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COMPANY REGISTRATION NUMBER: SC280664
Caledonian Air Surveys Limited
Filleted Unaudited Financial Statements
31 December 2023
Caledonian Air Surveys Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
21,672
26,004
Current assets
Debtors
6
2,346
1,839
Cash at bank and in hand
37,070
38,371
--------
--------
39,416
40,210
Creditors: amounts falling due within one year
7
304,413
349,898
---------
---------
Net current liabilities
264,997
309,688
---------
---------
Total assets less current liabilities
( 243,325)
( 283,684)
---------
---------
Net liabilities
( 243,325)
( 283,684)
---------
---------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
( 253,325)
( 293,684)
---------
---------
Shareholders deficit
( 243,325)
( 283,684)
---------
---------
These 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 statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Caledonian Air Surveys Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 20 September 2024 , and are signed on behalf of the board by:
Mr T R Whittome
Director
Company registration number: SC280664
Caledonian Air Surveys Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is C/O Turcan Connell Princes Exchange, 1 Earl Gey Street, Edinburgh, EH3 9EE, Scotland.
2. Statement of compliance
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has a deficit of £243,325 (2022 - £283,684) on the balance sheet and made a profit of £40,359 (2022 - £11,811) for the year. The directors are hopeful that the company will make a profit in the next financial year. Most of the long term funding for the company is by way of director's loan account and the directors have made a commitment not to seek repayment of the loan within the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on on the going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Aircraft
-
5% straight line
Aircraft engine
-
Based on the number of flying hours
Equipment
-
20 - 25% 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. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Aircraft
Aircraft engine
Equipment
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
85,416
15,884
87,060
188,360
--------
--------
--------
---------
Depreciation
At 1 January 2023
59,534
15,883
86,939
162,356
Charge for the year
4,271
61
4,332
--------
--------
--------
---------
At 31 December 2023
63,805
15,883
87,000
166,688
--------
--------
--------
---------
Carrying amount
At 31 December 2023
21,611
1
60
21,672
--------
--------
--------
---------
At 31 December 2022
25,882
1
121
26,004
--------
--------
--------
---------
6. Debtors
2023
2022
£
£
Other debtors
2,346
1,839
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,072
693
Social security and other taxes
125
755
Other creditors
303,216
348,450
---------
---------
304,413
349,898
---------
---------
8. Related party transactions
The company owed one (2022 - one) director £ 299,872 at 31 December 2023 (2022 - £345,037). This loan is interest free and has no definite terms of repayment.