Registration number:
Element Aero Ltd
for the Year Ended 31 January 2024
Element Aero Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Element Aero Ltd
Company Information
Directors |
Mr B W Irving Mr A M Kirkwood Mr R S Thomas |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Element Aero Ltd
for the Year Ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Element Aero Ltd for the year ended 31 January 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the Board of Directors of Element Aero Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Element Aero Ltd and state those matters that we have agreed to state to the Board of Directors of Element Aero Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Element Aero Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Element Aero Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Element Aero Ltd. You consider that Element Aero Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Element Aero Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Quarrywood Court
Livingston
West Lothian
EH54 6AX
Element Aero Ltd
(Registration number: SC650842)
Balance Sheet as at 31 January 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
3 |
3 |
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Retained earnings |
(13,130) |
(10,346) |
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Shareholders' deficit |
(13,127) |
(10,343) |
For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Element Aero Ltd
(Registration number: SC650842)
Balance Sheet as at 31 January 2024
Approved and authorised by the
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Element Aero Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.
Basis of preparation
These financial statements have been prepared on a going concern basis as the directors has undertaken to support the company until profitability can be achieved.
The presentation currency of the financial statements is the Pound Sterling (£).
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration derived from that of drone surveys and inspections. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
Element Aero Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
25% straight line |
Other tangible assets |
20% and 33% straight line |
Motor vehicles |
25% reducing balance |
Element Aero Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Loss before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
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Depreciation expense |
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Element Aero Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 February 2023 |
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At 31 January 2024 |
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Depreciation |
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At 1 February 2023 |
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Charge for the year |
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At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
- |
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At 31 January 2023 |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Element Aero Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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The bank loan is supported by a 100% guarantee from the UK Government.
Element Aero Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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3 |
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3 |
Related party transactions |
During the year, the company advanced loans totalling £9,194 to the director. At the year end, the balance due from the director was £1,221 (2023 - £7,973 owed to the director). This loan is unsecured, interest free and has no fixed repayment terms
The company operates a loan account with the director, Mr R Thomas.
During the year, the company repaid loans totalling £9,367 to the director. At the year end, the balance due to the director was £146 (2022 - £9,513). This loan is unsecured, interest free and has no fixed repayment terms.
The company operates a loan account with the director, Mr A Kirkwood.
At the year end, the balance due from the director was £1 (2023 - £1). This loan is unsecured, interest free and has no fixed repayment terms