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COMPANY REGISTRATION NUMBER: SC560321
Airmac VBE Limited
Filleted Unaudited Abridged Financial Statements
For the year ended
30 November 2023
Airmac VBE Limited
Abridged Financial Statements
Year ended 30 November 2023
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Airmac VBE Limited
Abridged Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
25,384
Current assets
Stocks
78,178
49,690
Debtors
109,783
77,387
Cash at bank and in hand
110,743
127,600
---------
---------
298,704
254,677
Creditors: amounts falling due within one year
115,359
74,532
---------
---------
Net current assets
183,345
180,145
---------
---------
Total assets less current liabilities
208,729
180,145
Provisions
218
---------
---------
Net assets
208,511
180,145
---------
---------
Airmac VBE Limited
Abridged Statement of Financial Position (continued)
30 November 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
80
80
Other reserves
20
20
Profit and loss account
208,411
180,045
---------
---------
Shareholders funds
208,511
180,145
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 November 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 8 May 2024 , and are signed on behalf of the board by:
Mr S Kiloh
Director
Company registration number: SC560321
Airmac VBE Limited
Notes to the Abridged Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Mechanics Workshop, New Lanark, ML11 9DB.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Taxation The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles - 25% reducing balance
Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to nil (2022: nil).
5. Tangible assets
£
Cost
At 1 December 2022
Additions
28,226
--------
At 30 November 2023
28,226
--------
Depreciation
At 1 December 2022
Charge for the year
2,842
--------
At 30 November 2023
2,842
--------
Carrying amount
At 30 November 2023
25,384
--------
At 30 November 2022
--------
6. Related party transactions
During the year the company traded in the normal course of business with Airmac GDI Ltd, a company controlled by the directors. The company made sales to Airmac GDI Ltd amounting to £116,612 (2022 - £92,356), and a balance of £17,448 (2022 - £24,100) was due from Airmac GDI Ltd at the balance sheet date. Airmac GDI Ltd also supplied services and paid expenses on the company's behalf of £150,587.57 (2022 - £130,470). At the balance sheet date the amount due by the company to Airmac GDI Ltd was £8,648 (2022 - £Nil).