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Company No: 01609144 (England and Wales)

RUNWAY ENGINEERING LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

RUNWAY ENGINEERING LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

RUNWAY ENGINEERING LIMITED

BALANCE SHEET

As at 31 March 2024
RUNWAY ENGINEERING LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 253,648 244,201
253,648 244,201
Current assets
Stocks 58,545 30,591
Debtors 4 180,908 775,675
Cash at bank and in hand 1,416,681 1,336,903
1,656,134 2,143,169
Creditors: amounts falling due within one year 5 ( 219,267) ( 459,687)
Net current assets 1,436,867 1,683,482
Total assets less current liabilities 1,690,515 1,927,683
Provision for liabilities ( 26,086) ( 36,848)
Net assets 1,664,429 1,890,835
Capital and reserves
Called-up share capital 6 10,000 10,000
Profit and loss account 1,654,429 1,880,835
Total shareholder's funds 1,664,429 1,890,835

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 financial statements of Runway Engineering Limited (registered number: 01609144) were approved and authorised for issue by the Board of Directors on 20 November 2024. They were signed on its behalf by:

P B Woonton
Director
RUNWAY ENGINEERING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
RUNWAY ENGINEERING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Runway Engineering Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Ground Floor, 90 Victoria Street, Bristol, BS1 6DP, United Kingdom. The principal place of business is Dean Road, Great Western Business Park, Yate, Bristol, BS37 5NQ.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the Company.

Revenue from the sale of tools, precision machinery and aircraft ground support equipment is recognised when all of the following conditions are satisfied:

• the Company has transferred the significant risks and rewards of ownership to the buyer;
• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Defined contribution schemes
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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 7.5 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 10

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2023 1,068,942 65,756 131,349 1,266,047
Additions 0 33,111 0 33,111
At 31 March 2024 1,068,942 98,867 131,349 1,299,158
Accumulated depreciation
At 01 April 2023 836,652 57,539 127,655 1,021,846
Charge for the financial year 17,422 5,503 739 23,664
At 31 March 2024 854,074 63,042 128,394 1,045,510
Net book value
At 31 March 2024 214,868 35,825 2,955 253,648
At 31 March 2023 232,290 8,217 3,694 244,201

4. Debtors

2024 2023
£ £
Trade debtors 136,082 740,483
Prepayments and accrued income 40,248 1,140
VAT recoverable 3,121 30,696
Other debtors 1,457 3,356
180,908 775,675

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 24,538 161,442
Amounts owed to directors 152,376 2,511
Accruals 16,715 24,826
Corporation tax 5,349 258,978
Other taxation and social security 14,442 10,746
Other creditors 5,847 1,184
219,267 459,687

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each 10,000 10,000

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 68,000 68,000
between one and five years 22,667 90,667
90,667 158,667

8. Related party transactions

Transactions with the entity's directors

At the year end the Company owed the directors £152,376 (2023 - the Company owed the directors £2,511). The loan is interest free and repayable on demand.