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Registration number: 10974329

City Air Technologies Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 September 2023

 

City Air Technologies Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

City Air Technologies Limited

Company Information

Directors

Mr R Stoutzker

Mr AS Raish

Registered office

320 Garratt Lane
London
SW18 4EJ

Accountants

Franklin, Chartered Accountants
320 Garratt Lane
London
SW18 4EJ

 

City Air Technologies Limited

(Registration number: 10974329)
Abridged Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

10,423

16,533

Current assets

 

Debtors

5

36,783

74,259

Cash at bank and in hand

 

981

38,091

 

37,764

112,350

Creditors: Amounts falling due within one year

(51,908)

(32,657)

Net current (liabilities)/assets

 

(14,144)

79,693

Total assets less current liabilities

 

(3,721)

96,226

Provisions for liabilities

(1,980)

(3,141)

Net (liabilities)/assets

 

(5,701)

93,085

Capital and reserves

 

Called up share capital

6

113

113

Share premium reserve

379,924

379,924

Retained earnings

(385,738)

(286,952)

Shareholders' (deficit)/funds

 

(5,701)

93,085

For the financial year ending 30 September 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 27 July 2024 and signed on its behalf by:
 

 

City Air Technologies Limited

(Registration number: 10974329)
Abridged Balance Sheet as at 30 September 2023

.........................................
Mr R Stoutzker
Director

 

City Air Technologies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
320 Garratt Lane
London
SW18 4EJ

The principal place of business is:
10 Harman Drive
London
NW2 2EB
England

These financial statements were authorised for issue by the Board on 27 July 2024.

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.

Tax

The tax expense for the period comprises current and deferred 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.

 

City Air Technologies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

33.33% Straight Line

Commercial motor vehicles

25% Straight Line

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.

Trade 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.

 

City Air Technologies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

Trade 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.

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.

 

City Air Technologies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

Financial instruments

Classification
The Company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments.

 Recognition and measurement
Financial instruments are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

 Impairment
Financial instruments are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 2).

 

City Air Technologies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2022

22,998

1,525

24,523

At 30 September 2023

22,998

1,525

24,523

Depreciation

At 1 October 2022

7,187

803

7,990

Charge for the year

5,749

361

6,110

At 30 September 2023

12,936

1,164

14,100

Carrying amount

At 30 September 2023

10,062

361

10,423

At 30 September 2022

15,811

722

16,533

5

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £0.001 each

113,200

113

113,200

113

         

Allotted, called up and fully paid shares

20,133 ordinary nil-paid shares at £0.001 each have been allotted and will be called up at unspecified date in the future when the company meets certain conditions.

7

Related party transactions

 

City Air Technologies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr R Stoutzker

Director Loan

(4,314)

9,907

(14,916)

(9,323)

Mr AS Raish

Director Loan

40

9,954

(5,300)

4,694

2022

At 1 October 2021
£

At 30 September 2022
£

Mr R Stoutzker

Director Loan

(4,314)

(4,314)

Mr AS Raish

Director Loan

40

40

 

City Air Technologies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

28,516

58,970

Summary of transactions with other related parties

Related party transactions includes loans made by key management and other shareholders to the company.
 No terms or conditions.
 

Loans from related parties

2023

Key management
£

Other related parties
£

Total
£

At start of period

(4,274)

(8,647)

(12,921)

At end of period

(4,274)

(8,647)

(12,921)

2022

Key management
£

Other related parties
£

Total
£

At start of period

(4,274)

(8,647)

(12,921)

At end of period

(4,274)

(8,647)

(12,921)