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Registration number: 12080596

North Point Aviation Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

North Point Aviation Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

North Point Aviation Limited

(Registration number: 12080596)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

12,364

7,599

Current assets

 

Debtors

5

402,773

246,051

Cash at bank and in hand

 

922,375

1,235,017

 

1,325,148

1,481,068

Creditors: Amounts falling due within one year

6

(562,137)

(562,626)

Net current assets

 

763,011

918,442

Total assets less current liabilities

 

775,375

926,041

Provisions for liabilities

(3,091)

(1,893)

Net assets

 

772,284

924,148

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

772,184

924,048

Shareholders' funds

 

772,284

924,148

For the financial 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.

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 9 April 2024 and signed on its behalf by:
 

.........................................
Mr A Haszlakiewicz
Director

 

North Point Aviation Limited

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

1

General information

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

The address of its registered office is:
42 Brook Street
Mayfair
London
W1K 5DB

These financial statements were authorised for issue by the Board on 9 April 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.

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.

Government grants

Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

North Point Aviation Limited

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

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

Office Equipment

20% straight line

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.

 

North Point Aviation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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.

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.

Financial instruments


Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 5).

 

North Point Aviation Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

8,687

8,687

Additions

7,196

7,196

At 31 October 2023

15,883

15,883

Depreciation

At 1 November 2022

1,088

1,088

Charge for the year

2,431

2,431

At 31 October 2023

3,519

3,519

Carrying amount

At 31 October 2023

12,364

12,364

At 31 October 2022

7,599

7,599

5

Debtors

Current

2023
£

2022
£

Trade debtors

377,527

217,807

Prepayments

6,758

8,698

Other debtors

18,488

19,546

 

402,773

246,051

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

6,173

6,504

Trade creditors

 

334,226

324,515

Taxation and social security

 

136,388

184,178

Accruals and deferred income

 

84,999

45,791

Other creditors

 

351

1,638

 

562,137

562,626

 

North Point Aviation Limited

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

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

98

98

98

98

Ordinary A shares of £1 each

1

1

1

1

Ordinary B shares of £1 each

1

1

1

1

100

100

100

100

 

North Point Aviation Limited

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

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Other borrowings

6,173

6,504

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

20,000

12,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £53,939 (2022 - £49,187).