2023-04-012024-03-312024-03-31false01928102FREIGHTAIR 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FREIGHTAIR LIMITED

Registered Number
01928102
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

FREIGHTAIR LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

WILKINSON, Peter
WOODHOUSE, Jason Luke

Company Secretary

WILKINSON, Diane Elizabeth

Registered Address

1 Mylord Crescent
Camperdown Industrial Estate
Newcastle Upon Tyne
NE12 5UJ

Registered Number

01928102 (England and Wales)
FREIGHTAIR LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3321,197288,915
321,197288,915
Current assets
Debtors4,51,185,796781,968
Cash at bank and on hand692,0661,128,455
1,877,8621,910,423
Creditors amounts falling due within one year6(674,838)(765,510)
Net current assets (liabilities)1,203,0241,144,913
Total assets less current liabilities1,524,2211,433,828
Creditors amounts falling due after one year7(3,333)(13,333)
Provisions for liabilities8(21,271)(21,271)
Net assets1,499,6171,399,224
Capital and reserves
Called up share capital1,4201,743
Share premium29,64629,646
Other reserves5,9485,625
Profit and loss account1,462,6031,362,210
Shareholders' funds1,499,6171,399,224
The financial statements were approved and authorised for issue by the Board of Directors on 26 July 2024, and are signed on its behalf by:
WILKINSON, Peter
Director
Registered Company No. 01928102
FREIGHTAIR LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Fixtures and fittings20-
Vehicles25-
Financial instruments
The company enters into basic financial instrument 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 ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year1412
3.Tangible fixed assets

Land & buildings

Vehicles

Fixtures & fittings

Total

££££
Cost or valuation
At 01 April 23154,061195,56369,875419,499
Additions-41,00038,30679,306
Disposals--(25,059)(25,059)
At 31 March 24154,061236,56383,122473,746
Depreciation and impairment
At 01 April 2322,18846,30662,090130,584
Charge for year3,08239,3913,96746,440
On disposals--(24,475)(24,475)
At 31 March 2425,27085,69741,582152,549
Net book value
At 31 March 24128,791150,86641,540321,197
At 31 March 23131,873149,2577,785288,915
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables719,713491,485
Other debtors320,531126,385
Prepayments and accrued income20,55232,223
Total1,060,796650,093
5.Debtors: amounts due after one year

2024

2023

££
Other debtors125,000131,875
Total125,000131,875
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables420,309542,731
Bank borrowings and overdrafts10,00010,000
Taxation and social security198,288192,236
Other creditors40,2412,315
Accrued liabilities and deferred income6,00018,228
Total674,838765,510
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts3,33313,333
Total3,33313,333
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)21,27121,271
Total21,27121,271
9.Contingent liabilities
An indemnity exists with the company's bankers for £160,000 (2023 - £160,000).
10.Directors advances, credits and guarantees
On 1 April 2023 the Directors owed the Company £NIL. During the period P Wilkinson was advanced £215,000 and repaid £NIL. As at 31 March 2024 P Wilkinson owed the Company £215,000. During the period J Woodhouse was advanced £7,586 and repaid £NIL. As at 31 March 2024 J Woodhouse owed the Company £7,586. The loan will be repaid in full by October 2024. No interest was charged on these loans.