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Registered number: 06924818
Avalon Aero Technical Services Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Merranti Accounting Ltd
10 Scandia-Hus Business Park
Felcourt Road, Felcourt
East Grinstead
West Sussex
RH19 2LP
Unaudited Financial Statements
Contents
Page
Company Information 1
Accountants' Report 2
Balance Sheet 3—4
Notes to the Financial Statements 5—6
Page 1
Company Information
Directors Mr Stephen Wiltshire
Mrs Elizabeth Wiltshire
Company Number 06924818
Registered Office Suite G, Third Floor, The Crown
London Road
Westerham
Kent
TN16 1DJ
Accountants Merranti Accounting Ltd
10 Scandia-Hus Business Park
Felcourt Road, Felcourt
East Grinstead
West Sussex
RH19 2LP
Page 1
Page 2
Accountants' Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Avalon Aero Technical Services Limited for the year ended 29 February 2024 which comprise the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the directors of Avalon Aero Technical Services Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Avalon Aero Technical Services Limited and state those matters that we have agreed to state to the directors of Avalon Aero Technical Services Limited in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.
It is your duty to ensure that Avalon Aero Technical Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Avalon Aero Technical Services Limited . You consider that Avalon Aero Technical Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Avalon Aero Technical Services Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Signed
10 April 2024
Merranti Accounting Ltd
10 Scandia-Hus Business Park
Felcourt Road, Felcourt
East Grinstead
West Sussex
RH19 2LP
Page 2
Page 3
Balance Sheet
Registered number: 06924818
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 8,329 12,855
8,329 12,855
CURRENT ASSETS
Debtors 5 226,667 197,815
Cash at bank and in hand 90,011 174,490
316,678 372,305
Creditors: Amounts Falling Due Within One Year 6 (84,328 ) (143,095 )
NET CURRENT ASSETS (LIABILITIES) 232,350 229,210
TOTAL ASSETS LESS CURRENT LIABILITIES 240,679 242,065
Creditors: Amounts Falling Due After More Than One Year 7 (35,721 ) (52,319 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,583 ) (544 )
NET ASSETS 203,375 189,202
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account 203,275 189,102
SHAREHOLDERS' FUNDS 203,375 189,202
Page 3
Page 4
For the year ending 29 February 2024 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
Mr Stephen Wiltshire
Director
10 April 2024
The notes on pages 5 to 6 form part of these financial statements.
Page 4
Page 5
Notes to the Financial Statements
1. General Information
Avalon Aero Technical Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06924818 . The registered office is Suite G, Third Floor, The Crown , London Road, Westerham, Kent, TN16 1DJ.
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:
Motor Vehicles 25% Straight Line
Computer Equipment 25% Straight Line
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. 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.
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Page 6
3. Average Number of Employees
Average number of employees, including directors, during the year was: 20 (2023: 20)
20 20
4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 March 2023 4,000 82,774 86,774
Additions - 1,408 1,408
Disposals (4,000 ) - (4,000 )
As at 29 February 2024 - 84,182 84,182
Depreciation
As at 1 March 2023 4,000 69,919 73,919
Provided during the period - 5,934 5,934
Disposals (4,000 ) - (4,000 )
As at 29 February 2024 - 75,853 75,853
Net Book Value
As at 29 February 2024 - 8,329 8,329
As at 1 March 2023 - 12,855 12,855
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 168,203 83,881
Other debtors 58,464 113,934
226,667 197,815
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 6,525 11,393
Bank loans and overdrafts 16,598 15,812
Other loans 5,608 3,103
Other creditors 16,666 90,611
Taxation and social security 38,931 22,176
84,328 143,095
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 35,721 52,319
35,721 52,319
Page 6