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No description of principal activity
2022-11-01
Sage Accounts Production Advanced 2023 - FRS102_2023
1
1
1
xbrli:pure
xbrli:shares
iso4217:GBP
NI604733
2022-11-01
2023-10-31
NI604733
2023-10-31
NI604733
2022-10-31
NI604733
2021-11-01
2022-10-31
NI604733
2022-10-31
NI604733
2021-10-31
NI604733
core:MotorVehicles
2022-11-01
2023-10-31
NI604733
bus:RegisteredOffice
2022-11-01
2023-10-31
NI604733
bus:OrdinaryShareClass1
2022-11-01
2023-10-31
NI604733
bus:LeadAgentIfApplicable
2022-11-01
2023-10-31
NI604733
bus:Director1
2022-11-01
2023-10-31
NI604733
bus:Director3
2022-11-01
2023-10-31
NI604733
bus:Director2
2022-11-01
2023-10-31
NI604733
core:WithinOneYear
2023-10-31
NI604733
core:WithinOneYear
2022-10-31
NI604733
core:MotorVehicles
2022-10-31
NI604733
core:MotorVehicles
2023-10-31
NI604733
core:AfterOneYear
2023-10-31
NI604733
core:AfterOneYear
2022-10-31
NI604733
core:ShareCapital
2023-10-31
NI604733
core:ShareCapital
2022-10-31
NI604733
core:RetainedEarningsAccumulatedLosses
2023-10-31
NI604733
core:RetainedEarningsAccumulatedLosses
2022-10-31
NI604733
core:CostValuation
core:Non-currentFinancialInstruments
2023-10-31
NI604733
core:Non-currentFinancialInstruments
2023-10-31
NI604733
core:Non-currentFinancialInstruments
2022-10-31
NI604733
core:MotorVehicles
2022-10-31
NI604733
bus:Director1
2022-10-31
NI604733
bus:Director1
2023-10-31
NI604733
bus:Director2
2022-10-31
NI604733
bus:Director2
2023-10-31
NI604733
bus:Director1
2021-10-31
NI604733
bus:Director1
2022-10-31
NI604733
bus:Director2
2021-10-31
NI604733
bus:Director2
2022-10-31
NI604733
bus:Director1
2021-11-01
2022-10-31
NI604733
bus:Director2
2021-11-01
2022-10-31
NI604733
bus:SmallEntities
2022-11-01
2023-10-31
NI604733
bus:AuditExemptWithAccountantsReport
2022-11-01
2023-10-31
NI604733
bus:SmallCompaniesRegimeForAccounts
2022-11-01
2023-10-31
NI604733
bus:PrivateLimitedCompanyLtd
2022-11-01
2023-10-31
NI604733
bus:FullAccounts
2022-11-01
2023-10-31
NI604733
bus:OrdinaryShareClass1
2023-10-31
NI604733
bus:OrdinaryShareClass1
2022-10-31
NI604733
1
2023-10-31
NI604733
1
2022-10-31
NI604733
core:FurnitureFittingsToolsEquipment
2022-11-01
2023-10-31
NI604733
core:FurnitureFittingsToolsEquipment
2022-10-31
NI604733
core:FurnitureFittingsToolsEquipment
2023-10-31
COMPANY REGISTRATION NUMBER:
NI604733
Filleted Unaudited Financial Statements |
|
Year ended 31 October 2023
Officers and professional advisers |
1 |
|
|
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
2 |
|
|
Statement of financial position |
3 |
|
|
Notes to the financial statements |
5 |
|
|
Officers and Professional Advisers |
|
The board of directors |
Mr Brendan Boyd |
|
Mr Richard Steenson |
|
|
Registered office |
2nd Floor (Killultagh) The Linenhall |
|
32-38 Linenhall Street |
|
Belfast |
|
Antrim |
|
BT2 8BG |
|
|
Accountants |
Maneely Mc Cann Chartered Accountants |
|
Chartered Accountants |
|
Aisling House |
|
50 Stranmillis Embankment |
|
Belfast |
|
BT9 5FL |
|
|
Bankers |
Barclays Bank PLC |
|
1 Churchill Place |
|
London |
|
E14 5HP |
|
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Air Core Limited |
|
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Air Core Limited for the year ended 31 October 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the Board of Directors of Air Core Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Air Core Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Air Core Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Air Core 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 loss of Air Core Limited. You consider that Air Core 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 Air Core 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.
