Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-3023The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-05-01falsemanufacture of air and gas compressors25falsetruefalse 02800984 2023-05-01 2024-04-30 02800984 2022-05-01 2023-04-30 02800984 2024-04-30 02800984 2023-04-30 02800984 c:CompanySecretary1 2023-05-01 2024-04-30 02800984 c:Director1 2023-05-01 2024-04-30 02800984 c:Director1 2024-04-30 02800984 c:Director2 2023-05-01 2024-04-30 02800984 c:Director2 2024-04-30 02800984 c:Director3 2023-05-01 2024-04-30 02800984 c:Director3 2024-04-30 02800984 c:Director4 2023-05-01 2024-04-30 02800984 c:Director4 2024-04-30 02800984 c:Director5 2023-05-01 2024-04-30 02800984 c:Director5 2024-04-30 02800984 c:Director6 2023-05-01 2024-04-30 02800984 c:Director6 2024-04-30 02800984 c:Director7 2023-05-01 2024-04-30 02800984 c:Director7 2024-04-30 02800984 c:RegisteredOffice 2023-05-01 2024-04-30 02800984 d:Buildings d:ShortLeaseholdAssets 2023-05-01 2024-04-30 02800984 d:Buildings d:ShortLeaseholdAssets 2024-04-30 02800984 d:Buildings d:ShortLeaseholdAssets 2023-04-30 02800984 d:PlantMachinery 2023-05-01 2024-04-30 02800984 d:PlantMachinery 2024-04-30 02800984 d:PlantMachinery 2023-04-30 02800984 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02800984 d:MotorVehicles 2023-05-01 2024-04-30 02800984 d:MotorVehicles 2024-04-30 02800984 d:MotorVehicles 2023-04-30 02800984 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02800984 d:FurnitureFittings 2023-05-01 2024-04-30 02800984 d:FurnitureFittings 2024-04-30 02800984 d:FurnitureFittings 2023-04-30 02800984 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02800984 d:ComputerEquipment 2023-05-01 2024-04-30 02800984 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02800984 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-05-01 2024-04-30 02800984 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-04-30 02800984 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-04-30 02800984 d:CurrentFinancialInstruments 2024-04-30 02800984 d:CurrentFinancialInstruments 2023-04-30 02800984 d:Non-currentFinancialInstruments 2024-04-30 02800984 d:Non-currentFinancialInstruments 2023-04-30 02800984 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 02800984 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 02800984 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 02800984 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 02800984 d:ShareCapital 2024-04-30 02800984 d:ShareCapital 2023-04-30 02800984 d:RetainedEarningsAccumulatedLosses 2024-04-30 02800984 d:RetainedEarningsAccumulatedLosses 2023-04-30 02800984 c:OrdinaryShareClass1 2023-05-01 2024-04-30 02800984 c:OrdinaryShareClass1 2024-04-30 02800984 c:OrdinaryShareClass2 2023-05-01 2024-04-30 02800984 c:OrdinaryShareClass2 2024-04-30 02800984 c:OrdinaryShareClass3 2023-05-01 2024-04-30 02800984 c:OrdinaryShareClass3 2024-04-30 02800984 c:OrdinaryShareClass4 2023-05-01 2024-04-30 02800984 c:OrdinaryShareClass4 2024-04-30 02800984 c:FRS102 2023-05-01 2024-04-30 02800984 c:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 02800984 c:FullAccounts 2023-05-01 2024-04-30 02800984 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 02800984 2 2023-05-01 2024-04-30 02800984 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-05-01 2024-04-30 02800984 e:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02800984










AVELAIR LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
AVELAIR LIMITED
 
 
COMPANY INFORMATION


Directors
D J Wood (Managing Director) (resigned 12 July 2024)
G Goodwin (resigned 12 July 2024)
M R Jones (resigned 12 July 2024)
T Shepherd (resigned 12 July 2024)
B Wood (resigned 12 July 2024)
P Olsson (appointed 12 July 2024)
D Zhang (appointed 12 July 2024)




Company secretary
Mrs J L Wood (resigned 12 July 2024)



Registered number
02800984



Registered office
Unit C
Fred Castle Way

Rougham Industrial Estate

Bury St. Edmunds

Suffolk

IP30 9ND




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
AVELAIR LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 11


 
AVELAIR LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AVELAIR LIMITED
FOR THE YEAR ENDED 30 APRIL 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Avelair Limited for the year ended 30 April 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm 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 https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Avelair Limited, as a body, in accordance with the terms of our engagement letter dated 30 June 2021Our work has been undertaken solely to prepare for your approval the financial statements of Avelair Limited and state those matters that we have agreed to state to the Board of directors of Avelair Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Avelair Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Avelair Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Avelair Limited. You consider that Avelair Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Avelair 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 statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
27 July 2024
Page 1

