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Registration number: 01474500

Tim Leacock Aircraft Sales Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 July 2023 to 31 August 2024

 

Tim Leacock Aircraft Sales Limited

Contents

Balance Sheet

1 to 2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 9

 

Tim Leacock Aircraft Sales Limited

(Registration number: 01474500)
Balance Sheet as at 31 August 2024

Note

31 August
2024
£

30 June
2023
£

Fixed assets

 

Tangible assets

4

6,413

11,583

Current assets

 

Debtors

5

367,997

211,989

Cash at bank and in hand

 

435,839

479,725

 

803,836

691,714

Creditors: Amounts falling due within one year

6

(171,540)

(89,328)

Net current assets

 

632,296

602,386

Total assets less current liabilities

 

638,709

613,969

Creditors: Amounts falling due after more than one year

6

-

(21,597)

Net assets

 

638,709

592,372

Capital and reserves

 

Called up share capital

10,008

10,008

Capital redemption reserve

58,333

58,333

Retained earnings

570,368

524,031

Shareholders' funds

 

638,709

592,372

 

Tim Leacock Aircraft Sales Limited

(Registration number: 01474500)
Balance Sheet as at 31 August 2024

For the financial period ending 31 August 2024 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 October 2024 and signed on its behalf by:
 

T D Leacock
Director

F M B Leacock
Director

 
     
 

Tim Leacock Aircraft Sales Limited

Statement of Changes in Equity for the Period from 1 July 2023 to 31 August 2024

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 July 2023

10,008

58,333

524,031

592,372

Profit for the period

-

-

222,337

222,337

Dividends

-

-

(176,000)

(176,000)

At 31 August 2024

10,008

58,333

570,368

638,709

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 July 2022

10,008

58,333

873,252

941,593

Loss for the period

-

-

(1,221)

(1,221)

Dividends

-

-

(348,000)

(348,000)

At 30 June 2023

10,008

58,333

524,031

592,372

 

Tim Leacock Aircraft Sales Limited

Notes to the Financial Statements for the Period from 1 July 2023 to 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Motivo House
Alvington
Yeovil
Somerset
BA20 2FG

These financial statements were authorised for issue by the Board on 15 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The financial statements are not prepared on the going concern basis, the directors intend to volutarily liquidate the company after the period end.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
the amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Tim Leacock Aircraft Sales Limited

Notes to the Financial Statements for the Period from 1 July 2023 to 31 August 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line and 15% reducing balance

Plant and machinery

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Tim Leacock Aircraft Sales Limited

Notes to the Financial Statements for the Period from 1 July 2023 to 31 August 2024

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Tim Leacock Aircraft Sales Limited

Notes to the Financial Statements for the Period from 1 July 2023 to 31 August 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period was 2 (2023 - 2).

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2023

12,480

53,952

66,432

Additions

-

4,412

4,412

Disposals

(7,000)

(47,774)

(54,774)

At 31 August 2024

5,480

10,590

16,070

Depreciation

At 1 July 2023

8,074

46,775

54,849

Charge for the period

1,860

5,649

7,509

Eliminated on disposal

(6,705)

(45,996)

(52,701)

At 31 August 2024

3,229

6,428

9,657

Carrying amount

At 31 August 2024

2,251

4,162

6,413

At 30 June 2023

4,406

7,177

11,583

 

Tim Leacock Aircraft Sales Limited

Notes to the Financial Statements for the Period from 1 July 2023 to 31 August 2024

5

Debtors

Note

31 August
2024
£

30 June
2023
£

Trade debtors

 

344,625

-

Amounts owed by related parties

8

22,933

175,988

Other debtors

 

-

12,316

Prepayments

 

439

698

Corporation tax refund

-

22,987

 

367,997

211,989

6

Creditors

Due within one year

Note

31 August
2024
£

30 June
2023
£

 

Loans and borrowings

7

-

9,973

Trade creditors

 

167

19,622

Social security and other taxes

 

441

31

Other creditors

 

125,391

52,571

Accruals

 

6,844

7,131

Corporation tax liability

38,697

-

 

171,540

89,328

Due after one year

 

Loans and borrowings

7

-

21,597

 

Tim Leacock Aircraft Sales Limited

Notes to the Financial Statements for the Period from 1 July 2023 to 31 August 2024

7

Loans and borrowings

Non-current loans and borrowings

31 August
2024
£

30 June
2023
£

Bank borrowings

-

21,597

31 August
2024
£

30 June
2023
£

Current loans and borrowings

Bank borrowings

-

9,973

Bank borrowings

Within bank borrowings is a balance of £nil (2023 - £31,570) relating to an outstanding amount due from a Coronavirus Bounce Back Loan. The UK government have guaranteed 100% of the value of the loan.

8

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

175,988

148,467

(301,522)

22,933

 

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

336,137

189,009

(349,158)

175,988

 

The directors loan account is repayable on demand and no interest is charged.