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Company No: 05746372 (England and Wales)

BYGONE AVIATION LIMITED

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

BYGONE AVIATION LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

BYGONE AVIATION LIMITED

BALANCE SHEET

As at 31 August 2024
BYGONE AVIATION LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 35,445 10,705
Investments 4 50 50
35,495 10,755
Current assets
Stocks 5 129,759 99,628
Debtors 6 15,808 103,185
Cash at bank and in hand 2,357 9,648
147,924 212,461
Creditors: amounts falling due within one year 7 ( 85,309) ( 105,507)
Net current assets 62,615 106,954
Total assets less current liabilities 98,110 117,709
Creditors: amounts falling due after more than one year 8 ( 22,948) ( 24,927)
Provision for liabilities 0 ( 2,676)
Net assets 75,162 90,106
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 75,062 90,006
Total shareholder's funds 75,162 90,106

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Bygone Aviation Limited (registered number: 05746372) were approved and authorised for issue by the Director on 08 January 2025. They were signed on its behalf by:

Mr M S Pettit
Director
BYGONE AVIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
BYGONE AVIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 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

Bygone Aviation 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:
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA
United Kingdom.

The principal place of business is:
Kingstanding Farm
Ascot under Wychwood
Chipping Norton
Oxford
OX7 6AR

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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 25 % 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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 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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 5

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 September 2023 41,543 41,543
Additions 28,000 28,000
At 31 August 2024 69,543 69,543
Accumulated depreciation
At 01 September 2023 30,838 30,838
Charge for the financial year 3,260 3,260
At 31 August 2024 34,098 34,098
Net book value
At 31 August 2024 35,445 35,445
At 31 August 2023 10,705 10,705

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 September 2023 50 50
At 31 August 2024 50 50
Carrying value at 31 August 2024 50 50
Carrying value at 31 August 2023 50 50

5. Stocks

2024 2023
£ £
Stocks 129,759 99,628

6. Debtors

2024 2023
£ £
Trade debtors 13,219 100,782
Other debtors 2,589 2,403
15,808 103,185

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 6,485 10,200
Trade creditors 35,622 13,847
Amounts owed to director 2,912 1,509
Accruals 2,341 2,382
Taxation and social security 16,085 60,311
Other creditors 21,864 17,258
85,309 105,507

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 22,948 24,927

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100