Company registration number 13887522 (England and Wales)
NORTH DENES AIRFIELD (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
NORTH DENES AIRFIELD (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
NORTH DENES AIRFIELD (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,568,218
1,572,893
Current assets
Debtors
5
178,340
74,876
Cash at bank and in hand
63
3,123
178,403
77,999
Creditors: amounts falling due within one year
6
(1,442,091)
(1,217,365)
Net current liabilities
(1,263,688)
(1,139,366)
Total assets less current liabilities
304,530
433,527
Creditors: amounts falling due after more than one year
7
(100,000)
(100,000)
Provisions for liabilities
(48,991)
(62,475)
Net assets
155,539
271,052
Capital and reserves
Called up share capital
100
100
Revaluation reserve
397,040
381,444
Profit and loss reserves
(241,601)
(110,492)
Total equity
155,539
271,052
NORTH DENES AIRFIELD (HOLDINGS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 6 November 2024 and are signed on its behalf by:
Christopher Sutton
Director
Company registration number 13887522 (England and Wales)
NORTH DENES AIRFIELD (HOLDINGS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 2 February 2022
-
0
-
0
-
0
-
Period ended 28 February 2023:
Loss
-
-
(110,492)
(110,492)
Other comprehensive income:
Revaluation of tangible fixed assets
-
381,444
-
381,444
Total comprehensive income
-
381,444
(110,492)
270,952
Issue of share capital
100
-
-
100
Balance at 28 February 2023
100
381,444
(110,492)
271,052
Year ended 28 February 2024:
Loss
-
-
(131,997)
(131,997)
Other comprehensive income:
Revaluation of tangible fixed assets
-
3,000
-
3,000
Total comprehensive income
-
3,000
(131,997)
(128,997)
Transfers
-
(888)
888
-
Other movements
-
13,484
-
13,484
Balance at 28 February 2024
100
397,040
(241,601)
155,539
NORTH DENES AIRFIELD (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information

North Denes Airfield (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is North Denes Airfield, Caister Road, Great Yarmouth, Norfolk, NR30 5TE.

1.1
Reporting period

The comparative figures in the financial statements are presented for a longer or than one year, being the period covered from incorporation to 28 February 2026. Therefore comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Computer equipment
25% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

NORTH DENES AIRFIELD (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

NORTH DENES AIRFIELD (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 March 2023
1,500,000
75,061
7,699
1,553
4,623
1,588,936
Additions
-
0
13,013
6,896
-
0
-
0
19,909
At 28 February 2024
1,500,000
88,074
14,595
1,553
4,623
1,608,845
Depreciation and impairment
At 1 March 2023
-
0
14,397
789
86
771
16,043
Depreciation charged in the year
3,000
19,866
3,243
512
963
27,584
Revaluation
(3,000)
-
0
-
0
-
0
-
0
(3,000)
At 28 February 2024
-
0
34,263
4,032
598
1,734
40,627
Carrying amount
At 28 February 2024
1,500,000
53,811
10,563
955
2,889
1,568,218
At 28 February 2023
1,500,000
60,664
6,910
1,467
3,852
1,572,893
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
178,340
74,876
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,602
4,533
Other creditors
1,429,489
1,212,832
1,442,091
1,217,365
NORTH DENES AIRFIELD (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
100,000
100,000
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