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Registration number: 03190121

Fastwing Aircharter Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 July 2023

 

Fastwing Aircharter Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 6

 

Fastwing Aircharter Limited

Company Information

Directors

Paul Pittam Stevens

Steven James Sheehan

Registered office

Units 16-18
The Boscombe Centre
Amesbury
Wiltshire
SP4 7SD

 

Fastwing Aircharter Limited

(Registration number: 03190121)
Abridged Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

59,041

65,603

Current assets

 

Debtors

1,764

4,190

Cash at bank and in hand

 

21,371

74,746

 

23,135

78,936

Prepayments and accrued income

 

947

-

Creditors: Amounts falling due within one year

(11,993)

(13)

Net current assets

 

12,089

78,923

Total assets less current liabilities

 

71,130

144,526

Creditors: Amounts falling due after more than one year

(201,222)

(168,822)

Accruals and deferred income

 

(990)

(86,750)

Net liabilities

 

(131,082)

(111,046)

Capital and reserves

 

Called up share capital

5

4

4

Revaluation reserve

139,584

139,584

Retained earnings

(270,670)

(250,634)

Shareholders' deficit

 

(131,082)

(111,046)

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 19 April 2024 and signed on its behalf by:
 

 

Fastwing Aircharter Limited

(Registration number: 03190121)
Abridged Balance Sheet as at 31 July 2023

.........................................
Paul Pittam Stevens
Director

.........................................
Steven James Sheehan
Director

 

Fastwing Aircharter Limited

Notes to the Unaudited Abridged 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:
Units 16-18
The Boscombe Centre
Amesbury
Wiltshire
SP4 7SD

The principal place of business is:
Elm Cottage
Goffs Hill
Crays Pond
Reading
RG8 7QD

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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Fastwing Aircharter Limited

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

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

Aircraft

10% Reducing Balance

Office Equipment

33 1/3 % Straight line

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

318,295

318,295

At 31 July 2023

318,295

318,295

Depreciation

At 1 August 2022

252,692

252,692

Charge for the year

6,562

6,562

At 31 July 2023

259,254

259,254

Carrying amount

At 31 July 2023

59,041

59,041

At 31 July 2022

65,603

65,603

Revaluation

The fair value of the company's Other Tangible Assets was revalued on 31 July 2019 by an independent valuer.
The basis of the valuation was the directors revaluation of the aircraft at fair market value at the balance sheet date. The directors do not consider it necessary to change the value in the current year. . The name and qualification of the independent valuer are The valuation has been prepared by the director Mr P Stevens who is internal to the company.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £96,946 (2022 - £96,946).

 

Fastwing Aircharter Limited

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

5

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

4

4

4

4