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REGISTERED NUMBER: 03124093 (England and Wales)


















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

AIR KRAFT LIMITED

AIR KRAFT LIMITED (REGISTERED NUMBER: 03124093)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


AIR KRAFT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: S May-Russell
C D May-Russell
L P May-Russell
C C May-Russell





REGISTERED OFFICE: Unit D Cavans Close
Binley Industrial Estate
Coventry
West Midlands
CV3 2SF





REGISTERED NUMBER: 03124093 (England and Wales)





ACCOUNTANTS: TGFP
Chartered Accountants
Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA

AIR KRAFT LIMITED (REGISTERED NUMBER: 03124093)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 159,912 131,187

CURRENT ASSETS
Stocks 45,500 25,500
Debtors 5 1,944,987 1,614,631
Cash at bank and in hand 577,112 509,635
2,567,599 2,149,766
CREDITORS
Amounts falling due within one year 6 779,562 559,890
NET CURRENT ASSETS 1,788,037 1,589,876
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,947,949

1,721,063

CREDITORS
Amounts falling due after more than one
year

7

48,924

64,978
NET ASSETS 1,899,025 1,656,085

CAPITAL AND RESERVES
Called up and paid share capital 100 100
Retained earnings 1,898,925 1,655,985
1,899,025 1,656,085

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

AIR KRAFT LIMITED (REGISTERED NUMBER: 03124093)

BALANCE SHEET - continued
30 NOVEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 July 2024 and were signed on its behalf by:




C D May-Russell - Director S May-Russell - Director




C C May-Russell - Director L P May-Russell - Director


AIR KRAFT LIMITED (REGISTERED NUMBER: 03124093)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

Air Kraft Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 50% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


AIR KRAFT LIMITED (REGISTERED NUMBER: 03124093)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 16 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 December 2022 14,239 305,788 320,027
Additions - 85,643 85,643
At 30 November 2023 14,239 391,431 405,670
DEPRECIATION
At 1 December 2022 11,392 177,448 188,840
Charge for year 1,424 55,494 56,918
At 30 November 2023 12,816 232,942 245,758
NET BOOK VALUE
At 30 November 2023 1,423 158,489 159,912
At 30 November 2022 2,847 128,340 131,187

AIR KRAFT LIMITED (REGISTERED NUMBER: 03124093)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 922,796 746,765
Other debtors 1,022,191 867,866
1,944,987 1,614,631

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 78,470 7,997
Trade creditors 486,251 282,128
Taxation and social security 172,486 232,369
Other creditors 42,355 37,396
779,562 559,890

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 48,924 64,978

8. RELATED PARTY DISCLOSURES

Included in other debtors are amounts owing of £1,004,590 (2022 £600,100) from a company under the control of the directors. The loans are interest free and repayable on demand.