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Registration number: 10258841

Fighter Aviation Engineering Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Fighter Aviation Engineering Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Fighter Aviation Engineering Limited

Company Information

Directors

G F Peacock

Registered office

3 Twyford Court
High Street
Dunmow
Essex
CM6 1AE

Solicitors

Mills & Reeve LLP
1 St James Court
Whitefriars
Norwich
Norfolk
NR3 1RU

Bankers

Barclays Bank
Leicester
Leicestershire
LE87 2BB

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Fighter Aviation Engineering Limited

(Registration number: 10258841)
Balance Sheet as at 30 June 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

17,803,810

14,509,273

Current assets

 

Stocks

5

4,169,718

7,169,718

Debtors

6

1,038,002

137,493

Cash at bank and in hand

 

481,384

94,026

 

5,689,104

7,401,237

Creditors: Amounts falling due within one year

7

(9,744,674)

(7,076,311)

Net current (liabilities)/assets

 

(4,055,570)

324,926

Total assets less current liabilities

 

13,748,240

14,834,199

Provisions for liabilities

(1,280,998)

(1,297,637)

Net assets

 

12,467,242

13,536,562

Capital and reserves

 

Called up share capital

8

18,000,002

18,000,002

Retained earnings

(5,532,760)

(4,463,440)

Shareholders' funds

 

12,467,242

13,536,562

For the financial year ending 30 June 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Fighter Aviation Engineering Limited

(Registration number: 10258841)
Balance Sheet as at 30 June 2024

Approved and authorised by the director on 10 January 2025
 

G F Peacock
Director

 

Fighter Aviation Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 3 Twyford Court, High Street, Dunmow, Essex, CM6 1AE.

The principal place of business is: 3 Twyford Court, High Street, Dunmow, Essex, CM6 1AE.

The 2024 financial statements have been prepared in accordance with FRS 102 Section 1A. The 2023 financial statements were originally prepared under FRS 105 and the comparatives for 2024 have been restated accordingly.

These financial statements were authorised for issue by the director on 10 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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, returns, rebates and discounts.

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.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

 

Fighter Aviation Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

5% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Fighter Aviation Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Plant and Machinery
£

Total
£

Cost or valuation

At 1 July 2023

16,396,347

16,396,347

Additions

4,010,627

4,010,627

At 30 June 2024

20,406,974

20,406,974

Depreciation

At 1 July 2023

1,887,074

1,887,074

Charge for the year

716,090

716,090

At 30 June 2024

2,603,164

2,603,164

Carrying amount

At 30 June 2024

17,803,810

17,803,810

At 30 June 2023

14,509,273

14,509,273

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

4,169,718

7,169,718

6

Debtors

2024
£

2023
£

Prepayments

34,502

67,103

Other debtors

1,003,500

70,390

1,038,002

137,493

 

Fighter Aviation Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

24,605

-

Accruals and deferred income

159,168

189,785

Other creditors

9,560,901

6,886,526

9,744,674

7,076,311

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

11,000,002

11,000,002

11,000,002

11,000,002

Ordinary redeemable shares of £1 each

7,000,000

7,000,000

7,000,000

7,000,000

18,000,002

18,000,002

18,000,002

18,000,002

9

Transition to FRS 102

Balance Sheet at 1 July 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Provisions for liabilities

-

-

1,423,855

1,423,855

Capital and reserves

Retained earnings

3,652,050

-

1,423,855

5,075,905

Total equity

3,652,050

-

1,423,855

5,075,905

 

Fighter Aviation Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Balance Sheet at 30 June 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Provisions for liabilities

-

-

1,297,637

1,297,637

Capital and reserves

Retained earnings

3,165,803

-

1,297,637

4,463,440

Total equity

3,165,803

-

1,297,637

4,463,440