3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 220,000 55,000 275,000 275,000 220,000 xbrli:pure xbrli:shares iso4217:GBP 03518672 2023-02-01 2024-01-31 03518672 2024-01-31 03518672 2023-01-31 03518672 2022-02-01 2023-01-31 03518672 2023-01-31 03518672 2022-01-31 03518672 bus:Director1 2023-02-01 2024-01-31 03518672 core:WithinOneYear 2024-01-31 03518672 core:WithinOneYear 2023-01-31 03518672 core:ShareCapital 2024-01-31 03518672 core:ShareCapital 2023-01-31 03518672 core:RevaluationReserve 2024-01-31 03518672 core:RevaluationReserve 2023-01-31 03518672 core:OtherReservesSubtotal 2024-01-31 03518672 core:OtherReservesSubtotal 2023-01-31 03518672 core:RetainedEarningsAccumulatedLosses 2024-01-31 03518672 core:RetainedEarningsAccumulatedLosses 2023-01-31 03518672 bus:SmallEntities 2023-02-01 2024-01-31 03518672 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 03518672 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 03518672 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 03518672 bus:FullAccounts 2023-02-01 2024-01-31 03518672 core:Aircraft 2023-01-31 03518672 core:Aircraft 2023-02-01 2024-01-31 03518672 core:Aircraft 2024-01-31
COMPANY REGISTRATION NUMBER: 03518672
Aircraft Spares & Materials Limited
Unaudited financial statements
31 January 2024
Aircraft Spares & Materials Limited
Statement of financial position
31 January 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
275,000
220,000
Current assets
Debtors
6
102,542
104,747
Cash at bank and in hand
25,167
27,309
---------
---------
127,709
132,056
Creditors: Amounts falling due within one year
7
( 12,099)
( 1,897)
---------
---------
Net current assets
115,610
130,159
---------
---------
Total assets less current liabilities
390,610
350,159
Provisions
Taxation including deferred tax
( 45,153)
( 31,403)
---------
---------
Net assets
345,457
318,756
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
135,457
94,207
Other reserves
222,500
222,500
Profit and loss account
( 13,500)
1,049
---------
---------
Shareholders funds
345,457
318,756
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Aircraft Spares & Materials Limited
Statement of financial position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 24 October 2024 , and are signed on behalf of the board by:
J J Romain
Director
Company registration number: 03518672
Aircraft Spares & Materials Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Building 425 Duxford Airfield, Duxford, Cambridge, CB22 4QR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
4. Employee numbers
The average number of employees during the year was 3 (2023: 3 ).
5. Tangible assets
Aircraft
£
Cost or valuation
At 1 February 2023
220,000
Revaluations
55,000
---------
At 31 January 2024
275,000
---------
Depreciation
At 1 February 2023 and 31 January 2024
---------
Carrying amount
At 31 January 2024
275,000
---------
At 31 January 2023
220,000
---------
The aircraft was revalued at 31 January 2024 by the director to reflect the current market value. The tangible fixed assets of the company have been pledged to secure borrowing of the parent company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Aircraft
£
At 31 January 2024
Aggregate cost
94,390
Aggregate depreciation
(70,771)
-------
Carrying value
23,619
-------
At 31 January 2023
Aggregate cost
94,390
Aggregate depreciation
(66,051)
-------
Carrying value
28,339
-------
6. Debtors
2024
2023
£
£
Trade debtors
1,275
Amounts owed by group undertakings and undertakings in which the company has a participating interest
101,562
103,472
Other debtors
980
---------
---------
102,542
104,747
---------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Social security and other taxes
18
Other creditors
12,099
1,879
-------
------
12,099
1,897
-------
------