Company registration number 12230822 (England and Wales)
DRAGON AERONAUTICAL SERVICES (GP) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
DRAGON AERONAUTICAL SERVICES (GP) LIMITED
COMPANY INFORMATION
Director
M Watkin Jones
Company number
12230822
Registered office
Unit 6 Llys Castan
Parc Menai Business Park
Bangor
Gwynedd
LL57 4FH
Accountants
JS. Accountants & Business Advisors Limited
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
DRAGON AERONAUTICAL SERVICES (GP) LIMITED
CONTENTS
Page
Director's report
1
Accountants' report
2
Statement of income and retained earnings
3
Balance sheet
4
Notes to the financial statements
5 - 6
DRAGON AERONAUTICAL SERVICES (GP) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The director presents his annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of general partner to Dragon Aeronautical Services Limited Partnership.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

M Watkin Jones
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
M Watkin Jones
Director
19 September 2024
DRAGON AERONAUTICAL SERVICES (GP) LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DRAGON AERONAUTICAL SERVICES (GP) LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dragon Aeronautical Services (GP) Limited for the year ended 31 March 2024 set out on pages 3 to 6 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Dragon Aeronautical Services (GP) Limited, as a body, in accordance with the terms of our engagement letter dated 7 April 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Dragon Aeronautical Services (GP) Limited and state those matters that we have agreed to state to the board of directors of Dragon Aeronautical Services (GP) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dragon Aeronautical Services (GP) Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Dragon Aeronautical Services (GP) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of Dragon Aeronautical Services (GP) Limited. You consider that Dragon Aeronautical Services (GP) Limited 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 financial statements of Dragon Aeronautical Services (GP) Limited. 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 financial statements.

JS. Accountants & Business Advisors Limited
24 September 2024
Chartered Accountants
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
DRAGON AERONAUTICAL SERVICES (GP) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2024
2023
£
£
Profit before taxation
-
0
-
0
Tax on profit
-
0
-
0
Profit for the financial year
-
0
-
0
Retained earnings brought forward
-
0
-
0
Retained earnings carried forward
-
-
DRAGON AERONAUTICAL SERVICES (GP) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 4 -
2024
2023
Notes
£
£
£
£
Current assets
Cash in hand
1
1
Net current assets
1
1
Capital and reserves
Called up share capital
3
1
1

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 19 September 2024
M Watkin Jones
Director
Company Registration No. 12230822
DRAGON AERONAUTICAL SERVICES (GP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Company information

Dragon Aeronautical Services (GP) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6 Llys Castan, Parc Menai Business Park, Bangor, Gwynedd, LL57 4FH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.3
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

DRAGON AERONAUTICAL SERVICES (GP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.4
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1
1
1
1
1
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