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Registered number: 07538466
Airstream Facilities Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
GLX Accounting Limited
Chartered Accountants
69-75 Thorpe Road
Norwich
Norfolk
NR1 1UA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 07538466
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 906,510 756,894
906,510 756,894
CURRENT ASSETS
Debtors 5 134,145 163,338
Cash at bank and in hand 6,946 96,558
141,091 259,896
Creditors: Amounts Falling Due Within One Year 6 (413,239 ) (344,123 )
NET CURRENT ASSETS (LIABILITIES) (272,148 ) (84,227 )
TOTAL ASSETS LESS CURRENT LIABILITIES 634,362 672,667
Creditors: Amounts Falling Due After More Than One Year 7 (32,291 ) (48,850 )
NET ASSETS 602,071 623,817
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 601,971 623,717
SHAREHOLDERS' FUNDS 602,071 623,817
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Mojo Fell
Director
27th August 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Airstream Facilities Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07538466 . The registered office is C/O GLX, 69-75 Thorpe Road, Norwich, Norfolk, NR1 1UA.
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. 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.
2.3. 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:
Freehold 2% Reducing Balance
Plant & Machinery 20% Reducing Balance
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 5% Reducing Balance
2.4. 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: 8 (2023: 7)
8 7
Page 3
Page 4
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 March 2023 264,730 152,528 244,484 648,299 1,310,041
Additions 78,302 3,515 51,000 102,298 235,115
Disposals - - (51,654 ) (48,427 ) (100,081 )
As at 29 February 2024 343,032 156,043 243,830 702,170 1,445,075
Depreciation
As at 1 March 2023 29,324 132,115 181,219 210,489 553,147
Provided during the period 6,274 4,069 21,153 22,681 54,177
Disposals - - (51,654 ) (17,105 ) (68,759 )
As at 29 February 2024 35,598 136,184 150,718 216,065 538,565
Net Book Value
As at 29 February 2024 307,434 19,859 93,112 486,105 906,510
As at 1 March 2023 235,406 20,413 63,265 437,810 756,894
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 119,380 143,430
Other debtors 14,765 19,908
134,145 163,338
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 8,600 8,600
Other creditors 389,652 322,547
Taxation and social security 14,987 12,976
413,239 344,123
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 32,291 48,850
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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