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COMPANY REGISTRATION NUMBER: 05228762
Ascend Airways Limited
Filleted Abridged Financial Statements
31 December 2023
Ascend Airways Limited
Abridged Statement of Financial Position
31 December 2023
31 Dec 23
30 Sep 22
Note
£
£
Fixed assets
Tangible assets
5
111,654
Current assets
Stocks
2,576
Debtors
3,368,849
879,326
Cash at bank and in hand
319,548
216,981
------------
------------
3,690,973
1,096,307
Creditors: amounts falling due within one year
476,620
1,016,575
------------
------------
Net current assets
3,214,353
79,732
------------
--------
Total assets less current liabilities
3,326,007
79,732
Creditors: amounts falling due after more than one year
345,930
------------
--------
Net assets
2,980,077
79,732
------------
--------
Capital and reserves
Called up share capital
4,045,773
888
Other reserves
112
112
Profit and loss account
( 1,065,808)
78,732
------------
--------
Shareholders funds
2,980,077
79,732
------------
--------
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 comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 comprehensive income and the abridged statement of financial position for the period ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Ascend Airways Limited
Abridged Statement of Financial Position (continued)
31 December 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 11 July 2024 , and are signed on behalf of the board by:
Mr Alastair Willson
Director
Company registration number: 05228762
Ascend Airways Limited
Notes to the Abridged Financial Statements
Period from 1 October 2022 to 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Victoria Barn, Wickham Hall, Hadlam Road, Bishops Stortford, England, CM23 1JG.
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 abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company incurred deficit in the financial year but maintained positive net assets at the year end. The company forecast net surplus and positive cash flow in 2025. The directors, having considered the above and made due enquiries, continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
25% straight line
Equipment
-
33% straight line
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.
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.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 14 (2022: 11 ).
5. Tangible assets
£
Cost
At 1 October 2022
24,897
Additions
116,111
---------
At 31 December 2023
141,008
---------
Depreciation
At 1 October 2022
24,897
Charge for the period
4,457
---------
At 31 December 2023
29,354
---------
Carrying amount
At 31 December 2023
111,654
---------
At 30 September 2022
---------
6. Summary audit opinion
The auditor's report for the period dated 10 September 2024 was unqualified .
The senior statutory auditor was Ibrahim Ibrahim , for and on behalf of CAS House Limited .
7. Directors' advances, credits and guarantees
At the year end the director owned the company £0 (2022: £8,263) in interest free loans.
8. Related party transactions
The following purchase transactions from group company are in the Statement of Comprehensive Income for the year (period): - Storm Aviation Limited £285,000 (2022: N/A) At the year end the company was owed £2,037,432 (2022:N/A)by AeroOpportunity Holdings Limited. During the year ASG Finance Designated Activity Company granted loans to Ascend Aiways Limited, summary of the total transactions and the year end outstanding balances is below: - Interest charge for the year £5,121 - Loan outstanding at year end £345,930 - Loans are repayable within five years.
9. Controlling party
The company was under the control of Synergy Aviations Holding Limited to 10 July 2023. On 11 July 2023 the company was acquired by AeroOpportunity Holdings Limited, the latter is a subsidiary of UAB JetMS Regional which is a company incorporated in Lithuania. From 11 July 2023 the ultimate controlling party is Mr Gediminas Ziemelis, a Lithuanian citizen.