North West Aerospace Alliance 03005520 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is The North West Aerospace Alliance (NWAA) is a regional trade association formed in 1994 to represent and support the Aerospace Industry across the North West of England. Digita Accounts Production Advanced 6.30.9574.0 true false true false 03005520 2023-04-01 2024-03-31 03005520 2024-03-31 03005520 core:CurrentFinancialInstruments 2024-03-31 03005520 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 03005520 core:CostValuation 2024-03-31 03005520 core:DisposalsDecreaseInInvestments 2024-03-31 03005520 core:FurnitureFittingsToolsEquipment 2024-03-31 03005520 bus:SmallEntities 2023-04-01 2024-03-31 03005520 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03005520 bus:FilletedAccounts 2023-04-01 2024-03-31 03005520 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03005520 bus:RegisteredOffice 2023-04-01 2024-03-31 03005520 bus:Director8 2023-04-01 2024-03-31 03005520 bus:CompanyLimitedByGuarantee 2023-04-01 2024-03-31 03005520 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 03005520 core:Subsidiary1 2023-04-01 2024-03-31 03005520 core:Subsidiary1 1 2023-04-01 2024-03-31 03005520 countries:EnglandWales 2023-04-01 2024-03-31 03005520 2023-03-31 03005520 core:CostValuation 2023-03-31 03005520 core:FurnitureFittingsToolsEquipment 2023-03-31 03005520 2022-04-01 2023-03-31 03005520 2023-03-31 03005520 core:CurrentFinancialInstruments 2023-03-31 03005520 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03005520 core:FurnitureFittingsToolsEquipment 2023-03-31 03005520 core:Subsidiary1 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 03005520

North West Aerospace Alliance

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

North West Aerospace Alliance

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

North West Aerospace Alliance

(Registration number: 03005520)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

5,467

2,470

Investments

5

-

10,000

 

5,467

12,470

Current assets

 

Debtors

6

184,206

13,934

Cash at bank and in hand

 

277,260

340,650

 

461,466

354,584

Creditors: Amounts falling due within one year

7

(227,528)

(145,768)

Net current assets

 

233,938

208,816

Net assets

 

239,405

221,286

Reserves

 

Retained earnings

239,405

221,286

Surplus

 

239,405

221,286

For the financial year ending 31 March 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.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................
A B Hammond
Director

   
     
 

North West Aerospace Alliance

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

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Suite 202, Pendle Business Centre
Commercial Street
Nelson
Lancashire
BB9 9BT

These financial statements were authorised for issue by the Board on 30 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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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 £.

Summary of disclosure exemptions

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group..

Going concern

The financial statements have been prepared on a going concern basis.

 

North West Aerospace Alliance

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

Revenue recognition

Turnover represents grants receivable and income from members together with membership subscriptions excluding VAT.

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 value added tax, 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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

Fixtures, fittings and equipment

20% to 50% per annum straight line basis

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.

Trade 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.

 

North West Aerospace Alliance

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

Trade 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 7).

4

Tangible assets

Fixtures, fittings and equipment
 £

Total
£

Cost

At 1 April 2023

191,795

191,795

Additions

4,861

4,861

Disposals

(187,950)

(187,950)

At 31 March 2024

8,706

8,706

Depreciation

At 1 April 2023

189,325

189,325

Charge for the year

1,864

1,864

Eliminated on disposal

(187,950)

(187,950)

At 31 March 2024

3,239

3,239

Carrying amount

At 31 March 2024

5,467

5,467

At 31 March 2023

2,470

2,470

 

North West Aerospace Alliance

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

5

Investments

2024
£

2023
£

Investments in subsidiaries

-

10,000

Subsidiaries

£

Cost or valuation

At 1 April 2023

10,000

Disposals

(10,000)

At 31 March 2024

-

Carrying amount

At 31 March 2024

-

At 31 March 2023

10,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

North West Aerospace Solutions Ltd

Suite 202, Pendle Business Centre
Commercial Street
Nelson
Lancashire
BB9 9BT

Ordinary shares

0%

100%

Subsidiary undertakings

North West Aerospace Solutions Ltd

The principal activity of North West Aerospace Solutions Ltd is management consultancy activities.

The subsidiary, North West Aerospace Solutions Ltd was dissolved on 5 March 2024.

 

North West Aerospace Alliance

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

6

Debtors

2024
£

2023
£

Trade debtors

71,697

8,462

Other debtors

4,369

-

Prepayments

108,140

5,472

184,206

13,934

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

28,282

50,311

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

10,000

Taxation and social security

 

8,876

10,741

Accruals and deferred income

 

190,370

74,716

 

227,528

145,768

8

Control

The company is controlled by the directors in accordance with the Articles and Memorandum of Association.