Registered number
08822483
Sierra Aircraft Training and Maintenance Ltd
Filleted Accounts
31 December 2023
Sierra Aircraft Training and Maintenance Ltd
Registered number: 08822483
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 430 881
Current assets
Debtors 4 1,248 7,029
Cash at bank and in hand 30,700 43,347
31,948 50,376
Creditors: amounts falling due within one year 5 (12,700) (26,739)
Net current assets 19,248 23,637
Total assets less current liabilities 19,678 24,518
Provisions for liabilities (81) (167)
Net assets 19,597 24,351
Capital and reserves
Called up share capital 101 101
Profit and loss account 19,496 24,250
Shareholders' funds 19,597 24,351
The director is 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 director acknowledges his 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.
J Shipton
Director
Approved by the board on 16 September 2024
Sierra Aircraft Training and Maintenance Ltd
Notes to the Accounts
for the year ended 31 December 2023
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:
Plant and machinery - Computer equipment 33.33% SLM
Plant and machinery - Office equipment 25% RBM
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 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 3,280
At 31 December 2023 3,280
Depreciation
At 1 January 2023 2,399
Charge for the year 451
At 31 December 2023 2,850
Net book value
At 31 December 2023 430
At 31 December 2022 881
4 Debtors 2023 2022
£ £
Trade debtors 1,248 7,029
5 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 6,820 17,811
Other taxes and social security costs 5,294 8,395
Other creditors 586 533
12,700 26,739
6 Other information
Sierra Aircraft Training and Maintenance Ltd is a private company limited by shares and incorporated in England. Its registered office is:
2 Shawley Road
Sawtry
Huntingdon
Cambridgeshire
PE28 5UH
Sierra Aircraft Training and Maintenance Ltd 08822483 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts April 2024 J Shipton No description of principal activity 08822483 2022-01-01 2022-12-31 08822483 core:WithinOneYear 2022-12-31 08822483 core:ShareCapital 2022-12-31 08822483 core:RetainedEarningsAccumulatedLosses 2022-12-31 08822483 2023-01-01 2023-12-31 08822483 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08822483 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08822483 bus:Director40 2023-01-01 2023-12-31 08822483 1 2023-01-01 2023-12-31 08822483 2 2023-01-01 2023-12-31 08822483 core:PlantMachinery 2023-01-01 2023-12-31 08822483 countries:England 2023-01-01 2023-12-31 08822483 bus:FRS102 2023-01-01 2023-12-31 08822483 bus:FilletedAccounts 2023-01-01 2023-12-31 08822483 2023-12-31 08822483 core:WithinOneYear 2023-12-31 08822483 core:ShareCapital 2023-12-31 08822483 core:RetainedEarningsAccumulatedLosses 2023-12-31 08822483 core:PlantMachinery 2023-12-31 08822483 2022-12-31 08822483 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure