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Registered number: 09071739
Air Innovation Limited
Financial Statements
For The Year Ended 30 June 2024
Gillespie's
Chartered Accountants
33 Leslie Street
Blairgowrie
Perthshire
PH10 6AW
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09071739
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 160 1,038
160 1,038
CURRENT ASSETS
Debtors 4 111,615 167,988
Cash at bank and in hand 609,150 501,911
720,765 669,899
Creditors: Amounts Falling Due Within One Year 5 (96,267 ) (98,940 )
NET CURRENT ASSETS (LIABILITIES) 624,498 570,959
TOTAL ASSETS LESS CURRENT LIABILITIES 624,658 571,997
PROVISIONS FOR LIABILITIES
Deferred Taxation (40 ) (248 )
NET ASSETS 624,618 571,749
CAPITAL AND RESERVES
Called up share capital 6 1 1
Profit and Loss Account 624,617 571,748
SHAREHOLDERS' FUNDS 624,618 571,749
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Robert Monaghan
Director
9th October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 33% Straight Line
1.4. Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 2 2
2 2
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3. Tangible Assets
Computer Equipment
£
Cost
As at 1 July 2023 6,789
As at 30 June 2024 6,789
Depreciation
As at 1 July 2023 5,751
Provided during the period 878
As at 30 June 2024 6,629
Net Book Value
As at 30 June 2024 160
As at 1 July 2023 1,038
4. Debtors
2024 2023
£ £
Due within one year
Trade debtors 108,909 150,424
Prepayments and accrued income 60 200
VAT 2,646 -
Directors' loan accounts - 17,364
111,615 167,988
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 53,566 58,481
Corporation tax 38,530 30,315
VAT - 2,335
Other creditors - 6,079
Accruals 2,000 1,730
Directors' loan accounts 2,171 -
96,267 98,940
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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7. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mr Robert Monaghan (13,064 ) 72,225 57,640 - 1,521
Mrs Kirsty Monaghan (4,300 ) 26,950 22,000 - 650
The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
2024 2023
£ £
Mrs Kirsty Monaghan 26,950 29,000
Mr Robert Monaghan 40,425 43,500
8. General Information
Air Innovation Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09071739 . The registered office is 131 Rosebery Road, Muswell Hill, London, N10 2LD.
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