Company Registration No. 00784177 (England and Wales)
Thameside Aero Spares Limited
Unaudited financial statements
for the year ended 30 September 2024
Pages for filing with the registrar
Thameside Aero Spares Limited
Company information
Directors
Richard Allen
Gavin Allen
Secretary
Jacqueline Allen
Company number
00784177
Registered office
St John's Court
Easton Street
High Wycombe
HP11 1JX
Accountants
Saffery LLP
St John's Court
Easton Street
High Wycombe
HP11 1JX
Thameside Aero Spares Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
Thameside Aero Spares Limited
Statement of financial position
As at 30 September 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
461,931
492,259
Investment property
5
225,259
153,277
687,190
645,536
Current assets
Stocks
6
1,346,069
1,133,545
Debtors
7
133,080
85,140
Cash at bank and in hand
2,478,056
2,497,420
3,957,205
3,716,105
Creditors: amounts falling due within one year
8
(974,176)
(940,191)
Net current assets
2,983,029
2,775,914
Total assets less current liabilities
3,670,219
3,421,450
Provisions for liabilities
(14,424)
(18,811)
Net assets
3,655,795
3,402,639
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,655,695
3,402,539
Total equity
3,655,795
3,402,639
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Thameside Aero Spares Limited
Statement of financial position (continued)
As at 30 September 2024
2
The financial statements were approved by the board of directors and authorised for issue on 17 January 2025 and are signed on its behalf by:
Gavin Allen
Director
Company Registration No. 00784177
Thameside Aero Spares Limited
Notes to the financial statements
For the year ended 30 September 2024
3
1
Accounting policies
Company information
Thameside Aero Spares Limited is a private company limited by shares incorporated in England and Wales. The registered office is St John's Court, Easton Street, High Wycombe, HP11 1JX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Office equipment
15% - 25% straight line
Motor vehicles
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Thameside Aero Spares Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
4
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Provision for obsolete and slow moving stocks is generally made on the following basis:
Stock purchased in the current year 0%
Stock between 1 & 2 years old 25%
Stock between 2 & 3 years old 50%
Stock more than 3 years old 100%
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Thameside Aero Spares Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
5
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Thameside Aero Spares Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
6
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Thameside Aero Spares Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
7
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
147,914
164,772
Deferred tax
Origination and reversal of timing differences
(4,387)
10,980
Total tax charge
143,527
175,752
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
624,420
185,479
809,899
Depreciation and impairment
At 1 October 2023
212,302
105,338
317,640
Depreciation charged in the year
12,488
17,840
30,328
At 30 September 2024
224,790
123,178
347,968
Carrying amount
At 30 September 2024
399,630
62,301
461,931
At 30 September 2023
412,118
80,141
492,259
Thameside Aero Spares Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
8
5
Investment property
2024
£
Fair value
At 1 October 2023
153,277
Additions
5,639
Revaluations
66,343
At 30 September 2024
225,259
Investment property balance comprises property originally held in Land and Buildings. In the opinion of the directors, the latest formal valuation is representative of the fair value of the investment property as at 30 September 2024.
6
Stocks
2024
2023
£
£
Stocks
1,346,069
1,133,545
A large proportion of the company's stock consists of rare items that are not sold on a regular basis. The net realisable value of such items is very subjective and purely dependent upon a customer requiring that item. When stock is sold it can realise a high profit margin, however other items can remain in stock for a number of years and may never be sold. For this reason it is not possible for the directors to estimate a net realisable value for each individual item of stock, instead the directors apply a provision based on the age of the stock which they believe gives the best estimate of net realisable value of the stocks as a whole.
The directors have calculated the provision based on their extensive experience in the aero spares industry. However, it is possible that the value of stock is materially misstated and the directors consider it appropriate to draw your attention to this significant uncertainty.
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
61,788
54,313
Other debtors
71,292
30,827
133,080
85,140
Thameside Aero Spares Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
9
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
417
417
Trade creditors
101,085
54,137
Amounts owed to group undertakings
677,836
678,863
Corporation tax
147,914
164,772
Other taxation and social security
11,831
5,007
Other creditors
35,093
36,995
974,176
940,191
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
69,113
32,313
10
Related party transactions
During the year rent of £25,850 (2023 - £25,850) was charged by the trustees of Thameside Aero Spares Limited SASS. A director is a trustee of Thameside Aero Spares Limited SASS.
Included within creditors is an amount of £677,836 (2023 - £678,863) due to Thameside Holdings Limited, the parent undertaking. During the year the company paid dividends of £229,000 (2023 - £241,000) to Thameside Holdings Limited.
11
Ultimate parent company and controlling party
Thameside Holdings Limited, a company incorporated in England and Wales, is the ultimate parent company.
Thameside Holdings Limited is under the control of a director by virtue of his majority shareholding.
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