Company registration number 03691433 (England and Wales)
UNITED AIR POWER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
UNITED AIR POWER LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
UNITED AIR POWER LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
616,681
601,120
Current assets
Stocks
401,829
417,788
Debtors
5
1,217,371
1,122,918
Cash at bank and in hand
623,918
391,164
2,243,118
1,931,870
Creditors: amounts falling due within one year
6
(1,339,066)
(1,081,211)
Net current assets
904,052
850,659
Total assets less current liabilities
1,520,733
1,451,779
Creditors: amounts falling due after more than one year
7
(300,039)
(448,584)
Provisions for liabilities
(72,399)
(64,277)
Net assets
1,148,295
938,918
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,148,195
938,818
Total equity
1,148,295
938,918

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

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for:

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.

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

UNITED AIR POWER LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 October 2024 and are signed on its behalf by:
Mr D A Seenan
Director
Company Registration No. 03691433
UNITED AIR POWER LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -
1
Judgements and key sources of estimation uncertainty

Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

2
Accounting policies
Company information

United Air Power Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Hilliards Court, Chester Business Park, Chester, Cheshire, CH4 9QP.

2.1
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. The principal accounting policies adopted are set out below.

2.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

2.3
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:

Land and buildings
2% on cost, land not depreciated
Plant and machinery
15% reducing balance
Fixtures and fittings
15% reducing balance
Computer equipment
30% reducing balance
Motor vehicles
25% reducing balance
Motor vehicles HP/FL
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.

2.4
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.

UNITED AIR POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 4 -
2.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2.6
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.

2.7
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.

UNITED AIR POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 5 -
2.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3
Employees

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

2024
2023
Number
Number
Total
28
27
UNITED AIR POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Freehold land and buildings
Land and buildings
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Motor vehicles HP/FL
Total
£
£
£
£
£
£
£
£
Cost
At 1 April 2023
360,652
2,280
103,952
13,236
2,127
335,781
19,158
837,186
Additions
-
0
-
0
-
0
-
0
-
0
164,999
-
0
164,999
Disposals
(7,952)
-
0
-
0
(11,247)
-
0
(71,000)
-
0
(90,199)
Transfers
-
0
-
0
-
0
-
0
-
0
19,158
(19,158)
-
0
At 31 March 2024
352,700
2,280
103,952
1,989
2,127
448,938
-
0
911,986
Depreciation and impairment
At 1 April 2023
20,528
2,280
54,574
964
669
141,176
15,875
236,066
Depreciation charged in the year
5,313
-
0
6,918
1,719
382
65,622
-
0
79,954
Eliminated in respect of disposals
(225)
-
0
-
0
(2,165)
-
0
(18,325)
-
0
(20,715)
Transfers
-
0
-
0
-
0
-
0
-
0
15,875
(15,875)
-
0
At 31 March 2024
25,616
2,280
61,492
518
1,051
204,348
-
0
295,305
Carrying amount
At 31 March 2024
327,084
-
0
42,460
1,471
1,076
244,590
-
0
616,681
At 31 March 2023
340,124
-
0
49,378
12,272
1,458
194,605
3,283
601,120
UNITED AIR POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
835,719
1,019,519
Other debtors
381,652
103,399
1,217,371
1,122,918
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
139,803
131,147
Trade creditors
856,897
397,154
Corporation tax
167,061
105,859
Other taxation and social security
109,648
132,112
Other creditors
65,657
314,939
1,339,066
1,081,211
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
289,013
431,243
Other creditors
11,026
17,341
300,039
448,584
8
Related party transactions
Transactions with related parties
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Companies under common control
1,067,689
441,076
172,736
166,863

 

2024
2023
Amounts due to related parties
£
£
Companies under common control
2,279
16,157
UNITED AIR POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Related party transactions
(Continued)
- 8 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Companies under common control
438,865
234,489

Advances to directors

 

During the year, the company had an overdrawn balance on the director’s loan account amounting to £81,564. This balance was fully repaid before the year-end, and as of the balance sheet date, there were no outstanding amounts due from the director.

 

The loan accrued interest and was repayable on demand. The maximum amount outstanding during the year was £81,564.

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