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Registered number: 04640386
Airace Limited
Director's Report and
Financial Statements
For The Year Ended 31 January 2024
Dymond Ashworth
Chartered Certified Accountants
First Floor 98-100
Gisburn Road
Barrowford
Lancashire
BB9 6EW
Contents
Page
Company Information 1
Director's Report 2
Accountant's Report 3
Profit and Loss Account 4
Balance Sheet 5—6
Notes to the Financial Statements 7—9
Page 1
Company Information
Director Mr P W Tattersall
Company Number 04640386
Registered Office Smelfthwaites Farm
Newton In Bowland
Clitheroe
Lancashire
BB7 3DL
Accountants Dymond Ashworth
Chartered Certified Accountants
First Floor 98-100
Gisburn Road
Barrowford
Lancashire
BB9 6EW
Page 1
Page 2
Director's Report
The director presents his report and the financial statements for the year ended 31 January 2024.
Directors
The director who held office during the year was as follows:
Mr P W Tattersall
Statement of Director's Responsibilities
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the director is required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has 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.
On behalf of the board
Mr P W Tattersall
Director
22/10/2024
Page 2
Page 3
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of Airace Limited for the year ended 31 January 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Airace Limited which comprise the Profit and Loss Account, 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 of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Airace Limited , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Airace Limited and state those matters that we have agreed to state to the director of Airace Limited , as a body, in this report in accordance with 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 Airace Limited and its director as a body for our work or for this report.
It is your duty to ensure that Airace Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Airace Limited . You consider that Airace Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Airace Limited . 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 financial statements.
Signed
23/10/2024
Dymond Ashworth
Chartered Certified Accountants
First Floor 98-100
Gisburn Road
Barrowford
Lancashire
BB9 6EW
Page 3
Page 4
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 81,900 38,523
Cost of sales (14,129 ) (15,699 )
GROSS PROFIT 67,771 22,824
Administrative expenses (43,557 ) (53,028 )
OPERATING PROFIT/(LOSS) 24,214 (30,204 )
Other interest receivable and similar income 442 104
PROFIT/(LOSS) BEFORE TAXATION 24,656 (30,100 )
Tax on Profit/(loss) (1,127 ) 2,686
PROFIT/(LOSS) AFTER TAXATION BEING PROFIT/(LOSS) FOR THE FINANCIAL YEAR 23,529 (27,414 )
The notes on pages 7 to 9 form part of these financial statements.
Page 4
Page 5
Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 62,106 73,215
62,106 73,215
CURRENT ASSETS
Stocks 5 127,159 141,288
Debtors 6 10,000 2,687
Investments 7 4,000 4,000
Cash at bank and in hand 96,162 49,844
237,321 197,819
Creditors: Amounts Falling Due Within One Year 8 (22,692 ) (10,805 )
NET CURRENT ASSETS (LIABILITIES) 214,629 187,014
TOTAL ASSETS LESS CURRENT LIABILITIES 276,735 260,229
NET ASSETS 276,735 260,229
CAPITAL AND RESERVES
Called up share capital 9 10 10
Profit and Loss Account 276,725 260,219
SHAREHOLDERS' FUNDS 276,735 260,229
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For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mr P W Tattersall
Director
22/10/2024
The notes on pages 7 to 9 form part of these financial statements.
Page 6
Page 7
Notes to the Financial Statements
1. General Information
Airace Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04640386 . The registered office is Smelfthwaites Farm, Newton In Bowland, Clitheroe, Lancashire, BB7 3DL.
2. Accounting Policies
2.1. 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.
2.2. 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.
2.3. 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:
Freehold 15% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment 25% on reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
Income 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 years 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 assets reflect 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 84,510 1,209 7,212 92,931
As at 31 January 2024 84,510 1,209 7,212 92,931
Depreciation
As at 1 February 2023 12,920 845 5,951 19,716
Provided during the period 10,739 55 315 11,109
As at 31 January 2024 23,659 900 6,266 30,825
Net Book Value
As at 31 January 2024 60,851 309 946 62,106
As at 1 February 2023 71,590 364 1,261 73,215
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5. Stocks
2024 2023
£ £
Stock 127,159 141,288
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 10,000 -
Corporation tax recoverable - 2,687
10,000 2,687
7. Current Asset Investments
2024 2023
£ £
Unlisted investments 4,000 4,000
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 6,240 5,113
Accruals 16,452 1,320
Director's loan account - 4,372
22,692 10,805
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
Page 9