 
AVELAIR LIMITED
REGISTERED NUMBER: 02800984

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Intangible assets
 7 
68
85

Tangible assets
 8 
247,321
260,381

  
247,389
260,466

Current assets
  

Stocks
 6 
713,720
796,990

Debtors: amounts falling due within one year
 9 
465,737
312,564

Cash at bank and in hand
  
739,901
421,029

  
1,919,358
1,530,583

Creditors: amounts falling due within one year
 10 
(904,179)
(790,408)

Net current assets
  
 
 
1,015,179
 
 
740,175

Total assets less current liabilities
  
1,262,568
1,000,641

Creditors: amounts falling due after more than one year
 11 
(24,926)
(57,448)

Provisions for liabilities
  

Deferred tax
  
(49,846)
(47,242)

Net assets
  
1,187,796
895,951


Capital and reserves
  

Called up share capital 
 12 
600,000
600,000

Profit and loss account
  
587,796
295,951

  
1,187,796
895,951


Page 2

 
AVELAIR LIMITED
REGISTERED NUMBER: 02800984
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 July 2024.




................................................
P Olsson
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Avelair Limited is a private company, limited by shares, incorporated and domiciled in England and Wales.  The address of its registered office, and principal place of business is Unit C, Fred Castle Way, Rougham Industrial Estate, Bury St. Edmunds, Suffolk, IP30 9ND.
The Company's principal activity is that of the manufacture of air and gas compressors.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue recognition

Turnover comprises revenue recognised by the Company from the sale of compressors and spare parts and the servicing and hire of equipment during the year, exclusive of Value Added Tax and trade discounts
Revenue is recognised when compressors and spare parts are delivered and servicing has been carried out.  Hire charges are recognised on an accruals basis in terms of the hire days in the month equating to complete weeks.

 
2.3

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
 
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 
 
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Trademarks
-
10
years

Page 5

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line basis.

Depreciation is provided on the following basis:

Leasehold property
-
10%
straight line
Plant and machinery
-
10%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
10%
straight line
Computer equipment
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. 

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 25 (2023 - 23).


4.


Pension commitments

Contributions totalling £3,878 (2023 - £3,573) were payable to the fund at the balance sheet date and are included in other creditors.


5.Other financial commitments

The Company had total financial commitments which are not included in the balance sheet amounting to
£473,313 (2023 - £518,993).


6.


Stocks

2024
2023
£
£

Raw materials and consumables
650,754
697,543

Finished goods and goods for resale
62,966
99,447

713,720
796,990


Page 7

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Intangible assets




Trademarks

£



Cost


At 1 May 2023

170



At 30 April 2024

170



Amortisation


At 1 May 2023
85


Charge for the year on owned assets
17



At 30 April 2024

102



Net book value



At 30 April 2024
68



At 30 April 2023
85



Page 8

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Tangible fixed assets





Leasehold property
Plant & machinery
Motor vehicles
Fixtures, fittings & equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
54,940
97,442
339,730
161,886
653,998


Additions
-
5,174
80,000
11,331
96,505


Disposals
-
-
(80,124)
(996)
(81,120)



At 30 April 2024

54,940
102,616
339,606
172,221
669,383



Depreciation


At 1 May 2023
54,940
59,030
147,421
132,226
393,617


Charge for the year on owned assets
-
7,681
59,657
7,914
75,252


Disposals
-
-
(46,026)
(780)
(46,806)



At 30 April 2024

54,940
66,711
161,052
139,360
422,063



Net book value



At 30 April 2024
-
35,905
178,554
32,861
247,320



At 30 April 2023
-
38,412
192,310
29,660
260,382


9.


Debtors

2024
2023
£
£


Trade debtors
432,480
232,956

Other debtors
1,760
3,649

Prepayments and accrued income
31,497
75,959

465,737
312,564


Page 9

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
281,468
286,987

Corporation tax
126,934
27,069

Other taxation and social security
117,972
97,070

Obligations under finance lease and hire purchase contracts
32,302
46,449

Other creditors
8,987
14,658

Accruals and deferred income
336,516
318,175

904,179
790,408


Obligations under finance lease and hire purchase contracts of £32,302 (2023 - £46,449) are secured on the assets financed.


11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Obligations under finance leases and hire purchase contracts
24,265
56,567

Capital grant received
661
881

24,926
57,448


Obligations under finance lease and hire purchase contracts of £24,265 (2023 - £56,567) are secured on the assets financed.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Released to profit and loss account in instalments
220
220

220
220



Page 10

 
AVELAIR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



240,000 (2023 - 300,000) Ordinary A shares of £1.00 each
240,000
300,000
60,000 Ordinary B shares of £1.00 each
60,000
60,000
294,000 (2023 - 234,000) Ordinary C shares of £1.00 each
294,000
234,000
6,000 Ordinary D shares of £1.00 each
6,000
6,000

600,000

600,000


During the year there was a redesignation of shares, where 60,000 A shares were converted to 60,000 C shares.

 
Page 11