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Company No: 08760422 (England and Wales)

AEROCARE AVIATION SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

AEROCARE AVIATION SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

AEROCARE AVIATION SERVICES LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
AEROCARE AVIATION SERVICES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTOR Warren Henry Crook
REGISTERED OFFICE Unit 1 Exeter International Office Park
Clyst Honiton
Exeter
EX5 2HL
England
United Kingdom
COMPANY NUMBER 08760422 (England and Wales)
ACCOUNTANT Old Mill Accountancy Limited
Leeward House
Fitzroy Road
Exeter Business Park
Exeter
Devon
EX1 3LJ
AEROCARE AVIATION SERVICES LIMITED

BALANCE SHEET

As at 31 March 2023
AEROCARE AVIATION SERVICES LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 119,744 10,198
119,744 10,198
Current assets
Stocks 1,212,700 1,761,794
Debtors 4 1,772,786 809,007
Cash at bank and in hand 38,591 202,022
3,024,077 2,772,823
Creditors: amounts falling due within one year 5 ( 5,310,667) ( 4,393,444)
Net current liabilities (2,286,590) (1,620,621)
Total assets less current liabilities (2,166,846) (1,610,423)
Creditors: amounts falling due after more than one year 6 ( 192,544) ( 280,170)
Net liabilities ( 2,359,390) ( 1,890,593)
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account ( 2,360,390 ) ( 1,891,593 )
Total shareholder's deficit ( 2,359,390) ( 1,890,593)

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Aerocare Aviation Services Limited (registered number: 08760422) were approved and authorised for issue by the Director on 17 April 2024. They were signed on its behalf by:

Warren Henry Crook
Director
AEROCARE AVIATION SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
AEROCARE AVIATION SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Aerocare Aviation Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 1 Exeter International Office Park, Clyst Honiton, Exeter, EX5 2HL, England, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities. The Company is supported through loans from companies under common ownership. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for aircraft maintenance and modification services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer, the amount of revenue can be measured reliably, it is probably that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be reliably estimated, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets , other than freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Vehicles 4 years straight line
Office equipment 2 - 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 36 36

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 April 2022 36,401 6,800 103,176 146,377
Additions 96,760 9,800 18,245 124,805
At 31 March 2023 133,161 16,600 121,421 271,182
Accumulated depreciation
At 01 April 2022 30,001 6,800 99,378 136,179
Charge for the financial year 9,326 1,429 4,504 15,259
At 31 March 2023 39,327 8,229 103,882 151,438
Net book value
At 31 March 2023 93,834 8,371 17,539 119,744
At 31 March 2022 6,400 0 3,798 10,198

4. Debtors

2023 2022
£ £
Trade debtors 1,485,431 228,504
Other debtors 287,355 580,503
1,772,786 809,007

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 80,253 88,474
Trade creditors 2,325,145 509,715
Other taxation and social security 716,851 334,363
Other creditors 2,188,418 3,460,892
5,310,667 4,393,444

The bank loan is secured by a fixed and floating charge over the company's assets.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 192,544 280,170

The bank loan is secured by a fixed and floating charge over the company's assets.