28,298
Operating leases are for telecommunications.
11. Reserves
Revaluation Reserve
£
Net investment property revaluation reserve 18,396
As at 31 October 2023 18,396
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