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Registered number: 08367978










ACME AVIATION LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
ACME AVIATION LIMITED
 
 
COMPANY INFORMATION


Director
Mr Stephen Hunter 




Company secretary
Mr Stephen Hunter



Registered number
08367978



Registered office
7 The Close
Norwich

Norfolk

NR1 4DJ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

NR1 4DJ





 
ACME AVIATION LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 8

 
ACME AVIATION LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ACME AVIATION LIMITED
FOR THE YEAR ENDED 31 JANUARY 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 ACME Aviation Limited for the year ended 31 January 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 director of ACME Aviation Limited in accordance with the terms of our engagement letter dated 27 May 2022Our work has been undertaken solely to prepare for your approval the financial statements of ACME Aviation Limited and state those matters that we have agreed to state to the director of ACME Aviation Limited 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 ACME Aviation Limited and its director for our work or for this report. 

It is your duty to ensure that ACME Aviation 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 ACME Aviation Limited. You consider that ACME Aviation 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 ACME Aviation 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
NR1 4DJ
9 August 2024
Page 1

 
ACME AVIATION LIMITED
REGISTERED NUMBER: 08367978

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,452
4,195

  
2,452
4,195

Current assets
  

Debtors: amounts falling due within one year
 5 
54,571
23,002

Cash at bank and in hand
  
1,362
12,374

  
55,933
35,376

Creditors: amounts falling due within one year
 6 
(12,379)
(10,513)

Net current assets
  
 
 
43,554
 
 
24,863

Total assets less current liabilities
  
46,006
29,058

Creditors: amounts falling due after more than one year
 7 
(8,889)
(10,549)

Provisions for liabilities
  

Deferred tax
  
(56)
(298)

  
 
 
(56)
 
 
(298)

Net assets
  
37,061
18,211


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
37,060
18,210

  
37,061
18,211


Page 2

 
ACME AVIATION LIMITED
REGISTERED NUMBER: 08367978
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The director considers 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 director acknowledges his 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 statement of income and retained earnings 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 9 August 2024.




................................................
Mr Stephen Hunter
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
ACME AVIATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

ACME Aviation Limited is a private company, limited by shares, domiciled in England and Wales, registration number 08367978. The registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ. The principal place of business is Larling, Norwich.
The company's principle activity during the year was that of servicing and maintaining aircraft. 

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

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably;   and
- the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

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.

Page 4

 
ACME AVIATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Plant and machinery
-
25% reducing balance
Office equipment
-
25% reducing balance

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.

 
2.4

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable withing on year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.

Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date.                                                                                                
 
Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 5

 
ACME AVIATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost or valuation


At 1 February 2023
21,849
2,675
24,524


Disposals
(567)
(1,986)
(2,553)



At 31 January 2024

21,282
689
21,971



Depreciation


At 1 February 2023
18,949
1,380
20,329


Charge for the year on owned assets
704
113
817


Disposals
(484)
(1,143)
(1,627)



At 31 January 2024

19,169
350
19,519



Net book value



At 31 January 2024
2,113
339
2,452



At 31 January 2023
2,900
1,295
4,195

Page 6

 
ACME AVIATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Debtors

2024
2023
£
£


Trade debtors
2,952
2,712

Other debtors
51,407
19,960

Prepayments and accrued income
212
330

54,571
23,002



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
1,667
1,667

Other taxation and social security
9,418
7,541

Accruals and deferred income
1,294
1,305

12,379
10,513



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
8,889
10,549

8,889
10,549


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

2024
2023
£
£


Repayable by instalments
2,222
3,883

2,222
3,883



Page 7

 
ACME AVIATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1



9.


Related party transactions

As at 1 February 2023 the balance on the director's loan account was £19,541 owed to the company. During the year, the company advanced £70,021 to the director and the director introduced funds into the company of £38,574.
The balance on the director's loan account as at 31 January 2024 was £50,988 owing to the company, as included within other debtors in note 5 above. Interest of £716 (2023: £336), a rate of 2.00% and 2.25%, has been charged on the overdrawn balances only. The loan is repayable on demand. 

 
Page 8