Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01falseNo description of principal activity2928falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07472248 2023-01-01 2023-12-31 07472248 2022-01-01 2022-12-31 07472248 2023-12-31 07472248 2022-12-31 07472248 2022-01-01 07472248 c:Director2 2023-01-01 2023-12-31 07472248 d:Buildings 2023-01-01 2023-12-31 07472248 d:Buildings 2023-12-31 07472248 d:Buildings 2022-12-31 07472248 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07472248 d:PlantMachinery 2023-01-01 2023-12-31 07472248 d:PlantMachinery 2023-12-31 07472248 d:PlantMachinery 2022-12-31 07472248 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07472248 d:MotorVehicles 2023-01-01 2023-12-31 07472248 d:MotorVehicles 2023-12-31 07472248 d:MotorVehicles 2022-12-31 07472248 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07472248 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07472248 d:CurrentFinancialInstruments 2023-12-31 07472248 d:CurrentFinancialInstruments 2022-12-31 07472248 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07472248 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07472248 d:ShareCapital 2023-12-31 07472248 d:ShareCapital 2022-12-31 07472248 d:OtherMiscellaneousReserve 2023-12-31 07472248 d:OtherMiscellaneousReserve 2022-12-31 07472248 d:RetainedEarningsAccumulatedLosses 2023-12-31 07472248 d:RetainedEarningsAccumulatedLosses 2022-12-31 07472248 c:OrdinaryShareClass2 2023-01-01 2023-12-31 07472248 c:OrdinaryShareClass2 2023-12-31 07472248 c:OrdinaryShareClass3 2023-01-01 2023-12-31 07472248 c:OrdinaryShareClass3 2023-12-31 07472248 c:FRS102 2023-01-01 2023-12-31 07472248 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07472248 c:FullAccounts 2023-01-01 2023-12-31 07472248 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07472248 d:WithinOneYear 2023-12-31 07472248 d:WithinOneYear 2022-12-31 07472248 d:BetweenOneFiveYears 2023-12-31 07472248 d:BetweenOneFiveYears 2022-12-31 07472248 2 2023-01-01 2023-12-31 07472248 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 07472248 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 07472248 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 07472248 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 07472248 e:PoundSterling 2023-01-01 2023-12-31 07472248 d:EntityControlledByKeyManagementPersonnel1 2023-01-01 2023-12-31 07472248 d:EntityControlledByKeyManagementPersonnel1 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 07472248









AS AEROSPACE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
AS AEROSPACE LIMITED
REGISTERED NUMBER: 07472248

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023


2023

2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
36,186
59,365

Current assets
  

Stocks
 5 
575,819
850,626

Debtors: amounts falling due within one year
 6 
1,170,640
751,819

Cash at bank and in hand
 7 
668,457
92,219

  
2,414,916
1,694,664

Creditors: amounts falling due within one year
 8 
(1,526,641)
(1,178,247)

Net current assets
  
 
 
888,275
 
 
516,417

Total assets less current liabilities
  
924,461
575,782

Provisions for liabilities
  

Deferred tax
 9 
(6,734)
(10,298)

Net assets
  
917,727
565,484


Capital and reserves
  

Called up share capital 
 10 
80
80

Other reserves
  
5,000
5,000

Profit and loss account
  
912,647
560,404

  
917,727
565,484


Page 1

 
AS AEROSPACE LIMITED
REGISTERED NUMBER: 07472248
    
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 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 11 form part of these financial statements.

Page 2

 
AS AEROSPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

AS Aerospace 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 design and manufacture of bespoke equipment for the aviation industry.

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

 
AS AEROSPACE LIMITED
 
 
 
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.

Page 4

 
AS AEROSPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

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:

Land and building
-
10 years straight line
Plant, machinery and office equipment
-
3 and 7 years straight line
Motor vehicles
-
10 years straight line

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.

 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

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 5

 
AS AEROSPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of comprehensive income  so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.11

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.

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

 
2.13

Interest income

Interest income is recognised in the Statement of comprehensive income  using the effective interest method.

 
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 the Statement of comprehensive income 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.

Page 6

 
AS AEROSPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
•   The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
•   Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.16

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.


Employees

The average monthly number of employees, including directors, during the year was 29 (2022 - 28).

Page 7

 
AS AEROSPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Land and buildings
Plant, machinery and office  equipment
Motor vehicles
Total

£
£
£
£



Cost 


At 1 January 2023
105,146
344,026
5,025
454,197


Additions
-
3,217
-
3,217



At 31 December 2023

105,146
347,243
5,025
457,414



Depreciation


At 1 January 2023
89,706
302,614
2,512
394,832


Charge for the year on owned assets
6,191
19,200
1,005
26,396



At 31 December 2023

95,897
321,814
3,517
421,228



Net book value



At 31 December 2023
9,249
25,429
1,508
36,186



At 31 December 2022
15,440
41,412
2,513
59,365

Page 8

 
AS AEROSPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Stocks

2023
2022
£
£

Work in progress
575,819
850,626

575,819
850,626



6.


Debtors

2023
2022
£
£


Trade debtors
831,566
401,872

Other debtors
163,238
52,461

Prepayments and accrued income
175,836
297,486

1,170,640
751,819



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
668,457
92,219

668,457
92,219



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
564,916
807,723

Corporation tax
159,915
5,036

Other taxation and social security
477,390
235,605

Other creditors
88,891
14,840

Accruals and deferred income
235,529
115,043

1,526,641
1,178,247


Page 9

 
AS AEROSPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Deferred taxation




2023
2022


£

£






At beginning of year
10,298
14,967


(Credited) to the Statement of comprehensive income
(3,564)
(4,669)



At end of year
6,734
10,298

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
6,734
10,982

Other timing difference
-
(684)

6,734
10,298


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



60 Ordinary A shares of £1 each
60
60
20 Ordinary B shares of £1 each
20
20

80

80

All shares are separate classes of shares for the purposes of the declaration of dividends. The declaration of a dividend in respect of one class of share shall not compel a dividend at the same rate to be declared in respect of any other class of share. All shares rank pari passu in all other respects. 



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 £29,807 (2022 - £35,972). Contributions totalling £Nil (2022 - £7,127) were payable to the fund at the year end date and are included  creditors.

Page 10

 
AS AEROSPACE LIMITED
 
 
 
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
47,600
15,583

Later than 1 year and not later than 5 years
174,533
-

222,133
15,583


13.


Transactions with directors

At the year end, included in other debtors is an amount of £160,121 (2022 - £49,344) due from the director of the company. The loan is interest free and repayable on demand.


14.


Related party transactions

During the year, the company was charged management charges of £275,000 (2022 - £110,000), made purchases of £56,683 (2022 - £93,578) and sales of £18,440 (2022 - £15,795) to a company under common control. At the year end, an amount of £85,848 (2022 - £5,350) was due to the company.


15.


Controlling party

The ultimate controlling party is A Oaten by virtue of his controlling interest.

 
Page 11