Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31trueNo description of principal activity2023-04-01false013falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03263484 2023-04-01 2024-03-31 03263484 2022-04-01 2023-03-31 03263484 2024-03-31 03263484 2023-03-31 03263484 c:Director1 2023-04-01 2024-03-31 03263484 d:Buildings 2023-04-01 2024-03-31 03263484 d:Buildings 2024-03-31 03263484 d:Buildings 2023-03-31 03263484 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03263484 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 03263484 d:Buildings d:LongLeaseholdAssets 2024-03-31 03263484 d:Buildings d:LongLeaseholdAssets 2023-03-31 03263484 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 03263484 d:PlantMachinery 2023-04-01 2024-03-31 03263484 d:PlantMachinery 2024-03-31 03263484 d:PlantMachinery 2023-03-31 03263484 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03263484 d:MotorVehicles 2023-04-01 2024-03-31 03263484 d:MotorVehicles 2024-03-31 03263484 d:MotorVehicles 2023-03-31 03263484 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03263484 d:FurnitureFittings 2023-04-01 2024-03-31 03263484 d:FurnitureFittings 2024-03-31 03263484 d:FurnitureFittings 2023-03-31 03263484 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03263484 d:OtherPropertyPlantEquipment 2024-03-31 03263484 d:OtherPropertyPlantEquipment 2023-03-31 03263484 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03263484 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03263484 d:CurrentFinancialInstruments 2024-03-31 03263484 d:CurrentFinancialInstruments 2023-03-31 03263484 d:Non-currentFinancialInstruments 2024-03-31 03263484 d:Non-currentFinancialInstruments 2023-03-31 03263484 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 03263484 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03263484 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 03263484 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 03263484 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 03263484 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 03263484 d:ShareCapital 2024-03-31 03263484 d:ShareCapital 2023-03-31 03263484 d:RetainedEarningsAccumulatedLosses 2024-03-31 03263484 d:RetainedEarningsAccumulatedLosses 2023-03-31 03263484 c:FRS102 2023-04-01 2024-03-31 03263484 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03263484 c:FullAccounts 2023-04-01 2024-03-31 03263484 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03263484 2 2023-04-01 2024-03-31 03263484 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 03263484









I A E LTD








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
I A E LTD.
 
 
  
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF I A E LTD.
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of I A E Ltd. for the year ended 31 March 2024 which comprise  the Balance Sheet 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 the Association of Chartered Certified Accountantswe are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal .com/uk/en/about-us /regulation/ethics /acca-rulebook.html.

This report is made solely to the Board of Directors of I A E Ltd., as a body, in accordance with the terms of our engagement letter dated 27th August 2008Our work has been undertaken solely to prepare for your approval the financial statements of I A E Ltd. and state those matters that we have agreed to state to the Board of Directors of I A E Ltd., as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal .com/content/dam/ACCA_Global /Technical /fact/technical-factsheet -163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than I A E Ltd. and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that I A E Ltd. 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 profit of I A E Ltd.. You consider that I A E Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of I A E Ltd.. 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.

  



Colledge Redfern
 
Chartered Certified Accountants
  
Glantaf Office
Llanfallteg
Whitland
Carmarthenshire
SA34 0UT
9 October 2024
Page 1

 
I A E LTD.
REGISTERED NUMBER: 03263484

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 3 
1,462,342
1,504,111

  
1,462,342
1,504,111

Current assets
  

Stocks
 4 
457,319
471,872

Debtors: amounts falling due within one year
 5 
510,303
420,500

Cash at bank and in hand
 6 
439,264
783,468

  
1,406,886
1,675,840

Creditors: amounts falling due within one year
 7 
(383,827)
(604,908)

Net current assets
  
 
 
1,023,059
 
 
1,070,932

Total assets less current liabilities
  
2,485,401
2,575,043

Creditors: amounts falling due after more than one year
 8 
(772,577)
(829,242)

  

Net assets
  
1,712,824
1,745,801


Capital and reserves
  

Called up share capital 
  
300,000
300,000

Profit and loss account
  
1,412,824
1,445,801

  
1,712,824
1,745,801


Page 2

 
I A E LTD.
REGISTERED NUMBER: 03263484
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 October 2024.




................................................
Andrew Baker
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
I A E LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

IAE Ltd is a private company, limited by shares, domiciled in England & Wales, registration number 03263484. The registered office is  Little Staughton Airfield, Bedford, MK44 2BN

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
I A E LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
I A E LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Buildings
-
2%
L/Term Leasehold Property
-
1%
Company Aircraft
-
5%
Integral fittings
-
5%
Plant & Machinery
-
5%
Fixtures, fittings & equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
I A E LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Tangible fixed assets





Hangar Building
Long Term Leasehold Property
Plant, machinery & integral  fittings
Motor vehicles
Fixtures,  fittings & equipment

£
£
£
£
£



Cost or valuation


At 1 April 2023
1,369,480
28,420
210,497
11,633
2,600



At 31 March 2024

1,369,480
28,420
210,497
11,633
2,600



Depreciation


At 1 April 2023
82,169
568
62,597
8,134
1,040


Charge for the year on owned assets
27,390
284
10,525
1,000
520



At 31 March 2024

109,559
852
73,122
9,134
1,560



Net book value



At 31 March 2024
1,259,921
27,568
137,375
2,499
1,040



At 31 March 2023
1,287,311
27,852
147,900
3,499
1,560
Page 7

 
I A E LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           3.Tangible fixed assets (continued)


Company Aircraft
Total

£
£



Cost or valuation


At 1 April 2023
41,000
1,663,630



At 31 March 2024

41,000
1,663,630



Depreciation


At 1 April 2023
5,011
159,519


Charge for the year on owned assets
2,050
41,769



At 31 March 2024

7,061
201,288



Net book value



At 31 March 2024
33,939
1,462,342



At 31 March 2023
35,989
1,504,111


4.


Stock & Work in Progress

2024
2023
£
£

Raw materials and consumables
309,431
354,258

Work in progress
147,888
117,614

457,319
471,872


Page 8

 
I A E LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
451,870
327,673

Prepayments and accrued income
58,433
92,827

510,303
420,500



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
439,264
783,468

439,264
783,468



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
135,217
130,120

Trade creditors
47,887
170,107

Corporation tax
33,696
46,764

Other taxation and social security
77,172
205,962

Accruals and deferred income
89,855
51,955

383,827
604,908


Page 9

 
I A E LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

NatWest Developement Loan
463,940
494,180

CBIL Loan
99,167
163,333

Other creditors
209,470
171,729

772,577
829,242


The following liabilities were secured:

2024
2023
£
£



NatWest Developement Loan
463,940
494,180

463,940
494,180

Details of security provided:

The NatWest Developement loan is secured on the companies leashold land & buildings. The CBIL is unsecured.


9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
135,217
130,120


135,217
130,120


Amounts falling due 2-5 years

NatWest Development Loan
463,940
494,180

CBIL Loan
99,167
163,333


563,107
657,513


698,324
787,633


Page 10