Summit Aviation Limited 03053803 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is Repair and maintenance of aircraft and spacecraft Digita Accounts Production Advanced 6.30.9574.0 true 03053803 2022-08-01 2023-07-31 03053803 2023-07-31 03053803 core:CurrentFinancialInstruments 2023-07-31 03053803 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 03053803 core:Non-currentFinancialInstruments 2023-07-31 03053803 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 03053803 core:FurnitureFittings 2023-07-31 03053803 core:LandBuildings core:LongLeaseholdAssets 2023-07-31 03053803 core:MotorVehicles 2023-07-31 03053803 core:PlantMachinery 2023-07-31 03053803 bus:SmallEntities 2022-08-01 2023-07-31 03053803 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 03053803 bus:FullAccounts 2022-08-01 2023-07-31 03053803 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 03053803 bus:RegisteredOffice 2022-08-01 2023-07-31 03053803 bus:Director1 2022-08-01 2023-07-31 03053803 bus:Director3 2022-08-01 2023-07-31 03053803 bus:Director4 2022-08-01 2023-07-31 03053803 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03053803 core:FurnitureFittings 2022-08-01 2023-07-31 03053803 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 03053803 core:LandBuildings core:LongLeaseholdAssets 2022-08-01 2023-07-31 03053803 core:LeaseholdImprovements 2022-08-01 2023-07-31 03053803 core:MotorVehicles 2022-08-01 2023-07-31 03053803 core:PlantMachinery 2022-08-01 2023-07-31 03053803 4 2022-08-01 2023-07-31 03053803 countries:EnglandWales 2022-08-01 2023-07-31 03053803 2022-07-31 03053803 core:FurnitureFittings 2022-07-31 03053803 core:LandBuildings core:LongLeaseholdAssets 2022-07-31 03053803 core:MotorVehicles 2022-07-31 03053803 core:PlantMachinery 2022-07-31 03053803 2021-08-01 2022-07-31 03053803 2022-07-31 03053803 core:CurrentFinancialInstruments 2022-07-31 03053803 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 03053803 core:Non-currentFinancialInstruments 2022-07-31 03053803 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 03053803 core:FurnitureFittings 2022-07-31 03053803 core:LandBuildings core:LongLeaseholdAssets 2022-07-31 03053803 core:MotorVehicles 2022-07-31 03053803 core:PlantMachinery 2022-07-31 iso4217:GBP xbrli:pure

Registration number: 03053803

Summit Aviation Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Summit Aviation Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Summit Aviation Limited

Company Information

Directors

Mrs J A Wing

Mr B Erridge

Mr M W Barton

Registered office

Merlin House
Merlin Way
Manston
Kent
CT12 5FE

 

Summit Aviation Limited

(Registration number: 03053803)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

139,780

185,098

Current assets

 

Stocks

5

309,887

318,030

Debtors

6

875,396

930,977

Cash at bank and in hand

 

232,508

148,027

 

1,417,791

1,397,034

Creditors: Amounts falling due within one year

7

(1,009,835)

(742,666)

Net current assets

 

407,956

654,368

Total assets less current liabilities

 

547,736

839,466

Creditors: Amounts falling due after more than one year

7

(37,500)

(126,445)

Net assets

 

510,236

713,021

Capital and reserves

 

Called up share capital

10,002

10,002

Retained earnings

500,234

703,019

Shareholders' funds

 

510,236

713,021

For the financial year ending 31 July 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.

 

Summit Aviation Limited

(Registration number: 03053803)
Balance Sheet as at 31 July 2023

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 17 April 2024 and signed on its behalf by:
 

.........................................
Mrs J A Wing
Director

   
     
 

Summit Aviation Limited

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

1

General information

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

The address of its registered office is:
Merlin House
Merlin Way
Manston
Kent
CT12 5FE

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.

Reclassification of comparative amounts

An amount of £241,558 recorded in turnover in the prior period has been reclassified as rent receivable and other operating income. This reclassification has no impact on the profit for the year ended 31 July 2022 or on total equity at that date, as previously reported.

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.

Revenue is recognised for services in the period in which the services are provided in accordance with the stage of completion of the contract. This is subject to the amount of revenue, costs incurred, future costs to complete and stage of completion can all be measure reliably; and it is probable that the company will receive the consideration.

Other operating income

Other operating income represents rental income receivable and recharges of costs to a related undertaking and third party tenant.

 

Summit Aviation Limited

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

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.

Tax

The tax expense for the period comprises 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

straight line over the life of the lease

Fixtures, fittings and equipment

20% reducing balance

Plant and machinery

10% straight line

Motor vehicles

20% 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.

 

Summit Aviation Limited

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

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

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.

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.

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.

 

Summit Aviation Limited

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

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

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2022 - 30).

 

Summit Aviation Limited

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

4

Tangible assets

Leasehold improvements
£

Fixtures, fittings and equipment
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

231,569

141,678

268,334

3,975

645,556

Disposals

(14,967)

(31,869)

(13,974)

(975)

(61,785)

At 31 July 2023

216,602

109,809

254,360

3,000

583,771

Depreciation

At 1 August 2022

199,550

122,370

136,979

1,559

460,458

Charge for the year

3,959

3,087

25,355

472

32,873

Eliminated on disposal

(6,703)

(27,996)

(13,722)

(919)

(49,340)

At 31 July 2023

196,806

97,461

148,612

1,112

443,991

Carrying amount

At 31 July 2023

19,796

12,348

105,748

1,888

139,780

At 31 July 2022

32,019

19,308

131,355

2,416

185,098

5

Stocks

2023
£

2022
£

Stocks

309,887

318,030

6

Debtors

2023
£

2022
£

Trade debtors

548,470

558,474

Prepayments and accrued income

318,628

362,505

Other debtors

8,298

9,998

 

875,396

930,977

 

Summit Aviation Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

114,147

122,902

Trade creditors

 

347,901

363,632

Taxation and social security

 

28,534

39,718

Accruals and deferred income

 

436,914

179,994

Other creditors

 

82,339

36,420

 

1,009,835

742,666

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

37,500

126,445

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

37,500

126,445

2023
£

2022
£

Current loans and borrowings

Bank borrowings

84,553

93,304

Director's loan account

29,594

29,598

114,147

122,902

The director's loan account is non-interest bearing and has no formal repayment terms.

 

Summit Aviation Limited

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

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,258,737 (2022 - £1,480,000).

10

Non adjusting events after the financial period

After the year end the company commenced litigation for the recovery of a material amount of funds which have been misappropriated over a number of years. At the date of approval of these financial statements, it is not possible to quantify the amounts in question with accuracy and the taxation impacts thereof.