AVSpares Ltd 13338813 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is the faciliation of plant and tool hire to the aviation industry. Digita Accounts Production Advanced 6.30.9574.0 true 13338813 2023-05-01 2024-04-30 13338813 2024-04-30 13338813 core:RetainedEarningsAccumulatedLosses 2024-04-30 13338813 core:ShareCapital 2024-04-30 13338813 core:SharePremium 2024-04-30 13338813 core:CurrentFinancialInstruments 2024-04-30 13338813 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 13338813 core:Goodwill 2024-04-30 13338813 core:FurnitureFittingsToolsEquipment 2024-04-30 13338813 bus:SmallEntities 2023-05-01 2024-04-30 13338813 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 13338813 bus:FullAccounts 2023-05-01 2024-04-30 13338813 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 13338813 bus:RegisteredOffice 2023-05-01 2024-04-30 13338813 bus:Director1 2023-05-01 2024-04-30 13338813 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 13338813 core:Goodwill 2023-05-01 2024-04-30 13338813 core:ComputerEquipment 2023-05-01 2024-04-30 13338813 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 13338813 countries:EnglandWales 2023-05-01 2024-04-30 13338813 2023-04-30 13338813 core:Goodwill 2023-04-30 13338813 core:FurnitureFittingsToolsEquipment 2023-04-30 13338813 2022-05-01 2023-04-30 13338813 2023-04-30 13338813 core:RetainedEarningsAccumulatedLosses 2023-04-30 13338813 core:ShareCapital 2023-04-30 13338813 core:SharePremium 2023-04-30 13338813 core:CurrentFinancialInstruments 2023-04-30 13338813 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 13338813 core:Goodwill 2023-04-30 13338813 core:FurnitureFittingsToolsEquipment 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 13338813

AVSpares Ltd

Filleted Unaudited Financial Statements

for the Year Ended 30 April 2024

 

AVSpares Ltd
(Registration number: 13338813)

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

AVSpares Ltd
(Registration number: 13338813)

Company Information

Director

Mr S C J Fletcher

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

AVSpares Ltd
(Registration number: 13338813)

Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,959

4,439

Tangible assets

5

1,499

1,187

 

4,458

5,626

Current assets

 

Debtors

6

101,593

100,677

Cash at bank and in hand

 

34,382

27,884

 

135,975

128,561

Creditors: Amounts falling due within one year

7

(20,054)

(23,195)

Net current assets

 

115,921

105,366

Net assets

 

120,379

110,992

Capital and reserves

 

Called up share capital

200

200

Share premium reserve

199,950

199,950

Profit and loss account

(79,771)

(89,158)

Total equity

 

120,379

110,992

For the financial year ending 30 April 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 13 January 2025
 

.........................................
Mr S C J Fletcher
Director

 

AVSpares Ltd
(Registration number: 13338813)

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

1

General information

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

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

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 except that as disclosed in the accounting policies certain items are shown at fair value.

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 sales/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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

AVSpares Ltd
(Registration number: 13338813)

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class

Depreciation method and rate

Furniture, fittings & equipment

Straight line 10%

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line 20%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

AVSpares Ltd
(Registration number: 13338813)

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

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

AVSpares Ltd
(Registration number: 13338813)

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

7,399

7,399

At 30 April 2024

7,399

7,399

Amortisation

At 1 May 2023

2,960

2,960

Amortisation charge

1,480

1,480

At 30 April 2024

4,440

4,440

Carrying amount

At 30 April 2024

2,959

2,959

At 30 April 2023

4,439

4,439

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

1,347

1,347

Additions

496

496

At 30 April 2024

1,843

1,843

Depreciation

At 1 May 2023

160

160

Charge for the year

184

184

At 30 April 2024

344

344

Carrying amount

At 30 April 2024

1,499

1,499

At 30 April 2023

1,187

1,187

 

AVSpares Ltd
(Registration number: 13338813)

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

6

Debtors

2024
£

2023
£

Other debtors

101,325

100,000

Prepayments and accrued income

268

677

Total current trade and other debtors

101,593

100,677

7

Creditors

2024
£

2023
£

Due within one year

Taxation and social security

540

2,875

Other creditors

15,264

15,403

Accrued expenses

4,250

4,917

20,054

23,195