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Registered number: 02209652
Aircraft and Ground Limited
Director's Report and
Unaudited Financial Statements
For The Year Ended 31 March 2024
mca business ltd
4 - 6 The Wharf Centre
Wharf Street
Warwick
Warwickshire
CV34 5LB
Contents
Page
Company Information 1
Director's Report 2
Accountant's Report 3
Profit and Loss Account 4
Balance Sheet 5—6
Notes to the Financial Statements 7—9
Page 1
Company Information
Director Mr Stephen Moore
Secretary Mr Stephen Moore
Company Number 02209652
Registered Office 4 - 6 The Wharf Centre
Wharf Street
Warwick
Warwickshire
CV34 5LB
Accountants mca business ltd
4 - 6 The Wharf Centre
Wharf Street
Warwick
Warwickshire
CV34 5LB
Page 1
Page 2
Director's Report
The director presents his report and the financial statements for the year ended 31 March 2024.
Directors
The director who held office during the year were as follows:
Mr Stephen Moore
Statement of Director's Responsibilities
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the director is required to: 
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has 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.
On behalf of the board
Mr Stephen Moore
Director
05/08/2024
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Accountant's Report
Chartered Accountant's report to the director on the preparation of the unaudited statutory accounts of Aircraft and Ground Limited for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Aircraft and Ground Limited for the year ended 31 March 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of Aircraft and Ground Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Aircraft and Ground Limited and state those matters that we have agreed to state to the director of Aircraft and Ground Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aircraft and Ground Limited and its director, as a body, for our work or for this report.
It is your duty to ensure that Aircraft and Ground Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Aircraft and Ground Limited . You consider that Aircraft and Ground Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Aircraft and Ground Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
Martin Cox
05/08/2024
mca business ltd
4 - 6 The Wharf Centre
Wharf Street
Warwick
Warwickshire
CV34 5LB
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Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 928,403 988,295
Cost of sales (508,022 ) (471,639 )
GROSS PROFIT 420,381 516,656
Administrative expenses (263,888 ) (277,869 )
OPERATING PROFIT 156,493 238,787
Other interest receivable and similar income 10,118 5,321
Interest payable and similar charges (4,289 ) (4,834 )
PROFIT BEFORE TAXATION 162,322 239,274
Tax on Profit (43,020 ) (43,397 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 119,302 195,877
The notes on pages 7 to 9 form part of these financial statements.
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Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 20,198 29,957
20,198 29,957
CURRENT ASSETS
Stocks 5 75,000 69,753
Debtors 6 226,141 347,151
Cash at bank and in hand 716,703 573,334
1,017,844 990,238
Creditors: Amounts Falling Due Within One Year 7 (124,960 ) (152,965 )
NET CURRENT ASSETS (LIABILITIES) 892,884 837,273
TOTAL ASSETS LESS CURRENT LIABILITIES 913,082 867,230
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,261 ) (2,261 )
NET ASSETS 910,821 864,969
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 910,721 864,869
SHAREHOLDERS' FUNDS 910,821 864,969
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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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mr Stephen Moore
Director
05/08/2024
The notes on pages 7 to 9 form part of these financial statements.
Page 6
Page 7
Notes to the Financial Statements
1. General Information
Aircraft and Ground Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02209652 . The registered office is 4 - 6 The Wharf Centre, Wharf Street, Warwick, Warwickshire, CV34 5LB.
2. Accounting Policies
2.1. 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.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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.
2.4. 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:
Plant & Machinery 25% Reducing Balance/25% Straight Line
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 15% Reducing Balance
2.5. 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.
2.6. 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.
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2.7. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 192,605 12,659 2,407 207,671
As at 31 March 2024 192,605 12,659 2,407 207,671
Depreciation
As at 1 April 2023 174,659 1,371 1,684 177,714
Provided during the period 8,025 1,564 170 9,759
As at 31 March 2024 182,684 2,935 1,854 187,473
Net Book Value
As at 31 March 2024 9,921 9,724 553 20,198
As at 1 April 2023 17,946 11,288 723 29,957
5. Stocks
2024 2023
£ £
Stock 75,000 69,753
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 150,761 208,422
Other debtors 75,380 138,729
226,141 347,151
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 17,216 48,885
Bank loans and overdrafts 481 1,227
Other creditors 62,079 56,222
Taxation and social security 45,184 46,631
124,960 152,965
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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