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REGISTERED NUMBER: 02901116 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

AEROSPACE SUPPORT ASSOCIATES LIMITED

AEROSPACE SUPPORT ASSOCIATES LIMITED (REGISTERED NUMBER: 02901116)






Contents of the Financial Statements
for the year ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


AEROSPACE SUPPORT ASSOCIATES LIMITED

Company Information
for the year ended 30 April 2024







DIRECTORS: J L Sturrock
I R Woodage
F D V Woodage





REGISTERED OFFICE: Preston Park House
South Road
Brighton
East Sussex
BN1 6SB





BUSINESS ADDRESS: Hangdown Mead Business Park
Top Road
Sharpthorne
East Grinstead
West Sussex
RH19 4HU





REGISTERED NUMBER: 02901116 (England and Wales)





ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

AEROSPACE SUPPORT ASSOCIATES LIMITED (REGISTERED NUMBER: 02901116)

Balance Sheet
30 April 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 178,636 181,846

CURRENT ASSETS
Stocks 219,369 250,819
Debtors 5 811,123 646,508
Cash at bank 157,364 183,511
1,187,856 1,080,838
CREDITORS
Amounts falling due within one year 6 (956,870 ) (427,201 )
NET CURRENT ASSETS 230,986 653,637
TOTAL ASSETS LESS CURRENT
LIABILITIES

409,622

835,483

CREDITORS
Amounts falling due after more than one
year

7

(57,292

)

(119,792

)

PROVISIONS FOR LIABILITIES 9 (1,343 ) (1,225 )
NET ASSETS 350,987 714,466

CAPITAL AND RESERVES
Called up share capital 10 2,000 2,000
Capital redemption reserve 1,000 1,000
Retained earnings 347,987 711,466
SHAREHOLDERS' FUNDS 350,987 714,466

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

AEROSPACE SUPPORT ASSOCIATES LIMITED (REGISTERED NUMBER: 02901116)

Balance Sheet - continued
30 April 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2024 and were signed on its behalf by:





J L Sturrock - Director


AEROSPACE SUPPORT ASSOCIATES LIMITED (REGISTERED NUMBER: 02901116)

Notes to the Financial Statements
for the year ended 30 April 2024

1. STATUTORY INFORMATION

Aerospace Support Associates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue comprises the amount recoverable from customers for the sale of aircraft parts and materials, excluding VAT.

Tangible fixed assets
Tangible fixed assets held for the company's own use are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful economic life.

Freehold property-50 years straight line
Machinery & equipment-25% reducing balance
Office equipment-25% reducing balance

Impairment policy
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Stocks
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments
Financial assets, 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 entity after deducting all of its financial liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


AEROSPACE SUPPORT ASSOCIATES LIMITED (REGISTERED NUMBER: 02901116)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid, the company has no further payment obligations.

The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Government assistance
Included in bank loans is a bounce-back loan which is guaranteed by the government. As part of the bounce-back loan scheme, the government agrees to pay the first year of interest on the loan.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Machinery
Freehold and Office
property equipment equipment Totals
£    £    £    £   
COST
At 1 May 2023 190,653 8,431 65,806 264,890
Additions - - 2,952 2,952
At 30 April 2024 190,653 8,431 68,758 267,842
DEPRECIATION
At 1 May 2023 15,252 4,874 62,918 83,044
Charge for year 3,813 889 1,460 6,162
At 30 April 2024 19,065 5,763 64,378 89,206
NET BOOK VALUE
At 30 April 2024 171,588 2,668 4,380 178,636
At 30 April 2023 175,401 3,557 2,888 181,846

AEROSPACE SUPPORT ASSOCIATES LIMITED (REGISTERED NUMBER: 02901116)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 149,119 192,560
Amounts owed by group undertakings 652,949 437,436
Other debtors 9,055 16,512
811,123 646,508

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 62,500 62,500
Trade creditors 378,344 200,241
Taxation and social security 8,000 28,759
Other creditors 508,026 135,701
956,870 427,201

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 57,292 119,792

8. SECURED DEBTS

There is a fixed and floating charge over the assets of the company and also over those of its parent company, Sturrock Aerostars Ltd, in respect of a loan owed to S Taylor that is included within the parent company's accounts.

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,343 1,225

Deferred
tax
£   
Balance at 1 May 2023 1,225
Provided during year 118
Balance at 30 April 2024 1,343

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2,000 Ordinary £1 2,000 2,000

AEROSPACE SUPPORT ASSOCIATES LIMITED (REGISTERED NUMBER: 02901116)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
J L Sturrock
Balance outstanding at start of year 3,867 1,998
Amounts advanced - 4,181
Amounts repaid (3,867 ) (2,312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 3,867

12. ULTIMATE CONTROLLING PARTY

The controlling party is Sturrock Aerostars Limited.

The ultimate controlling party is J L Sturrock.