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REGISTERED NUMBER: 04124226 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024

FOR

MICROFLIGHT AVIATION LIMITED

MICROFLIGHT AVIATION LIMITED (REGISTERED NUMBER: 04124226)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MICROFLIGHT AVIATION LIMITED

COMPANY INFORMATION
for the Year Ended 31st March 2024







DIRECTOR: M H R Mosley





SECRETARY: Mrs P Mosley





REGISTERED OFFICE: Ossington Chambers
6/8 Castle Gate
Newark
Notts
NG24 1AX





REGISTERED NUMBER: 04124226 (England and Wales)





ACCOUNTANTS: Stephenson Nuttall & Co
Chartered Accountants
Ossington Chambers
6-8 Castle Gate
Newark
Nottinghamshire
NG24 1AX

MICROFLIGHT AVIATION LIMITED (REGISTERED NUMBER: 04124226)

BALANCE SHEET
31st March 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 61,666 41,645

CURRENT ASSETS
Debtors 5 1,458 1,264
Cash at bank 892 5,030
2,350 6,294
CREDITORS
Amounts falling due within one year 6 43,481 19,115
NET CURRENT LIABILITIES (41,131 ) (12,821 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,535

28,824

PROVISIONS FOR LIABILITIES 7 4,854 7,441
NET ASSETS 15,681 21,383

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 15,679 21,381
SHAREHOLDERS' FUNDS 15,681 21,383

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

MICROFLIGHT AVIATION LIMITED (REGISTERED NUMBER: 04124226)

BALANCE SHEET - continued
31st March 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 27th November 2024 and were signed by:





M H R Mosley - Director


MICROFLIGHT AVIATION LIMITED (REGISTERED NUMBER: 04124226)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31st March 2024

1. STATUTORY INFORMATION

Microflight Aviation 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.

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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 5% on cost
Plant and machinery - 25% on reducing balance and 10% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

MICROFLIGHT AVIATION LIMITED (REGISTERED NUMBER: 04124226)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st March 2024

4. TANGIBLE FIXED ASSETS
Freehold Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1st April 2023 1,656 106,683 3,516 111,855
Additions 35,551 514 - 36,065
Disposals - (16,550 ) (3,047 ) (19,597 )
Reclassification/transfer 150 (150 ) - -
At 31st March 2024 37,357 90,497 469 128,323
DEPRECIATION
At 1st April 2023 - 67,222 2,988 70,210
Charge for year 1,868 3,640 99 5,607
Eliminated on disposal - (6,246 ) (2,914 ) (9,160 )
Reclassification/transfer 47 (47 ) - -
At 31st March 2024 1,915 64,569 173 66,657
NET BOOK VALUE
At 31st March 2024 35,442 25,928 296 61,666
At 31st March 2023 1,656 39,461 528 41,645

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade debtors 210 -
Prepayments 1,248 1,264
1,458 1,264

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade creditors 10,594 1,983
Tax 2,168 1,636
Directors' current accounts 29,663 14,586
Receipts in advance - 10
Accrued expenses 1,056 900
43,481 19,115

7. PROVISIONS FOR LIABILITIES
31/3/24 31/3/23
£    £   
Deferred tax 4,854 7,441

MICROFLIGHT AVIATION LIMITED (REGISTERED NUMBER: 04124226)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st March 2024

7. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st April 2023 7,441
Credit to Statement of Income and Retained Earnings during year (2,587 )
Balance at 31st March 2024 4,854

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/24 31/3/23
value: £    £   
2 Ordinary £1 2 2

9. ULTIMATE CONTROLLING PARTY

Mr MHR and Mrs P Mosley together own 100% of the issued share capital of the company.