Registered number
03438309
Designer Aviation Limited
Filleted Accounts
31 March 2024
Designer Aviation Limited
Registered number: 03438309
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,430,070 1,430,094
Current assets
Cash at bank and in hand 40,036 34,323
Creditors: amounts falling due within one year 4 (9,305) (8,650)
Net current assets 30,731 25,673
Total assets less current liabilities 1,460,801 1,455,767
Creditors: amounts falling due after more than one year 5 (568,283) (568,283)
Provisions for liabilities (28,331) (28,331)
Net assets 864,187 859,153
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 469,278 469,278
Profit and loss account 394,809 389,775
Shareholders' funds 864,187 859,153
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A Armon
Director
Approved by the board on 11 July 2024
Designer Aviation Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 15% Reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 1,430,000 2,199 1,432,199
At 31 March 2024 1,430,000 2,199 1,432,199
Depreciation
At 1 April 2023 - 2,105 2,105
Charge for the year - 24 24
At 31 March 2024 - 2,129 2,129
Net book value
At 31 March 2024 1,430,000 70 1,430,070
At 31 March 2023 1,430,000 94 1,430,094
As at the balance sheet date, the directors considered that there was no change in market value of investment property.
4 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 7,950 7,563
Other creditors 1,355 1,087
9,305 8,650
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 568,283 568,283
6 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 568,283 568,283
Secured bank loans 568,283 568,283
Bank loans in the form of mortgages charged against the investment properties held.
7 Revaluation reserve 2024 2023
£ £
At 1 April 2023 469,278 469,278
At 31 March 2024 469,278 469,278
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr A Armon
[Loan 1] 4,513 28,093 (33,000) (394)
4,513 28,093 (33,000) (394)
9 Other information
Designer Aviation Limited is a private company limited by shares and incorporated in England. Its registered office is:
165 Barnes Lane
Sarisbury Green
Southampton
Hampshire
SO31 7BH
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