Company registration number 11319088 (England and Wales)
WAB AIR LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WAB AIR LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
WAB AIR LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
5,284,237
Current assets
Debtors
4
306,896
943,224
Cash at bank and in hand
6,552,914
453,616
6,859,810
1,396,840
Creditors: amounts falling due within one year
5
(9,475,886)
(9,973,123)
Net current liabilities
(2,616,076)
(8,576,283)
Net liabilities
(2,616,076)
(3,292,046)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(2,616,176)
(3,292,146)
Total equity
(2,616,076)
(3,292,046)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 directors acknowledge their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
Mr D Furnish
Mr L Lloyd-Davies
Director
Director
Company Registration No. 11319088
WAB AIR LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

WAB Air Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, The Bloomsbury Building, 10 Bloomsbury Way, Holborn, WC1A 2SL.

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
Going concern

The company sold its trading asset during the year. The company has since ceased trading and it is planned to be struck off in the foreseeable future.

1.3
Turnover

Turnover comprises revenue recognised by the company in respect of leasing out a private jet, exclusive of Value Added Tax.

 

Jet leasing income is recognised in the period the jet is leased.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
6% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

An impairment loss is recognised immediately in profit or loss.

1.6
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.

WAB AIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company only has financial instruments which are classified as basic financial instruments.

 

Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.

 

Bank loans are initially recorded at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.

2
Employees

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

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
7,247,656
Disposals
(7,247,656)
At 31 March 2024
-
0
Depreciation and impairment
At 1 April 2023
1,963,419
Eliminated in respect of disposals
(1,963,419)
At 31 March 2024
-
0
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
5,284,237
WAB AIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
97,257
(1)
Amounts owed by group undertakings
25,128
112,010
Other debtors
184,511
400,101
Prepayments and accrued income
-
0
431,114
306,896
943,224
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
349,841
Taxation and social security
-
0
21,046
Other creditors
9,471,241
9,176,773
Accruals and deferred income
4,645
425,463
9,475,886
9,973,123
6
Related party transactions

J Bondi LLP is a connected company under ultimate common ownership. During the year, WAB Air Limited received £112,010 from J Bondi LLP. At the year end the company was owed £Nil (2023 - £112,010) by J Bondi LLP.

 

William A Bong Limited is a connected company under ultimate common ownership. During the year, WAB Air Limited was loaned £458,214 by William A Bong Limited. At the year end the company owed £1,857,047 (2023 - £1,398,833 ) to William A Bong Limited.

 

J Bondi Inc is a connected company under ultimate common ownership. During the year, foreign exchange loss of £163,755 was recognised on the outstanding loan. At the year end the company owed £7,175,327 (2023 - £7,339,072 ) to J Bondi Inc.

 

HST Global Limited is a connected company under ultimate common ownership. There were no transactions with this company during the year. At the year end the company owed £438,866 (2023 - £438,866) to HST Global Limited.

 

Himitsu is a connected company under ultimate common ownership. During the year, WAB Air Limited incurred expenses on behalf of Himitsu worth £25,128. At the year end the company was owed £25,128 (2023 - £Nil) by Himitsu.

At the year end the company was owed £100 (2023 - £100) by Sir Elton John, the company's sole shareholder.

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