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Registered Number: 12288632
England & Northern Ireland

 

 

 

BUSFORD AVIATION LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 November 2022

End date: 30 October 2023
Directors Graham Mounford
James Busby
Registered Number 12288632
Registered Office 19 Ashburnham Crescent
Leighton Buzzard
Bedfordshire
LU7 2PB
Accountants Denton Tavara Ltd
61a High Street South
Rushden
NN10 0RA
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 30 October 2023.
Principal activities
Principal activity of the company during the financial period was of charter airplane services.
Directors
The directors who served the company throughout the period were as follows:
Graham Mounford
James Busby
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Graham Mounford
Director

Date approved: 04 September 2024
2
Accountants report
You consider that the company is exempt from an audit for the year ended 30 October 2023 . You have acknowledged, on the Statement of Financial Position , your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.



....................................................

Denton Tavara Ltd

61a High Street South
Rushden
NN10 0RA
04 September 2024
3
 
 
Notes
 
2023
£
  2022
£
Current assets      
Stocks 3 157,213    163,341 
Debtors 4 5,363    1,939 
Cash at bank and in hand 4,830    3,389 
167,406    168,669 
Creditors: amount falling due within one year 5 (29,242)   (66,659)
Net current assets 138,164    102,010 
 
Total assets less current liabilities 138,164    102,010 
Creditors: amount falling due after more than one year 6 (150,000)   (100,000)
Net assets (11,836)   2,010 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account (11,936)   1,910 
Shareholders' funds (11,836)   2,010 
 


For the period ended 30 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 04 September 2024 and were signed on its behalf by:


-------------------------------
Graham Mounford
Director
4
General Information
Busford Aviation Limited is a private company, limited by shares, registered in England & Northern Ireland, registration number 12288632, registration address 19 Ashburnham Crescent, Leighton Buzzard, Bedfordshire, LU7 2PB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the period was 2 (2022 : 2).
3.

Stocks

2023
£
  2022
£
Closing Stocks and WIP 157,213    163,341 
157,213    163,341 

4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 221   
Other Debtors   750 
VAT 5,142    1,189 
5,363    1,939 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 17,697    12,946 
Corporation Tax   455 
Accruals 550    500 
Other Creditors   (2)
Directors' Current Accounts 10,995    52,760 
29,242    66,659 

6.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Directors' Loan Accounts 150,000    100,000 
150,000    100,000 

5