Acorah Software Products - Accounts Production 16.0.110 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 03491692 S Ullah M Ehsan iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03491692 2023-03-31 03491692 2024-03-31 03491692 2023-04-01 2024-03-31 03491692 frs-core:CurrentFinancialInstruments 2024-03-31 03491692 frs-core:Non-currentFinancialInstruments 2024-03-31 03491692 frs-core:ComputerEquipment 2024-03-31 03491692 frs-core:ComputerEquipment 2023-04-01 2024-03-31 03491692 frs-core:ComputerEquipment 2023-03-31 03491692 frs-core:FurnitureFittings 2024-03-31 03491692 frs-core:FurnitureFittings 2023-04-01 2024-03-31 03491692 frs-core:FurnitureFittings 2023-03-31 03491692 frs-core:RevaluationReserve 2023-03-31 03491692 frs-core:RevaluationReserve 2024-03-31 03491692 frs-core:ShareCapital 2024-03-31 03491692 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 03491692 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03491692 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 03491692 frs-bus:SmallEntities 2023-04-01 2024-03-31 03491692 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 03491692 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03491692 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 03491692 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 03491692 frs-bus:Director1 2023-04-01 2024-03-31 03491692 frs-bus:Director1 2023-03-31 03491692 frs-bus:Director1 2024-03-31 03491692 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 03491692 frs-core:CurrentFinancialInstruments 1 2024-03-31 03491692 frs-countries:EnglandWales 2023-04-01 2024-03-31 03491692 2022-03-31 03491692 2023-03-31 03491692 2022-04-01 2023-03-31 03491692 frs-core:CurrentFinancialInstruments 2023-03-31 03491692 frs-core:Non-currentFinancialInstruments 2023-03-31 03491692 frs-core:RevaluationReserve 2023-03-31 03491692 frs-core:ShareCapital 2023-03-31 03491692 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 03491692 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 03491692 frs-core:CurrentFinancialInstruments 1 2023-03-31
Registered number: 03491692
Oxford Aviation Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Modus Accountants Ltd
Unit 1c Church Green
Witney
OX28 4YR
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03491692
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 362 543
Investment Properties 5 1,911,116 1,780,000
1,911,478 1,780,543
CURRENT ASSETS
Stocks 6 2,342,436 1,754,792
Debtors 7 420,663 435,455
Investments 8 226,000 180,000
Cash at bank and in hand 885,742 393,854
3,874,841 2,764,101
Creditors: Amounts Falling Due Within One Year 9 (1,266,685 ) (548,393 )
NET CURRENT ASSETS (LIABILITIES) 2,608,156 2,215,708
TOTAL ASSETS LESS CURRENT LIABILITIES 4,519,634 3,996,251
Creditors: Amounts Falling Due After More Than One Year 10 - (122,466 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (94,875 ) (89,888 )
NET ASSETS 4,424,759 3,783,897
CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Revaluation reserve 13 241,363 241,363
Fair value reserve 13 42,992 27,992
Profit and Loss Account 4,139,404 3,513,542
SHAREHOLDERS' FUNDS 4,424,759 3,783,897
Page 1
Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
S Ullah
Director
14 November 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Oxford Aviation Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03491692 . The registered office is Unit 1, Glenmore Business Centre, Range Road, Witney, Oxfordshire, OX29 0AA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% straight line basis
Computer Equipment 25% straight line basis
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate by the directors, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
Page 3
Page 4
2.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost or Valuation
As at 1 April 2023 50,555 20,307 70,862
As at 31 March 2024 50,555 20,307 70,862
Depreciation
As at 1 April 2023 50,555 19,764 70,319
Provided during the period - 181 181
As at 31 March 2024 50,555 19,945 70,500
Net Book Value
As at 31 March 2024 - 362 362
As at 1 April 2023 - 543 543
5. Investment Property
2024
£
Fair Value
As at 1 April 2023 1,780,000
Additions 111,116
Revaluations 20,000
As at 31 March 2024 1,911,116
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 1,531,977 1,420,862
The fair market value of the investment properties as at 31 March 2024 has been assessed by the director.
6. Stocks
2024 2023
£ £
Stock 2,342,436 1,754,792
Page 4
Page 5
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 256,512 232,443
Prepayments and accrued income 3,245 3,958
Other debtors 76,108 29,159
Corporation tax recoverable assets 8,887 8,887
VAT 75,911 3,339
Director's loan account - 157,669
420,663 435,455
8. Current Asset Investments
2024 2023
£ £
Short term deposits 226,000 180,000
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 363,533 92,654
Bank loans and overdrafts - 57,504
Corporation tax 380,576 233,482
Other taxes and social security 7,957 8,558
Other creditors 403,686 145,026
Pension contributions payable 656 915
Accruals and deferred income 6,879 10,254
Director's loan account 103,398 -
1,266,685 548,393
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - 122,466
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
Page 5
Page 6
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Sami Ullah 157,669 166,911 (324,580 ) - -
The above loan is unsecured, repayable on demand and interest bearing at the HM Revenue and Customs official rate of interest.
13. Reserves
Revaluation Reserve Fair Value Reserve
£ £
As at 1 April 2023 241,363 27,992
Movements in fair value reserve - 15,000
As at 31 March 2024 241,363 42,992
Page 6