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Registration number: SC650842

Element Aero Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Element Aero Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Element Aero Ltd

Company Information

Directors

Mr B W Irving

Mr A M Kirkwood

Mr R S Thomas

Registered office

 

12 Shairps Business Park
Houstoun Road
Livingston
West Lothian
EH54 5FD

Accountants

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

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.

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

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

29 August 2024

 

Element Aero Ltd

(Registration number: SC650842)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

11,910

21,934

Current assets

 

Debtors

6

16,374

10,627

Cash at bank and in hand

 

12,174

27,427

 

28,548

38,054

Creditors: Amounts falling due within one year

7

(35,769)

(41,875)

Net current liabilities

 

(7,221)

(3,821)

Total assets less current liabilities

 

4,689

18,113

Creditors: Amounts falling due after more than one year

7

(13,280)

(23,395)

Provisions for liabilities

(4,536)

(5,061)

Net liabilities

 

(13,127)

(10,343)

Capital and reserves

 

Called up share capital

9

3

3

Retained earnings

(13,130)

(10,346)

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 29 August 2024 and signed on its behalf by:
 

.........................................
Mr R S Thomas
Director

 

Element Aero Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
12 Shairps Business Park
Houstoun Road
Livingston
West Lothian
EH54 5FD

These financial statements were authorised for issue by the Board on 29 August 2024.

2

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

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2023 - 3).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

10,025

17,633

 

Element Aero Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

683

10,000

52,538

63,221

At 31 January 2024

683

10,000

52,538

63,221

Depreciation

At 1 February 2023

512

4,375

36,399

41,286

Charge for the year

171

1,406

8,448

10,025

At 31 January 2024

683

5,781

44,847

51,311

Carrying amount

At 31 January 2024

-

4,219

7,691

11,910

At 31 January 2023

170

5,625

16,139

21,934

6

Debtors

2024
£

2023
£

Trade debtors

14,930

9,218

Prepayments

223

199

Other debtors

1,221

1,210

16,374

10,627

 

Element Aero Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,115

10,000

Taxation and social security

 

25,493

14,374

Other creditors

 

161

17,501

 

35,769

41,875

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

13,280

23,395

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,280

23,395

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,115

10,000

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

3

3

3

3

       

10

Related party transactions

The company operates a loan account with the director, Mr B Irving.
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