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Registered number: 02355638
Oakenhurst Aircraft Services Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Golding Accountancy
ACCA
15 Eastwood Road
Rayleigh
Essex
SS6 7JD
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02355638
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 906,907 892,483
906,907 892,483
CURRENT ASSETS
Stocks 4 1,080,109 1,024,303
Debtors 5 2,736,675 2,171,532
Investments 6 6,917 6,917
Cash at bank and in hand 812,797 345,330
4,636,498 3,548,082
Creditors: Amounts Falling Due Within One Year 7 (1,523,637 ) (1,297,111 )
NET CURRENT ASSETS (LIABILITIES) 3,112,861 2,250,971
TOTAL ASSETS LESS CURRENT LIABILITIES 4,019,768 3,143,454
PROVISIONS FOR LIABILITIES
Deferred Taxation (18,600 ) (11,400 )
NET ASSETS 4,001,168 3,132,054
CAPITAL AND RESERVES
Called up share capital 8 102 102
Revaluation reserve 9 414,695 414,695
Capital redemption reserve 18 18
Profit and Loss Account 3,586,353 2,717,239
SHAREHOLDERS' FUNDS 4,001,168 3,132,054
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Page 2
For the year ending 31 March 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 Charles Parker
Director
28 June 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. 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.
1.2. 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.
1.3. 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:
Freehold No depreciaiton
Leasehold 2% Straightline
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
1.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.5. 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.
1.6. 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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2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 69 (2023: 60)
69 60
3. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 April 2023 832,500 50,480 261,702 8,000
Additions - 9,260 5,132 -
As at 31 March 2024 832,500 59,740 266,834 8,000
Depreciation
As at 1 April 2023 - 10,993 258,166 2,000
Provided during the period - 1,198 3,060 1,504
As at 31 March 2024 - 12,191 261,226 3,504
Net Book Value
As at 31 March 2024 832,500 47,549 5,608 4,496
As at 1 April 2023 832,500 39,487 3,536 6,000
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 248,346 78,658 1,479,686
Additions 1,910 12,949 29,251
As at 31 March 2024 250,256 91,607 1,508,937
Depreciation
As at 1 April 2023 246,117 69,927 587,203
Provided during the period 1,818 7,247 14,827
As at 31 March 2024 247,935 77,174 602,030
Net Book Value
As at 31 March 2024 2,321 14,433 906,907
As at 1 April 2023 2,229 8,731 892,483
4. Stocks
2024 2023
£ £
Stock 937,549 902,698
Work in progress 142,560 121,605
1,080,109 1,024,303
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Page 5
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,297,013 1,089,323
Prepayments and accrued income 115,207 107,124
Other debtors 20,713 17,663
Corporation tax recoverable assets - 34,018
VAT 32,018 9,880
Directors' loan accounts 8,200 -
Amounts owed by group undertakings 1,217,125 867,125
Amounts owed by joint-ventures 46,399 46,399
2,736,675 2,171,532
6. Current Asset Investments
2024 2023
£ £
Shares in subsidiaries 200 200
Listed investments 6,717 6,717
6,917 6,917
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 829,968 756,496
Bank loans and overdrafts 325,805 306,229
Corporation tax 240,003 142,015
Other taxes and social security 62,271 47,429
Other creditors 54,105 35,509
Accruals and deferred income 11,485 9,433
1,523,637 1,297,111
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 102 102
9. Reserves
Revaluation Reserve
£
As at 1 April 2023 414,695
As at 31 March 2024 414,695
10. General Information
Oakenhurst Aircraft Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02355638 . The registered office is Oakenhurst Aircraft Services Limited, Claydons Lane, Rayleigh, Essex, SS6 7UP.
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