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Registration number: 03334466

Gloucester Jet Test Centre Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Gloucester Jet Test Centre Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Gloucester Jet Test Centre Limited

Company Information

Directors

Mrs J A Wing

Mr F Mangan

Mr D P McEvaddy

Mr B Erridge

Registered office

Merlin House
Merlin Way
Manston
Kent
CT12 5FE

Accountants

Rotherham Taylor Limited
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

Gloucester Jet Test Centre Limited

(Registration number: 03334466)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

11,656

16,703

Current assets

 

Debtors

5

41,607

144,586

Cash at bank and in hand

 

29,941

21,113

 

71,548

165,699

Creditors: Amounts falling due within one year

6

(329,397)

(387,399)

Net current liabilities

 

(257,849)

(221,700)

Net liabilities

 

(246,193)

(204,997)

Capital and reserves

 

Called up share capital

20,000

20,000

Retained earnings

(266,193)

(224,997)

Shareholders' deficit

 

(246,193)

(204,997)

For the financial year ending 31 March 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 year 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 25 November 2024 and signed on its behalf by:
 

.........................................
Mrs J A Wing
Director

   
     
 

Gloucester Jet Test Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Merlin House
Merlin Way
Manston
Kent
CT12 5FE

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis as the directors have confirmed they will continue to support the company in meeting its obligations for the foreseeable future.

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.

Revenue is recognised for services in the period in which the services are provided in accordance with the stage of completion of the contract. This is subject to the amount of revenue, costs incurred, future costs to complete and stage of completion can all be measure reliably; and it is probable that the company will receive the consideration.

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.

 

Gloucester Jet Test Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Plant and machinery

Straight line 10 years

Fixtures and fittings

Straight line 5 years

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or 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. Accounts payable 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.

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.

 

Gloucester Jet Test Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

 

Gloucester Jet Test Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Jet engine beds
£

Total
£

Cost or valuation

At 1 April 2023

19,690

72,830

117,688

210,208

Disposals

(3,070)

(44,110)

-

(47,180)

At 31 March 2024

16,620

28,720

117,688

163,028

Depreciation

At 1 April 2023

13,897

66,967

117,688

198,552

Eliminated on disposal

(3,070)

(44,110)

-

(47,180)

At 31 March 2024

10,827

22,857

117,688

151,372

Carrying amount

At 31 March 2024

5,793

5,863

-

11,656

At 31 March 2023

8,630

8,073

-

16,703

5

Debtors

Current

2024
£

2023
£

Trade debtors

31,172

92,830

Prepayments

300

48,009

Other debtors

10,135

3,747

 

41,607

144,586

 

Gloucester Jet Test Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

277,034

277,034

Trade creditors

 

24,103

96,747

Taxation and social security

 

12,609

6,243

Accruals and deferred income

 

14,485

5,987

Other creditors

 

1,166

1,388

 

329,397

387,399

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Director's loan account

277,034

277,034

The director's loan account is non-interest bearing and had no formal repayments terms.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total future minimum lease payments under non-cancellable operating leases are £720,000 (2023 -£760,000).

Contingencies

Litigation that commenced in the prior year for the recover of a material amount of funds, which have been misappropriated over a number of years, is ongoing. At the date of approval of these financial statements it is not possible to quantify the amounts in question with accuracy and the taxation impacts thereof.