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REGISTERED NUMBER: 08134434 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Aero Research Partners Limited

Aero Research Partners Limited (Registered number: 08134434)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Aero Research Partners Limited

Company Information
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: G Howard-Chappell
R W Lewis
H Shimoyama





REGISTERED OFFICE: Catesby Innovation Centre
Catesby Park
Charwelton
Daventry
Northamptonshire
NN11 3FQ





REGISTERED NUMBER: 08134434 (England and Wales)





ACCOUNTANTS: Connolly Accountants & Business Advisors Ltd
Chartered Certified Accountants
The Stable Yard
Vicarage Road
Stony Stratford
Milton Keynes
Buckinghamshire
MK11 1BN

Aero Research Partners Limited (Registered number: 08134434)

Balance Sheet
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12,261,971 12,250,131
Investments 5 1 1
12,261,972 12,250,132

CURRENT ASSETS
Debtors 6 30,719 87,603
Cash at bank 92,206 176,582
122,925 264,185
CREDITORS
Amounts falling due within one year 7 2,286,077 1,913,086
NET CURRENT LIABILITIES (2,163,152 ) (1,648,901 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,098,820

10,601,231

CREDITORS
Amounts falling due after more than one year 8 (4,404,150 ) (4,674,367 )

PROVISIONS FOR LIABILITIES (513,604 ) (396,169 )
NET ASSETS 5,181,066 5,530,695

CAPITAL AND RESERVES
Called up share capital 100,434 100,434
Share premium 3,449,466 3,449,466
Retained earnings 1,631,166 1,980,795
SHAREHOLDERS' FUNDS 5,181,066 5,530,695

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Aero Research Partners Limited (Registered number: 08134434)

Balance Sheet - continued
31 JULY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2024 and were signed on its behalf by:





R W Lewis - Director


Aero Research Partners Limited (Registered number: 08134434)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

Aero Research Partners Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Structures and Buildings - 2% on cost
Site development & buildings - 2% on cost
Fixtures and fittings - 20% on cost
Equipment - 20% on cost

Government grants
Grants are recognised using the accrual model. Government grants in relation to capital assets are initially recognised as deferred income. The grant will subsequently be recognised in profit and loss as other income, on a systematic basis over the useful life of the asset.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Aero Research Partners Limited (Registered number: 08134434)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

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 costs 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.

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

Basic financial liabilities
Basic financial liabilities, including creditors and loans from related companies 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 costs, 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Aero Research Partners Limited (Registered number: 08134434)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Structures Site
Freehold and development
property Buildings & buildings
£    £    £   
COST
At 1 August 2022 41,603 86,762 12,029,879
Additions - 6,473 221,431
At 31 July 2023 41,603 93,235 12,251,310
DEPRECIATION
At 1 August 2022 - - -
Charge for year - 1,709 224,607
At 31 July 2023 - 1,709 224,607
NET BOOK VALUE
At 31 July 2023 41,603 91,526 12,026,703
At 31 July 2022 41,603 86,762 12,029,879

Fixtures
and
fittings Equipment Totals
£    £    £   
COST
At 1 August 2022 1,295 104,601 12,264,140
Additions - 36,831 264,735
At 31 July 2023 1,295 141,432 12,528,875
DEPRECIATION
At 1 August 2022 777 13,232 14,009
Charge for year 259 26,320 252,895
At 31 July 2023 1,036 39,552 266,904
NET BOOK VALUE
At 31 July 2023 259 101,880 12,261,971
At 31 July 2022 518 91,369 12,250,131

Aero Research Partners Limited (Registered number: 08134434)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 August 2022
and 31 July 2023 1
NET BOOK VALUE
At 31 July 2023 1
At 31 July 2022 1

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 960
Other debtors 30,719 86,643
30,719 87,603

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 109,217 108,469
Trade creditors 82,177 57,715
Amounts owed to group undertakings 667,141 739,001
Taxation and social security (27,790 ) 33,548
Other creditors 1,455,332 974,353
2,286,077 1,913,086

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 165,150 274,367
Other creditors 4,239,000 4,400,000
4,404,150 4,674,367

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 10,000 10,000
Between one and five years 50,000 50,000
In more than five years 1,150,000 1,160,000
1,210,000 1,220,000

Aero Research Partners Limited (Registered number: 08134434)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 274,367 382,836

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

Other long term creditors includes £200k of funding from Daventry District Council.