Company registration number:
for the Year Ended
Navy Wings Heritage Flight Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Navy Wings Heritage Flight Limited
(Registration number: 07052646)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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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 assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Deferred tax liabilities |
(4,462) |
(5,953) |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Navy Wings Heritage Flight Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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 Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. This is the first year in which the financial statements have been prepared under FRS102 section 1A.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Going concern
The company incurred a loss during the year and at the year end had net current assets of £3,041, which includes a balance of £171,105 due to the company's parent undertaking. The directors are satisfied that the parent company is continuing its support. Having reviewed the company's forecasts for the 12 month period from the date of the signing of these accounts, the directors are satisfied that the company has the necessary resources and support, and therefore the accounts are drawn up on a going concern basis.
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Navy Wings Heritage Flight Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023
Other grants
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Tangible assets
Tangible assets with the exception of aircraft assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated depreciation impairment losses. Aircraft assets are stated at valuation at the year end. The directors review the assets for impairment each year.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
Asset class |
Depreciation method and rate |
Office equipment |
3 years straight line |
Operational equipment |
3 years straight line |
Aircraft are not depreciated. The aircraft are continuously maintained and repaired and as a result of this, the directors have considered that they do not depreciate. The aircraft are reviewed for impairment each year.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Navy Wings Heritage Flight Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Navy Wings Heritage Flight Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023
Tangible assets |
Furniture, fittings and equipment |
Plant and machinery |
Aircraft |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
- |
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- |
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Disposals |
- |
- |
( |
( |
At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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- |
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Charge for the year |
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- |
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At 31 December 2023 |
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- |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Revaluation
The fair value of the company's Aircraft was revalued on
Stocks |
2023 |
2022 |
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Merchandise |
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Other stocks |
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Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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Navy Wings Heritage Flight Limited
Notes to the Financial Statements
for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Amounts owed to group undertakings |
274,195 |
171,105 |
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Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from the registered office. Fly Navy Heritage Trust has no overall controlling party and is a registered charity and company limited by guarantee. Fly Navy Heritage Trust prepares group financial statements.
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Revaluation reserve |
Total |
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Surplus/deficit on revaluation of other assets |
( |
( |
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The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Revaluation reserve |
Total |
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Surplus/deficit on revaluation of other assets |
( |
( |
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Audit Report |