Maneely Mc Cann Chartered Accountants
Chartered Accountants
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
5 September 2024
Statement of Financial Position |
|
31 October 2023
Fixed assets
Tangible assets |
5 |
14,460 |
143,268 |
Investments |
6 |
1 |
1 |
|
-------- |
--------- |
|
14,461 |
143,269 |
|
|
|
|
Current assets
Stocks |
14,169 |
21,374 |
Debtors |
7 |
5,188,427 |
5,544,328 |
Cash at bank and in hand |
1,361,664 |
1,622,945 |
|
------------ |
------------ |
|
6,564,260 |
7,188,647 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
4,786,227 |
5,340,795 |
|
------------ |
------------ |
Net current assets |
1,778,033 |
1,847,852 |
|
------------ |
------------ |
Total assets less current liabilities |
1,792,494 |
1,991,121 |
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
500,000 |
519,369 |
|
------------ |
------------ |
Net assets |
1,292,494 |
1,471,752 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
10 |
10 |
10 |
Profit and loss account |
1,292,484 |
1,471,742 |
|
------------ |
------------ |
Shareholders funds |
1,292,494 |
1,471,752 |
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 October 2023
These financial statements were approved by the
board of directors
and authorised for issue on
5 September 2024
, and are signed on behalf of the board by:
Company registration number:
NI604733
Notes to the Financial Statements |
|
Year ended 31 October 2023
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 2nd Floor (Killultagh) The Linenhall, 32-38 Linenhall Street, Belfast, Antrim, BT2 8BG.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Motor vehicles |
- |
25% reducing balance |
|
Fixtures, fittings and equipment |
- |
25% straight line |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2022:
3
).
5.
Tangible assets
|
Motor vehicles |
Plant & Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 November 2022 |
137,426 |
349,874 |
487,300 |
Additions |
– |
683 |
683 |
Disposals |
(
105,316) |
(
997) |
(
106,313) |
|
--------- |
--------- |
--------- |
At 31 October 2023 |
32,110 |
349,560 |
381,670 |
|
--------- |
--------- |
--------- |
Depreciation |
|
|
|
At 1 November 2022 |
19,193 |
324,839 |
344,032 |
Charge for the year |
32,414 |
23,420 |
55,834 |
Disposals |
(
31,933) |
(
723) |
(
32,656) |
|
--------- |
--------- |
--------- |
At 31 October 2023 |
19,674 |
347,536 |
367,210 |
|
--------- |
--------- |
--------- |
Carrying amount |
|
|
|
At 31 October 2023 |
12,436 |
2,024 |
14,460 |
|
--------- |
--------- |
--------- |
At 31 October 2022 |
118,233 |
25,035 |
143,268 |
|
--------- |
--------- |
--------- |
|
|
|
|
6.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 November 2022 and 31 October 2023 |
1 |
|
---- |
Impairment |
|
At 1 November 2022 and 31 October 2023 |
– |
|
---- |
|
|
Carrying amount |
|
At 31 October 2023 |
1 |
|
---- |
At 31 October 2022 |
1 |
|
---- |
|
|
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
206,625 |
40,077 |
Prepayments and accrued income |
7,636 |
3,565 |
Amounts owed by related parties |
4,938,260 |
5,434,601 |
Other debtors |
35,906 |
66,085 |
|
------------ |
------------ |
|
5,188,427 |
5,544,328 |
|
------------ |
------------ |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
5,249 |
3,080 |
Accruals and deferred income |
12,124 |
10,520 |
Social security and other taxes |
15,118 |
15,148 |
Obligations under finance leases and hire purchase contracts |
19,369 |
5,826 |
Director loan accounts |
4,720,647 |
5,299,368 |
Other creditors |
13,720 |
6,853 |
|
------------ |
------------ |
|
4,786,227 |
5,340,795 |
|
------------ |
------------ |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Other creditors |
500,000 |
519,369 |
|
--------- |
--------- |
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £500,000 (2022: £500,000) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
10.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 0.01 each |
1,000 |
10 |
1,000 |
10 |
|
------- |
---- |
------- |
---- |
|
|
|
|
|
11.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
2023 |
|
|
Balance brought forward |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
|
Mr Brendan Boyd |
(
2,920,463) |
579,033 |
(
2,341,430) |
|
Ms Fiona Armstrong Boyd |
(
2,378,905) |
(
312) |
(
2,379,217) |
|
|
------------ |
--------- |
------------ |
|
|
(
5,299,368) |
578,721 |
(
4,720,647) |
|
|
------------ |
--------- |
------------ |
|
|
|
|
|
|
2022 |
|
|
Balance brought forward |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
|
Mr Brendan Boyd |
(
4,385,543) |
1,465,080 |
(
2,920,463) |
|
Ms Fiona Armstrong Boyd |
(
6,581,386) |
4,202,481 |
(
2,378,905) |
|
|
------------- |
------------ |
------------ |
|
|
(
10,966,929) |
5,667,561 |
(
5,299,368) |
|
|
------------- |
------------ |
------------ |
|
|
|
|
|
12.
Related party transactions
Mr Frank Boyd, father of
Mr Brendan Boyd
and Ms. Fiona Boyd Armstrong, is a director of a company to which a loan of £500,000 (2022: £500,000) is due. Mr Brendan Boyd
is a common director and shareholder of a number of related companies. During the year Air Core Limited
paid expenses on behalf and received payments from these companies, totalling £496,341 (2022: £504,146). The balance due to Air Core Limited
at the year was £4,938,260 (2022: £5,434,601).