Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01aircraft design activities.34falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03912742 2023-01-01 2023-12-31 03912742 2022-01-01 2022-12-31 03912742 2023-12-31 03912742 2022-12-31 03912742 c:Director1 2023-01-01 2023-12-31 03912742 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 03912742 d:Buildings d:LongLeaseholdAssets 2023-12-31 03912742 d:Buildings d:LongLeaseholdAssets 2022-12-31 03912742 d:OfficeEquipment 2023-01-01 2023-12-31 03912742 d:OfficeEquipment 2023-12-31 03912742 d:OfficeEquipment 2022-12-31 03912742 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03912742 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03912742 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 03912742 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 03912742 d:CurrentFinancialInstruments 2023-12-31 03912742 d:CurrentFinancialInstruments 2022-12-31 03912742 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03912742 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03912742 d:ShareCapital 2023-12-31 03912742 d:ShareCapital 2022-12-31 03912742 d:RetainedEarningsAccumulatedLosses 2023-12-31 03912742 d:RetainedEarningsAccumulatedLosses 2022-12-31 03912742 c:OrdinaryShareClass1 2023-01-01 2023-12-31 03912742 c:OrdinaryShareClass1 2023-12-31 03912742 c:FRS102 2023-01-01 2023-12-31 03912742 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03912742 c:FullAccounts 2023-01-01 2023-12-31 03912742 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03912742 d:WithinOneYear 2023-12-31 03912742 d:WithinOneYear 2022-12-31 03912742 d:BetweenOneFiveYears 2023-12-31 03912742 d:BetweenOneFiveYears 2022-12-31 03912742 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 03912742 e:PoundSterling 2023-01-01 2023-12-31 03912742 d:EntityControlledByKeyManagementPersonnel1 2023-01-01 2023-12-31 03912742 d:EntityControlledByKeyManagementPersonnel1 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 03912742









AEROSPACE DESIGN FACILITIES LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
AEROSPACE DESIGN FACILITIES LTD
REGISTERED NUMBER: 03912742

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023


2023

2022
Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
41,210
60,990

Tangible assets
 5 
-
276

  
41,210
61,266

Current assets
  

Stocks
 6 
-
17,985

Debtors: amounts falling due within one year
 7 
235,892
150,190

Cash at bank and in hand
 8 
20,645
7,130

  
256,537
175,305

Creditors: amounts falling due within one year
 9 
(192,203)
(171,479)

Net current assets
  
 
 
64,334
 
 
3,826

  

Net assets
  
105,544
65,092


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
105,444
64,992

  
105,544
65,092


Page 1

 
AEROSPACE DESIGN FACILITIES LTD
REGISTERED NUMBER: 03912742
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 comprehensive income 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 16 October 2024.




A Oaten
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
AEROSPACE DESIGN FACILITIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Aerospace Design Facilities Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is Hangar I, Denham Aerodrome, Denham, Middlesex, England, UB9 5DF.
The company specialises in aircraft design activities.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

  
2.2

Going concern

The directors note that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the Statement of financial position date. As such, the directors believe that there are not significant uncertainties in their assessment of whether the company is a going concern and therefore have prepared the accounts on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in  the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.

Page 3

 
AEROSPACE DESIGN FACILITIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which 5 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

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 4

 
AEROSPACE DESIGN FACILITIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.6
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 bases:

Leasehold improvements
-
4 years
Office equipment
-
3 - 7 years

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 the Statement of comprehensive income.

 
2.7

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

 
2.8

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

 
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 reporting 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 the Statement of comprehensive income.

 
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.

Page 5

 
AEROSPACE DESIGN FACILITIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Creditors

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.

 
2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.14

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

Taxation

Tax is recognised in the Statement of comprehensive income 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 reporting date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 4).

Page 6

 
AEROSPACE DESIGN FACILITIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Development expenditure

£



Cost


At 1 January 2023
98,902



At 31 December 2023

98,902



Amortisation


At 1 January 2023
37,912


Charge for the year on owned assets
19,780



At 31 December 2023

57,692



Net book value



At 31 December 2023
41,210



At 31 December 2022
60,990



Page 7

 
AEROSPACE DESIGN FACILITIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Leasehold improvements
Office equipment
Total

£
£
£



Cost


At 1 January 2023
29,377
174,897
204,274



At 31 December 2023

29,377
174,897
204,274



Depreciation


At 1 January 2023
29,101
174,897
203,998


Charge for the year on owned assets
276
-
276



At 31 December 2023

29,377
174,897
204,274



Net book value



At 31 December 2023
-
-
-



At 31 December 2022
276
-
276


6.


Stocks

2023
2022
£
£

Work in progress
-
17,985

-
17,985



7.


Debtors

2023
2022
£
£


Trade debtors
748
6,475

Other debtors
126,250
71,508

Prepayments and accrued income
108,894
72,207

235,892
150,190


Page 8

 
AEROSPACE DESIGN FACILITIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
20,645
7,130

20,645
7,130



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
80,000
80,000

Trade creditors
9,108
13,293

Corporation tax
37,842
24,400

Other taxation and social security
12,501
23,006

Other creditors
2,200
2,496

Accruals and deferred income
50,552
28,284

192,203
171,479



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100  Ordinary shares of £1 each
100
100



11.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £27,123 (2022 - £28,230). Contributions totalling £2,200 (2022 - £2,496) were advance paid to the fund at the year end date and are included in creditors.

Page 9

 
AEROSPACE DESIGN FACILITIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
6,614
8,000

Later than 1 year and not later than 5 years
-
6,614

6,614
14,614


13.


Transactions with directors

At the year end, included in other debtors is an amount of £22,615 (2022 - £48,981) due from the directors. The loan is interest free and repayable on demand. 


14.


Related party transactions

During the year, the company charged management charges of £275,000 (2022 - £110,000), made sales of £56,682 (2022 - £93,578) and purchases of £18,440 (2022 - £15,795) to a company under common control. At the year end, an amount of £85,848 (2023 - £5,350) was due from the company.
 
During the year, the company paid management charges of £Nil (2022 - £10,000) to a company under common control.
 


At the year end, the amount due to the close family member of one of the directors was £80,000 (2022 - £80,000).


15.


Controlling party

The ultimate controlling party is the director, A Oaten, by virtue of his majority shareholding.

 
Page 10