Navy Wings Heritage Flight Limited 07052646 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of commercial operations on behalf of Fly Navy Heritage Trust Limited Digita Accounts Production Advanced 6.30.9574.0 true true true 07052646 2023-01-01 2023-12-31 07052646 2023-12-31 07052646 core:RetainedEarningsAccumulatedLosses 2023-12-31 07052646 core:RevaluationReserve 2023-12-31 07052646 core:ShareCapital 2023-12-31 07052646 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 07052646 core:Aircraft 2023-12-31 07052646 core:FurnitureFittingsToolsEquipment 2023-12-31 07052646 core:OtherPropertyPlantEquipment 2023-12-31 07052646 core:PlantMachinery 2023-12-31 07052646 bus:SmallEntities 2023-01-01 2023-12-31 07052646 bus:Audited 2023-01-01 2023-12-31 07052646 bus:FullAccounts 2023-01-01 2023-12-31 07052646 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07052646 bus:RegisteredOffice 2023-01-01 2023-12-31 07052646 bus:Director2 2023-01-01 2023-12-31 07052646 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07052646 core:RevaluationReserve 2023-01-01 2023-12-31 07052646 core:Aircraft 2023-01-01 2023-12-31 07052646 core:FurnitureFittings 2023-01-01 2023-12-31 07052646 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 07052646 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 07052646 core:PlantMachinery 2023-01-01 2023-12-31 07052646 6 2023-01-01 2023-12-31 07052646 1 2023-01-01 2023-12-31 07052646 countries:EnglandWales 2023-01-01 2023-12-31 07052646 2022-12-31 07052646 core:FurnitureFittingsToolsEquipment 2022-12-31 07052646 core:OtherPropertyPlantEquipment 2022-12-31 07052646 core:PlantMachinery 2022-12-31 07052646 2022-01-01 2022-12-31 07052646 2022-12-31 07052646 core:RetainedEarningsAccumulatedLosses 2022-12-31 07052646 core:RevaluationReserve 2022-12-31 07052646 core:ShareCapital 2022-12-31 07052646 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 07052646 core:Aircraft 2022-12-31 07052646 core:FurnitureFittingsToolsEquipment 2022-12-31 07052646 core:OtherPropertyPlantEquipment 2022-12-31 07052646 core:PlantMachinery 2022-12-31 07052646 core:RevaluationReserve 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Company registration number: 07052646

Navy Wings Heritage Flight Limited

Filleted Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Navy Wings Heritage Flight Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Navy Wings Heritage Flight Limited

(Registration number: 07052646)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

53,849

63,813

Current assets

 

Stocks

5

174,988

153,233

Debtors

6

302,185

37,200

Cash at bank and in hand

 

12,154

154,783

 

489,327

345,216

Creditors: Amounts falling due within one year

7

(424,791)

(342,175)

Net current assets

 

64,536

3,041

Total assets less current liabilities

 

118,385

66,854

Provisions for liabilities

 

Deferred tax liabilities

 

(4,462)

(5,953)

Net assets

 

113,923

60,901

Capital and reserves

 

Called up share capital

1

1

Revaluation reserve

35,998

39,998

Profit and loss account

77,924

20,902

Total equity

 

113,923

60,901

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 Board on 20 September 2024 and signed on its behalf by:
 


Commodore R S Alexander OBE
Director

   
 

Navy Wings Heritage Flight Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Navy Wings Heritage Centre
Building 412 South Dispersal
RNAS Yeovilton
Ilchester
Somerset
BA22 8HT
United Kingdom

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 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

Income is received from the parent company to fund specific aircraft costs. The income stream is recognised as grant income and is recognised in the year in which they are receivable.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 11 (2022 - 3).

 

Navy Wings Heritage Flight Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
 £

Aircraft
 £

Total
£

Cost or valuation

At 1 January 2023

15,662

70,944

40,000

126,606

Additions

-

10,436

-

10,436

Disposals

-

-

(4,000)

(4,000)

At 31 December 2023

15,662

81,380

36,000

133,042

Depreciation

At 1 January 2023

13,875

48,918

-

62,793

Charge for the year

1,134

15,266

-

16,400

At 31 December 2023

15,009

64,184

-

79,193

Carrying amount

At 31 December 2023

653

17,196

36,000

53,849

At 31 December 2022

1,787

22,026

40,000

63,813

Revaluation

The fair value of the company's Aircraft was revalued on 31 December 2022. The aircraft was valued by the Directors who are internal to the company. The basis of this valuation was on an open market value. The value is reviewed each year for impairment by the Directors. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £Nil (2022 - £2).

5

Stocks

2023
£

2022
£

Merchandise

145,488

126,533

Other stocks

29,500

26,700

174,988

153,233

6

Debtors

Current

2023
£

2022
£

Trade debtors

4,570

1,144

Prepayments

261,192

9,033

Other debtors

36,423

27,023

 

302,185

37,200

 

Navy Wings Heritage Flight Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

43,347

12,675

Accruals and deferred income

97,402

151,156

Other creditors

9,847

7,239

Amounts owed to group undertakings

274,195

171,105

424,791

342,175

8

Parent and ultimate parent undertaking

The company's immediate parent is Fly Navy Heritage Trust, incorporated in England.

  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.

 

9

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
£

Surplus/deficit on revaluation of other assets

(4,000)

(4,000)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(60,000)

(60,000)

10

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 25 September 2024 was Robert Oram BFP FCA, who signed for and on behalf of Albert Goodman LLP.